Tata Technologies Ltd.
TATATECHInformation Technology filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
11 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 11 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20240130 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240507 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240723 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241031 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250124 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250430 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250717 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251022 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260119 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260508 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260721 | 2026-06-30 | yes |
TATATECH
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 717.75 |
| 52-week range | 509.2 – 879.15 |
| Return 1M | -10.11% |
| Return 3M | -4.09% |
| Return 1Y | 4.85% |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 1,665.00 |
| Other income | 37.00 |
| Total income | 1,702.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 815.00 |
| Finance costs | 15.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.55 | -0.00 |
| institutions foreign | 0.06 | 0.01 |
| institutions domestic | 0.04 | 0.01 |
| mutual funds | 0.02 | 0.01 |
| public | 0.45 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 11 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,289.00 | 1,301.00 | 1,269.00 | 1,296.00 | 1,317.00 | 1,286.00 | 1,244.00 | 1,323.00 | 1,366.00 | 1,572.00 | 1,665.00 |
| Other income | 31.00 | 24.00 | 23.00 | 16.00 | 28.00 | 57.00 | 64.00 | 48.00 | 32.00 | 31.00 | 37.00 |
| Total income | 1,320.00 | 1,325.00 | 1,292.00 | 1,313.00 | 1,345.00 | 1,343.00 | 1,308.00 | 1,372.00 | 1,398.00 | 1,603.00 | 1,702.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 612.00 | 620.00 | 614.00 | 609.00 | 639.00 | 626.00 | 627.00 | 650.00 | 698.00 | 763.00 | 815.00 |
| Finance costs | 5.00 | 4.00 | 5.00 | 5.00 | 6.00 | 5.00 | 5.00 | 5.00 | 9.00 | 16.00 | 15.00 |
| Depreciation and amortisation | 27.00 | 29.00 | 30.00 | 30.00 | 30.00 | 31.00 | 31.00 | 31.00 | 36.00 | 47.00 | 47.00 |
| Other expenses | 441.00 | 442.00 | 424.00 | 452.00 | 444.00 | 426.00 | 417.00 | 465.00 | 475.00 | 557.00 | 582.00 |
| Total expenses | 1,085.00 | 1,094.00 | 1,072.00 | 1,095.00 | 1,119.00 | 1,088.00 | 1,080.00 | 1,151.00 | 1,218.00 | 1,383.00 | 1,459.00 |
| Profit before exceptional items and tax | 235.00 | 231.00 | 220.00 | 217.00 | 226.00 | 255.00 | 228.00 | 221.00 | 180.00 | 221.00 | 242.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -164.00 | 56.00 | 0.00 |
| Profit before tax | 235.00 | 231.00 | 220.00 | 217.00 | 226.00 | 255.00 | 228.00 | 221.00 | 16.00 | 277.00 | 242.00 |
| Current tax | 96.00 | 113.00 | 60.00 | 94.00 | 90.00 | 82.00 | 67.00 | 63.00 | 38.00 | 124.00 | 71.00 |
| Deferred tax | -31.00 | -40.00 | -3.00 | -34.00 | -32.00 | -13.00 | -5.00 | -3.00 | -22.00 | -44.00 | 0.00 |
| Tax expense | 65.00 | 74.00 | 58.00 | 60.00 | 58.00 | 69.00 | 62.00 | 60.00 | 16.00 | 79.00 | 71.00 |
| Profit for the period | 170.00 | 157.00 | 162.00 | 157.00 | 169.00 | 189.00 | 170.00 | 166.00 | 7.00 | 204.00 | 181.00 |
