Tata Technologies‘ share price was upbeat on Monday as the company posted its first quarterly results after going public late last year.
What Happened: The global engineering and product development digital services firm reported a consolidated profit after tax (PAT) of ₹170.22 crore, marking an increase of 14.8% compared to ₹148.38 crore in the same quarter of the previous year.
Revenue from operations for the quarter stood at ₹1,289.45 crore, indicating a 14.7% growth ₹1,123.89 crore in the corresponding period last year. EBITDA stood at ₹236.6 crore, with an operating EBITDA margin of 18.3%.
CEO Warren Harris expressed satisfaction with the company’s performance, particularly noting its resilience during what is traditionally a softer period due to festivals and holiday seasons. Harris attributed the growth and margin improvement to the diligent efforts of the business development and sales teams.
Tata Technologies demonstrated strong deal momentum, securing five large deals during the quarter, including one with a total contract value (TCV) exceeding $50 million and another valued at $25 million.
The company along with the results also announced partnering with Agratas, Tata Group‘s global battery business. Tata Technologies will play a pivotal role in developing digital business architectures tailored to support the production of top-tier battery solutions at Agratas’ gigafactories located in India and the UK.
Reacting to the results, BofA maintained its “neutral” rating for the stock with a price target of ₹1,250. The brokerage said that the company had a steady quarter and deal wins were a positive.
Price Action: Tata Technologies’ share price was up 1.38% to trade at ₹1,160.30 as the markets opened on Monday.
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