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breaking news Tata Technologies Recovers from Covid-19 Pandemic Lows, Targets Around $ 500 Million Revenue This Fiscal Year


Tata Technologies, a global digital engineering and product development services firm, expects to achieve close to $ 500 million in revenue this fiscal year, taking advantage of accelerated growth in electric mobility around the world and offshoring of projects by your customers after COVID. 19, according to a senior company official. The company, which had witnessed a “steep drop” in revenue at the start of the pandemic, had posted revenue of $ 119.3 million in the second quarter of the current fiscal year, compared to $ 80.1 million in the same period of fiscal year 21.

“We have seen sequential quarter-over-quarter growth for the past six quarters and we expect it to continue. We had a precipitous drop in revenue at the start of COVID-19. We’ve seen all of that comeback.” This (fiscal) year, for the first time in our history, we will approach $ 500 million (revenue), “Tata Technologies CEO and Managing Director Warren Harris told PTI. Calling the second-quarter revenue” the highest revenue we’ve had in our history, “he said,” So going from that precipitous drop at the start of COVID, to a point where we’re now bigger than we’ve ever been is a testament to our portfolio and proposed value. , customer relationships, but also the excitement surrounding our industry. ”

When asked if the company’s revenue growth would come primarily from its capacity in electric mobility, he said: “I think it is appropriate to say that the shift to electrification has provided the catalyst for the great growth we have enjoyed in recent years. 12 months”. . “However, he added:” But I would also like to warn that, to say that COVID has taught all of our manufacturing customers, not only automotive machinery, industrial and now the aerospace industry is making a comeback, that complex engineering, development Complete turnkey products can be carried out in an offshore context. “

“And that is something that Tata Technologies is uniquely known for. That also provides the kind of fuel for growth that we have received.” Referring to the company’s strength in the electric vehicle (EV) space, Harris said: “We have the great privilege, from a market position, to work with some of the most progressive auto companies in the world, not just startups. Not just new energy vehicle companies, but many traditional OEMs who are investing heavily to catch up with companies like Tesla. ”

Stating that Tata Technologies developed its first electric vehicle in 2012 and has been investing in building skills and intellectual property in electric vehicle technology for more than 10 years, he said that a lot of that has been done “in anticipation of the kind of swing. pendulum that. ” We are seeing right now “with almost everyone moving away from internal combustion engines to adopt some form of electrification.” “That history of more than 10 years in this space and the fact that we have worked with people like NIO, the fact that we have worked with people like Rivian, the fact that we were very involved with JLR’s investment in the I-Pace, those experiences and the investments that we have made have really positioned Tata Technologies in a relatively unique way, “Harris added.

While the pandemic has hit hard, many positives have emerged from Tata Technologies’ point of view. “At the beginning of COVID-19, none of us knew what was going to happen. Our customers not only in the automotive industry, but also in heavy industrial and aerospace machinery, most of them took steps to reduce costs and protect their own viability. and health. “We had organizations in different parts of the world that executed their force majeure clauses within the contracts, and brief commitments closed with us,” he said. The first three months of the last fiscal year – April, May and June 2020 – It was a “very difficult time for the industry”. It was a very difficult time for our clients and by association for us, “he recalled. Since then, he said, “most of our clients have taken that opportunity to really affect the shift from the old way of doing things to the new way of doing things. By doing things.” The appetite for outsourcing has grown exponentially, Confidence in digital has grown exponentially and the will for change has accelerated.

“All of this has been a huge demand for, again, our industry, and specifically for organizations like Tata Technologies, which are considered strategic partners for many of our customers.” As a result, he said that Tata Technologies has seen sequential quarter-over-quarter growth for the past six quarters.

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