| Profit attributable to owners | 170.00 | 157.00 | 162.00 | 157.00 | — | 189.00 | 170.00 | 166.00 | 7.00 | 204.00 | 181.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | 50.00 | -12.00 | 5.00 | 73.00 | -31.00 | 34.00 | 77.00 | 53.00 | 5.00 | 131.00 | -2.00 |
| Total comprehensive income | 221.00 | 145.00 | 167.00 | 230.00 | 137.00 | 223.00 | 248.00 | 218.00 | 11.00 | 335.00 | 179.00 |
| Earnings per share, basic | 4.20 | 3.88 | 3.99 | 3.88 | 4.16 | 4.66 | 4.19 | 4.08 | 0.16 | 5.03 | 4.45 |
| Earnings per share, diluted | 4.19 | 3.87 | 3.99 | 3.87 | 4.15 | 4.65 | 4.19 | 4.08 | 0.16 | 5.03 | 4.45 |
Annual results, as filed
| Line | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|
| Revenue from operations | 5,117.00 | 5,168.00 | 5,506.00 |
| Other income | 116.00 | 124.00 | 175.00 |
| Total income | 5,233.00 | 5,293.00 | 5,680.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 2,364.00 | 2,489.00 | 2,737.00 |
| Finance costs | 19.00 | 20.00 | 34.00 |
| Depreciation and amortisation | 106.00 | 121.00 | 145.00 |
| Other expenses | 1,812.00 | 1,745.00 | 1,915.00 |
| Total expenses | 4,301.00 | 4,375.00 | 4,832.00 |
| Profit before exceptional items and tax | 932.00 | 917.00 | 848.00 |
| Exceptional items | 0.00 | 0.00 | -108.00 |
| Profit before tax | 932.00 | 917.00 | 741.00 |
| Current tax | 354.00 | 326.00 | 293.00 |
| Deferred tax | -101.00 | -82.00 | -75.00 |
| Tax expense | 253.00 | 244.00 | 218.00 |
| Profit for the period | 679.00 | 677.00 | 547.00 |
| Profit attributable to owners | 679.00 | 677.00 | 547.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | 47.00 | 80.00 | 266.00 |
| Total comprehensive income | 727.00 | 757.00 | 813.00 |
| Earnings per share, basic | 16.75 | 16.69 | 13.47 |
| Earnings per share, diluted | 16.72 | 16.66 | 13.47 |
Balance sheet, as filed
| Line | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|
| Total assets | 5,578.00 | 5,867.00 | 6,664.00 | 7,159.00 | 8,953.00 |
| Non-current assets | 1,605.00 | 1,707.00 | 1,991.00 | 2,102.00 | 3,146.00 |
| Current assets | 3,973.00 | 4,160.00 | 4,673.00 | 5,057.00 | 5,808.00 |
| Property, plant and equipment | 310.00 | 297.00 | 261.00 | 255.00 | 296.00 |
| Capital work-in-progress | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 |
| Goodwill | 783.00 | 818.00 | 818.00 | 873.00 | 1,351.00 |
| Other intangible assets | 58.00 | 50.00 | 51.00 | 41.00 | 407.00 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Trade receivables | 1,148.00 | 1,077.00 | 1,006.00 | 1,260.00 | 1,187.00 |
| Cash and cash equivalents | 520.00 | 559.00 | 667.00 | 288.00 | 682.00 |
| Total equity and liabilities | 5,578.00 | 5,867.00 | 6,664.00 | 7,159.00 | 8,953.00 |
| Equity | 3,221.00 | 3,215.00 | 3,579.00 | 3,566.00 | 3,923.00 |
| Equity share capital | 81.00 | 81.00 | 81.00 | 81.00 | 81.00 |
| Other equity | 3,140.00 | 3,134.00 | 3,498.00 | 3,485.00 | 3,842.00 |
| Total liabilities | 2,358.00 | 2,652.00 | 3,085.00 | 3,592.00 | 5,030.00 |
| Non-current liabilities | 235.00 | 235.00 | 402.00 | 390.00 | 1,239.00 |
| Current liabilities | 2,123.00 | 2,416.00 | 2,683.00 | 3,202.00 | 3,791.00 |
| Borrowings, non-current | 0.00 | 0.00 | 0.00 | 0.00 | 589.00 |
| Borrowings, current | 0.00 | 0.00 | 0.00 | 0.00 | 77.00 |
| Trade payables | 481.00 | 470.00 | 477.00 | 479.00 | 581.00 |
Cash flow, as filed
| Line | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|
| Net cash from operating activities | 294.00 | 411.00 | 699.00 | 38.00 | 776.00 |
| Net cash from investing activities | 394.00 | -14.00 | -89.00 | 54.00 | -871.00 |
