Tata Technologies Ltd on Thursday recorded a 6.14 per cent rise in its third-quarter (Q3 FY24) net profit from Rs 160.38 crore in the previous quarter.
The company's total operating revenue rose 1.6 per cent, sequentially (QoQ), to Rs 1,289.5 crore. In US dollar terms, total operating revenues were up 0.9 per cent (QoQ) at $154.8 million.
Warren Harris, Chief Executive Officer and Managing Director, said, "We delivered sequential growth and a healthy operating EBITDA margin at 18.3 per cent in Q3FY24 while making strategic investments in relationships to enable future growth. Our deal win momentum has stayed robust, with 5 large deals won in the quarter, including one deal with over $50 million in TCV and another one with $25 million in TCV."
Shares of Tata Tech edged 0.11 per cent higher to close at Rs 1,144.20. The quarterly results were declared after market hours today.
This is the maiden results for Tata Tech after listing. The stock staged a strong debut on November 30 last year at the exchanges. At today's closing price, it has rallied 128.84 per cent from its initial public offering (IPO) price of Rs 500.
In a separate development, the company said Agratas -- Tata Group's global battery business -- and Tata Tech have announced their collaboration to scale the former's product development and enterprise systems.
Agratas will accelerate its product development timelines, including integrating battery cells into modules and packs across multiple applications to match customer requirements, a company statement read.
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