Tata Technologies, a provider of product engineering and digital services, announced that it closed a dozen large deals in fiscal year 2024, including a $50 million-plus deal and five deals from the $15 million to $25 million range. The company is currently engaged in several large deal discussions with existing and new customers, and anticipates an uptick in deal conversions in the current quarter.
Tata Technologies continues to lead in generative AI and software-defined devices services, as endorsed by BMW. The company has also formed a joint venture with BMW to deliver automotive software, including software-defined vehicle (SDV) solutions for BMW Group's premium vehicles and digital transformation solutions for its business IT in Pune, India; Bengaluru, India; and Chennai, India.
Other notable developments include the renewal of its engineering center contract, bagging of strategic deals in autonomous mobile robot (AMR) controls and embedded software with a leading global designer and manufacturer of access equipment based in North America, and inking a five-year memorandum of understanding with the Telangana, India, government for the establishment of advanced technical skill training centers in 65 industrial training institutes in the state.
However, the company reported a consolidated net profit of 1572.0 million rupees (about $18.8 million) during the fourth quarter of fiscal year 2024, which is about a 27% year-over-year drop when compared with the 2166.0 million rupees registered in the fourth quarter of fiscal year 2023.
