IT Software Products company Tata Technologies announced Q3FY24 results: Total operating revenue up 14.7% YoY and up 1.6% QoQ to Rs 12,895 million. In USD terms, total operating revenues were up 0.9% QoQ and up 13.4% YoY to USD 154.8 million. Services segment revenues were up 8.3% YoY to USD 120.2 million. In constant currency, Services revenues were up 5.8% YoY. Continued improvement in the customer ramp-up activity, with 39 customers now in the million-dollar-plus revenue bucket compared with 34 at the end of Q3FY23. Operating EBITDA at Rs 2,366 million. Operating EBITDA margin at 18.3%, a 140-bps increase QoQ driven by improved Services gross margins. Net income at Rs 1,702 million; Net margin at 13.2%. Net headcount addition of 172; Workforce strength of 12,623 180 bps sequential improvement in attrition to 15.4%. Warren Harris, Chief Executive Officer and Managing Director, said: “We delivered sequential growth and a healthy operating EBITDA margin at 18.3% in Q3FY24 while making strategic investments in relationships to enable future growth. Our deal win momentum has stayed robust, with 5 large deals won in the quarter, including one deal with over USD 50 million in TCV and another one with USD 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.” Result PDF