While shares of Tata Technologies were down on Friday after the Tata Group company's Q1 result missed expectations, some brokerages see the miss as temporary and the company to rebound.

What Happened: Tata Technologies in its June quarter results saw its net profit fall 15.4% from the previous year to ₹162.03 crore. Its operational revenue gained slightly to ₹1,268.97 crore. The EBITDA fell 7.7% to ₹231.1 crore and the EBITDA margin declined to 18.2%.

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Brokerage Views: ICICI Securities maintained a "buy" call while reducing the target price to ₹1,290 from ₹1,330. While the combination of the Vinfast engagement ramp-down and challenges in select large projects caused the revenue to miss the estimates, the brokerage sees the Vinfast challenge as temporary.

The research firm is bullish on the stock due to opportune positioning in automotive engineering and Research and Development and growth visibility in anchor clients.

JM Financial also reiterated the "buy" call while slashing the target price to ₹1,250 from ₹1,410. According to the research firm, the company's broader spectrum of offerings and structural nature of demand in the automobility business keep them constructive on the stock.

The company's five large deal wins include an aerospace company and a global battery EV manufacturer. The brokerage also pointed out the management's comments that project delays are isolated and customer-specific and do not reflect broader demand trends. 

Price Action: Shares of Tata Technologies were down 0.79% at ₹1,001.35 on Friday afternoon. 

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