Tata Tech to push headcount by another 1,000 in FY23 to support growth

Tata Technologies will is expected to increase its headcount by at least 1,000 more employees in the upcoming financial year 2022-23, according to the Warren Harris, Managing Director and CEO of the company This hiring is beyond the planned recruitment of over 3,000 innovators over a 12-month period to fulfil the requirements of customers as its business growth accelerates, Harris added.. The Singapore based Tata Technologies is an arm of Tata Motors and a global engineering and product development digital services firm, looking to strengthen its position to enhance its performance and numbers. In January, the technology player announced plans to hire over 3,000 innovators over a 12-month period under its expanded talent acquisition programme. The company is eyeing to ramp up its work workforce in all major markets globally and India, including Maharashtra, Karnataka and Tamil Nadu, among other parts of the country. The company is constrained by opportunities, but by the supply side. The new investment in the workforce will boost the capacity and capability, enabling it to fulfill the requirement of its customers, the new agency PTI said citing Harris. According to the top company management personnel, the company has hired over 1,500 people in the third quarter (October-December) of the ongoing fiscal year, highlighting the success of the company in the given area. The company is committed to increase the headcount by 3,000 in FY 2022-23 and the company is moving in the right direction, he added. When asked to elaborate on how significantly higher the hiring will be, Harris said, "In terms of above 3,000, we are putting together the business plan for next year but I would expect us to exceed 3,000 by at least 1,000 people." Tata Technologies has been growing rapidly on the back of the move to autonomous, connected, electrification and shared (ACES) mobility and accelerated investment in digital as manufacturing companies adapt to meet new and evolving customer needs. Unlistedzone constantly reiterates the fact that Tata Technologies is one of the best available electric vehicle (EV) plays in the listed and unlisted space. It is driving towards strong revenue generation in the current fiscal to be back on the growth track via new business opportunities and thus higher headcount is needed. In the third quarter ended December 31, 2021, Tata Technologies had reported an operating revenue of Rs 1,034.1 crore and profit before tax of Rs 201.2 crore. This was the best quarterly performance of the company. Harris said that across the manufacturing sector, with the investments made in the move towards electrification, connected areas and autonomous driving, the industry is starting to see an inflexion point. He believes that these segments are now mainstream investments and are a huge catalyst for growth of the companies. While the growth over the past 12 months has been in the entire mobility sector, Harris said that in the third quarter, the aerospace industry has bounced back and the company won significant businesses in both aerostructures and in manufacturing engineering and tooling. Technologies Technologies is considering the buyback up to 12,40,122 equity shares of face value of Rs 1 each, which represents 2.97 per cent of the paid up equity share capital of the company. The proposed buyback price of equity shares is at Rs 1,982 apiece, aggregating the total buyback to Rs 245.8 crore. While the growth over the past 12 months has been in the entire mobility sector, Harris said that in the third quarter, the aerospace industry has bounced back and the company won significant businesses in both aerostructures and in manufacturing engineering and tooling. The industry is focusing on the similar lines in terms of making investments. Tata Technologies is also empanelled by Airbus in their engineering, manufacturing engineering and services strategic supplier programme. "That's a programme that is limited only to 17 companies around the world and they compete for over USD 2 billion of annualised spend. So that, for us, is a big milestone for our company," Harris told PTI