Tata Technologies' Profits Dip Despite Revenue Growth and Strategic Collaborations

Tata Technologies reported a 1.85% decline in profits for Q1 ending in September 2024. Despite a slight increase in revenue, total expenses grew marginally. CEO Warren Harris highlights a positive outlook for the second half due to robust order books and strategic collaborations like the one with Air India.

Tata Technologies Ltd announced on Monday a 1.85% drop in its consolidated profit after tax, amounting to Rs 157.41 crore, for the first quarter ending September 30, 2024. This represents a slight decline from the Rs 160.38 crore profit reported in the same period last year, as detailed in a regulatory filing.

The company's consolidated revenue from operations showed a modest increase, reaching Rs 1,296.45 crore compared to Rs 1,269.17 crore for the previous year. Total expenses also saw a marginal rise to Rs 1,095.40 crore, up from Rs 1,085.74 crore in the last fiscal year's equivalent quarter.

CEO and Managing Director Warren Harris noted the services business achieved sequential growth with a 2% rise in revenue. He expressed confidence in stronger performance for the latter half of the fiscal year, supported by a healthy order book, positive account momentum, and collaborations like the ongoing project with Air India to revamp aircraft interiors.

(With inputs from agencies.)