Tata Technologies announced its Q2 results on Monday after market close.
What Happened: Tata Technologies reported a 2.85% quarter-on-quarter decline in net profit to ₹157.41 crore in the September quarter. The Tata Group company’s revenue jumped from the June quarter by 2.16% to ₹1296.45 crore.
On a year-on-year basis, the net profit was down 1.85% from ₹160.38 crore in the previous year while revenue was up 2.14% from ₹1,269.17 crore.
In the June quarter, Tata Technologies reported a ₹162.03 crore net profit and ₹1268.97 crore revenue.
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The results missed Kotak Institutional Equities’ estimates of ₹171.7 crore and ₹1,325.80 crore revenue.
In October, Tata Tech announced the official launch of its joint venture with BMW group. BMW TechWorks India will begin operations with 100 employees across major technology hubs in Pune, Bengaluru, and Chennai. BMW and Tata Tech will hold equal stakes in the joint venture.
Price Action: Shares of Tata Tech were down 0.95% to ₹1,001.80 on Monday. The stock has fallen 23% since its listing.
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