By Tata Technologies, a leading global product engineering and digital services company, has announced that it has won four large deals from global automotive original equipment manufacturers (OEMs) in the third quarter of the fiscal year 2024. The company said that these deals will help it expand its presence and capabilities in the automotive domain, as well as enhance its revenue and profitability.
Tata Technologies reported a strong performance for the quarter ended December 31, 2023, with a 14.7% year-on-year and 1.6% quarter-on-quarter growth in its total operating revenue, which stood at Rs 1,289 crore. The company also improved its earnings before interest, tax, depreciation and amortization (EBITDA) margin to 18.2%, up from 16.9% in the same quarter last year. The company attributed its growth to its diversified portfolio, operational efficiency, and strategic investments.
The company also said that it generated a positive free cash flow of Rs 173 crore in the quarter, and reduced its net debt by Rs 200 crore. The company’s net debt to equity ratio improved to 0.5, down from 0.7 in the previous quarter. The company also declared an interim dividend of Rs 2.5 per share, amounting to Rs 50 crore.
Tata Technologies Wins Five Large Deals in Q3 FY2024
Tata Technologies said that it won five large deals in the third quarter of the fiscal year 2024, four in the automotive domain and one in the aerospace domain. The company did not disclose the names or the values of the deals, but said that they are multi-year, multi-million dollar contracts that will help the company strengthen its long-term relationships with its clients and create new opportunities for growth.
The company said that the automotive deals cover various aspects of product engineering and digital transformation, such as vehicle development, electrification, connected car, software engineering, and digital manufacturing. The company said that these deals will enable it to leverage its expertise and experience in the automotive industry, as well as its global delivery network and partnerships with leading technology providers.
The company also said that it won a deal in the aerospace domain, where it will provide engineering and design services for a leading aircraft manufacturer. The company said that this deal will help it showcase its capabilities and credentials in the aerospace industry, where it has been serving clients for over two decades.
Tata Technologies Focuses on Innovation and Transformation
Tata Technologies said that it is focused on innovation and transformation, as it aims to become a leading partner for its clients in the engineering and digital domains. The company said that it is investing in new technologies, capabilities, and talent, to enhance its value proposition and differentiation in the market.
The company said that it is developing new solutions and platforms, such as the Tata Technologies Integrated e-Mobility Solution (TiEMS), which is a comprehensive and modular solution for electric vehicle development and deployment. The company said that TiEMS has been well received by its clients and partners, and has been deployed for several projects across the globe.
The company also said that it is transforming its culture and processes, to become more agile, collaborative, and customer-centric. The company said that it has adopted the Tata Business Excellence Model (TBEM), which is a framework for achieving excellence in business performance and customer satisfaction. The company said that it has also implemented the Tata Code of Conduct (TCoC), which is a set of ethical principles and values that guide its actions and decisions.
Tata Technologies Optimistic about Future Growth
Tata Technologies said that it is optimistic about its future growth, as it sees strong demand and opportunities in the engineering and digital services market. The company said that it expects to benefit from the recovery and growth of the automotive and aerospace industries, as well as the increasing adoption of electric, connected, autonomous, and shared mobility solutions.
The company also said that it is well positioned to leverage its strengths and capabilities, such as its domain expertise, global delivery model, diversified portfolio, strategic partnerships, and innovation culture. The company said that it is confident of achieving its vision of engineering a better world, and creating value for its stakeholders.