Tata Technologies announced its results for the June quarter after market close on Thursday.
What Happened: Tata Technologies reported a 15.4% decline in its net profit to ₹162.03 crore as compared to ₹191.53 crore in the previous year. Its revenue from operations rose slightly to ₹1,268.97 crore from ₹1,257.53 crore reported in the previous year.
The EBITDA came at ₹231.1 crore and the EBITDA margin was at 18.2%. On a sequential basis, net profit rose 3.04% from ₹157.24 crore and revenue fell 2.46% from ₹1,301.05 crore.
See Also: Tata Communications Shares Shoot Up As Revenue Jumps 18% In Q1
The revenue from the services segment fell to ₹985.50 crore compared to ₹991.14 crore in the previous June quarter. Technology solutions segment revenue rose 6.41% to ₹283.47 crore.
The company in its press release also said it won Five strategic deal wins across automotive and aerospace segments.
Warren Harris, CEO, Tata Tech said, "The overall market conditions remain favourable as the manufacturing sector continues to future-proof itself through ongoing investments in alternative propulsion systems, software-defined products and services, and smart manufacturing. The VinFast transition is now largely behind us, and we fully expect the sequential revenue growth of our services business to accelerate from the current quarter.”
Price Action: Shares of Tata Technologies fell 0.54% to ₹1,009.75 in the session before the results came out.
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