Tata Electronics has reported a ninefold surge in its sales for the last year ended March 2024. This dramatic increase in revenue is primarily attributed to the company’s acquisition of Wistron‘s iPhone assembly plant located near Bengaluru.
What Happened: Tata Electronics registered a total consolidated income of ₹3,802 crore in FY24, a massive leap from ₹401 crore reported for the year ended March 2023, ET reported citing the company’s filings with the Registrar of Companies (RoC) last week.
The impressive performance is largely attributed to the acquisition of Wistron Infocomm Manufacturing India, which has now been rebranded as Tata Electronics Systems Solutions. This strategic move enabled the company to become a part of Apple‘s global supply chain.
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Despite the revenue surge, Tata Electronics reported a net loss of ₹825 crore in FY24, an over 50% increase from the ₹532 crore net loss in the previous year. The Tata Group company attributed the wider net loss to high depreciation and interest costs.
Earlier in the month, media reports suggested that Apple was preparing to launch its fourth iPhone assembly unit in India, set up by Tata Electronics in Hosur, Tamil Nadu. This plant, Tata’s second in the country, is expected to begin operations in November. Tata Electronics is reportedly investing ₹6,000 crore in the new plant, matching the investment made in the components unit.
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