On year on year (YoY) basis, the company’s net profit and total revenue jumped 14.7%.

Operating EBITDA jumped 10.4% to Rs 236.6 crore in Q3 FY24 as compared with Rs 214.3 crore in Q2 FY23. Operating EBITDA margin improved by 140 bps to 18.3% in Q3 FY24 as against 16.9% in Q2 FY24.

Revenue from services segment was up 0.6% QoQ and 9.3% YoY to Rs 1,001.2 crore.

In dollar terms, total operating revenue stood at $ 154.8 million, up 0.9% QoQ and 13.4% YoY. Services segment revenues were up 8.3% YoY to $120.2 million. In constant currency, Services revenues were up 5.8% YoY.

In Q3 FY24, total headcount stood at 12,623 as compared with 12,451 in Q2 FY24. Attrition (on the last 12-month basis) reduced to 15.4% in Q3 FY24 from 17.2% in Q2 FY24 and 23.5% in Q3 FY23.

Warren Harris, chief executive officer and managing director, said, “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. 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

We are investing in building capabilities at scale and remain confident about the long-term fundamentals of our business. We have seen our employee engagement initiatives yield success with a steady reduction in attrition levels over the last few quarters. We continue to focus on engineering a better world for our customers, employees, partners and the community.”

Savitha Balachandran, chief financial officer, said: “We continue to maintain a sharp focus on profitability and cash flow generation in our business. Despite the seasonally soft quarter, our margins have remained resilient reflecting strong operational rigor and execution. Our long-term levers of margin growth include increased offshoring, further improvement of our people pyramid and operating leverage as our business scales. The free cash flow to net income conversion in the first nine months of the year has also remained robust.”

Meanwhile, the company and Agratas, Tata Group’s global battery business, have announced their collaboration to scale Agratas’ product development and enterprise systems, supporting the design, development and manufacturing of best-in-class battery solutions.

This new alliance embodies the cross-Tata Group mission to develop a holistic e-Mobility ecosystem that will advance the production and adoption of Electric Vehicles in India and worldwide. With battery cell production due to commence in 2026, the collaboration is helping to propel Agratas’ anchor customers, Tata Motors and JLR, towards a fully electrified future.

Tata Technologies is a global product engineering and digital services company.

The scrip rose 0.11% to settle at Rs 1,144.20 on Thursday, 25 January 2024.