Tata Tech's stock witnessed a surge on Monday after the company reported a consolidated net profit of Rs 170 crore for Q3FY24
Tata Tech's stock price witnessed a surge of more than a per cent on Monday after the product engineering company reported a consolidated net profit for the quarter ending December amounting to Rs 170 crore, reflecting a nearly 15 per cent increase compared to the Rs 148 crore recorded in the corresponding period of the previous year.
Revenue from operations in the third quarter rose by 15 per cent year-on-year to Rs 1,289 crore, up from Rs 1,124 crore in the same quarter of the previous year. Total operating revenue increased by 0.9 per cent quarter-on-quarter and by 13.4 per cent year-on-year to $154.8 million in US dollar terms.
At 12:30 pm, the shares of Tata Technologies were trading at Rs 1,147 price level, up by almost 3 points or 0.21 per cent, on the National Stock Exchange.
"Our deal win momentum has stayed robust, with 5 large deals won in the quarter, including one deal with over $50 million in TCV and another one with $25 million in TCV. We remain positive on customer spending in the Automotive vertical as OEMs continue to pivot towards electrification and other alternative propulsion systems. The Aerospace industry is looking upbeat, with a good pickup in demand there," Warren Harris CEO and MD, Tata Technologies stated in an investor presentation.
The services segment revenue totalled Rs 10,012 million, reflecting a 0.6 per cent increase quarter-on-quarter and a 9.3 per cent increase year-on-year. The services segment's gross margin stood at 31.8 per cent, compared to 29.9 per cent in the previous quarter and 30.9 per cent from the previous year.