Tata Technologies, a Tata group company, is technical services provider in multiple industries like engineering and design, product lifecycle management, manufacturing, product development, automotive, and aerospace among others.
Tata Technologies reported a manifold jump in the profit after tax (PAT) to Rs 72.3 crore in the quarter ended on June 30, 2021, as against a PAT of Rs 15.2 crore in the same quarter in the previous fiscal.
However, the net profit of the company declined over 26% on a sequential basis, as it had posted a profit of Rs 98 crore in the March 2021 quarter.
Founded in 1989, Tata Technologies is a subsidiary of Tata Motors, which primarily operates in North America, Europe, the Middle East, and the Asia Pacific region.
Tata Technologies is headquartered in Singapore, with regional offices in the United States (Novi, Michigan), India (Pune) and the UK (Warwick) with a combined global workforce of more than 8,500 employees serving clients worldwide.
In August 2005, Tata Technologies acquired INCAT International, a UK-and US-based automotive and aerospace puter engineering company for £53.4 million. INCAT was established in 1989.
The company's total revenue jumped 42.5% to Rs 707.5 crore in Q1 FY22, as against 496.4 crores in Q1 FY2020. The company's income rose by 4.5% on a sequential basis from Rs 676.4 crore in the last quarter of the financial year 2020-21.
The company has reported higher expenses during the period under review. The cost of products has doubled in the last one year, whereas the employee cost has jumped over one-fourth in the last four quarters, the data suggests.
The company boasts a rich dividend-paying history. Barring the financial year 2018-19, the company has paid a dividend of more than Rs 30 per share. In FY 2018-19, it paid a dividend of Rs 15 apiece.