Tata Technologies targets $500 mn revenue this fiscal

NEW DELHI: Tata Technologies, a global engineering and product development digital services firm, expects to clock close to half a billion dollars in revenue this fiscal, riding on accelerated growth from electric mobility across the globe and off-shoring of projects by its customers in the aftermath of COVID-19, according to a top company official.

The company, which had witnessed a “precipitous drop” in revenue at the beginning of the pandemic, had clocked a revenue of $119.3 million in the second quarter of the ongoing fiscal as compared to $80.1 million in the same period of FY21.

“We’ve seen sequential quarter on quarter growth now for the last six quarters and we expect that to continue. We had a precipitous drop in revenue at the beginning of COVID-19. We’ve seen all of that come back.

“This year (fiscal) for the first time in our history, we’ll get close to half a billion dollars (revenue),” Tata Technologies

CEO and MD Warren Harris said.

Terming the second quarter revenue as “the largest revenue that we’ve ever had in our history”, he said, “So to go from that precipitous drop at the beginning of COVID, up to a point whereby we are bigger now than we’ve ever been is a testament to our portfolio and value proposition, the relationships with customers, but also the excitement that surrounds our industry.”

When asked if the company’s revenue growth would mainly come from its capability in electric mobility, he said, “I think it’s appropriate to say that the move to electrification has provided the catalyst for the breakout growth that we’ve enjoyed in the last 12 months...” “But I would also caveat that, to say that COVID has taught all of our manufacturing customers - not just automotive, industrial machinery and now aerospace is coming back - that complex engineering, full turnkey product development can be undertaken in an offshore context.”