Tata Technologies Q3 PAT rises 14.72% to Rs 170.22 cr

New Delhi: Global engineering and product development digital services firm Tata Technologies Ltd on Thursday reported a 14.72 per cent rise in consolidated profit after tax at Rs 170.22 crore for the third quarter ended December 2023.

The company had posted a consolidated profit after tax (PAT) of Rs 148.38 crore in the same quarter last fiscal, Tata Technologies said in a regulatory filing.

Its consolidated revenue from operations in the quarter under review stood at Rs 1,289.45 crore against Rs 1,123.89 crore in the year-ago period, it added.

The total expenses were higher at Rs 1,085.14 crore compared to Rs 947.42 crore in the same period last fiscal, the company said.

"Our deal win momentum has stayed robust, with five large deals won in the quarter, including one deal with over USD 50 million in TCV (total contract value) and another one with USD 25 million in TCV," Tata Technologies CEO and Managing Director Warren Harris said.

"We remain positive on customer spending in the automotive vertical as OEMs continue to pivot towards electrification and other alternative propulsion systems." The aerospace industry is looking upbeat, with a good pickup in demand there, Harris said, adding that "we are investing in building capabilities at scale and remain confident about the long-term fundamentals of our business".

On employee count, he said, "We have seen our employee engagement initiatives yield success with a steady reduction in attrition levels over the last few quarters".

The company said in the third quarter it had a net headcount addition of 172 and the total workforce strength was at 12,623.