Tata Technologies Reports Decreased Profit in Q4FY24
Tata Technologies reported a 27.39% decrease in consolidated net profit for the quarter ending March 31, 2024 (Q4FY24), compared to the same period last year. The company's net profit stood at Rs 157.24 crore, down from Rs 216.56 crore in Q4FY23.
Sequentially, the net profit also decreased by 7.62% from Rs 170.22 crore in the December quarter (Q3FY24).
The company's revenue from operations also saw a decline, falling by 7.22% to Rs 1,301.05 crore in Q4FY24, compared to Rs 1,402.39 crore in Q4FY23. On a quarter-on-quarter basis, the revenue stood at Rs 1,289.45 crore.
Total income for Q4FY24 was Rs 1,325.19 crore, a decrease of 8.58% from Rs 1,449.62 crore in the year-ago period. However, on a quarter-on-quarter basis, the total income increased by 0.38% from Rs 1,320.14 crore in Q3FY24.
Despite the decrease in Q4FY24, Tata Technologies reported an overall increase in net profit for the entire financial year FY24. The company's net profit rose by 8.86% to Rs 679.37 crore, compared to Rs 624.03 crore in FY23.
Revenue from operations for FY24 also increased by 15.92% to Rs 5,117.20 crore, compared to Rs 4,414.18 crore in the previous financial year. Total income for FY24 increased by 16.23% to Rs 5,232.75 crore, compared to Rs 4,501.92 crore in FY23.
Tata Technologies also announced an interim dividend of Rs 10.05 per share.