Tata Technologies reported a 2% decline in its consolidated net profit for the July-September quarter, down to Rs 157.4 crore. The drop was primarily attributed to slowing global demand for electric vehicles (EVs), as some automakers shift their focus to more cost-effective hybrid options. The Pune-based company provides engineering and technology services to automobile, aero and heavy machinery makers. Tata Motors, the parent company, is also Tata Technologies’ largest client.
Despite the profit decline, revenue from operations increased by 2%, reaching Rs 1,296.45 crore compared to Rs 1,269.17 crore in the same period last year.
The trend of reduced EV sales was noticeable in India, where EV sales in September fell by 9% to 5,733 units, down from 6,298 units last year, according to Vahan data. A similar decline was seen in August, with sales 5% lower than the previous year.
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“Our order book and pipeline remain healthy and combined with the continued positive momentum within our anchor accounts, we are confident that the second half of the fiscal year will show a stronger performance compared to the first half,” said Warren Harris, CEO and managing director, Tata Technologies.
“We remain focussed on maintaining a balanced approach of upholding operating discipline while strategically investing in capabilities to capitalize on the emerging opportunities in the industries of our key customer segments,” added Savitha Balachandran, chief financial officer, Tata Technologies.
From: financialexpress
Financial News