| Net cash from financing activities | -557.00 | -441.00 | -486.00 | -508.00 | 16.00 |
| Purchase of property, plant and equipment | 92.00 | 14.00 | 31.00 | 14.00 | 34.00 |
| Net increase in cash | 137.00 | 39.00 | 148.00 | -379.00 | 15.00 |
| con:CFO.BEFORE_TAX | 597.00 | 517.00 | 1,013.00 | 107.00 | 954.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 303.00 | 106.00 | 314.00 | 69.00 | 178.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 1.00 | 0.00 | 1.00 | 1.00 | 1.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-11-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 55.39 | 55.39 | 55.39 | 55.39 | 55.22 | 55.22 | 55.22 | 55.22 | 0.55 | 0.55 | 0.55 | 0.55 |
| Domestic institutions | 6.61 | 2.65 | 1.64 | 1.91 | 3.58 | 3.06 | 2.48 | 3.32 | 0.03 | 0.03 | 0.03 | 0.04 |
| Mutual funds | — | — | — | — | — | — | — | 1.71 | 0.01 | 0.01 | 0.01 | 0.02 |
| Insurance companies | 0.57 | 0.46 | 0.32 | 0.16 | 0.77 | 0.69 | 1.01 | 1.35 | 0.02 | 0.02 | 0.02 | 0.02 |
| Foreign institutions | 2.46 | 2.02 | 1.09 | 1.63 | 3.62 | 3.10 | 3.10 | 4.87 | 0.05 | 0.06 | 0.06 | 0.06 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 |
| Public | 44.61 | 44.61 | 44.61 | 44.61 | 44.78 | 44.78 | 44.78 | 44.78 | 0.45 | 0.45 | 0.45 | 0.45 |
| Non-institutional | 35.55 | 39.94 | 41.88 | 41.07 | 37.58 | 38.62 | 39.20 | 36.59 | 0.37 | 0.36 | 0.36 | 0.34 |
| Shares outstanding | 405668530 | 405668530 | 405668530 | 405668530 | 405668530 | 405668530 | 405668530 | 405668530 | 405711840 | 405743604 | 405979321 | 406051830 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Tata Technologies Limited | Subsidiary | Any other transaction, Dividend paid, Purchase of go | 8,581,100,000.00 | 24 |
| Tata Technologies Pte Ltd | Subsidiary | Any other transaction, Dividend paid, Dividend recei | 7,007,400,000.00 | 8 |
| Jaguar Land Rover Limited | Promoter Group | Sale of goods or services | 5,974,600,000.00 | 1 |
| Tata Motors Limited | Parent Company | Any other transaction, Dividend paid, Inter-corporat | 5,785,900,000.00 | 6 |
| Tata Technologies Europe Limited | Subsidiary | Any other transaction, Dividend received, Purchase o | 5,673,600,000.00 | 22 |
| Tata Technologies Inc. | Subsidiary | Any other transaction, Purchase of goods or services | 1,949,500,000.00 | 16 |
| Tata Motors Passenger Vehicles Limited | Promoter Group | Any other transaction, Sale of goods or services | 1,832,000,000.00 | 3 |
| Tata Consultancy Services Limited | Promoter Group | Any other transaction, Purchase of goods or services | 732,800,000.00 | 6 |
| Tata Passenger Electric Mobility Limited | Promoter Group | Any other transaction, Sale of goods or services | 546,800,000.00 | 2 |
| Tata Technologies S.R.L. | Subsidiary | Any other transaction, Purchase of goods or services | 405,700,000.00 | 10 |
| Agratas Limited | Promoter Group | Any other transaction, Sale of goods or services | 334,300,000.00 | 3 |
| Tata Technologies GmbH | Subsidiary | Any other transaction, Purchase of goods or services | 312,000,000.00 | 10 |
| Tata Technologies Nordics Limited | Subsidiary | Any other transaction, Purchase of goods or services | 197,100,000.00 | 10 |
| Tata Elxsi Limited | Promoter Group | Purchase of goods or services, Sale of goods or serv | 141,700,000.00 | 2 |
| Tata Advanced Systems Limited | Promoter Group | Sale of goods or services | 128,500,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-21 | Q1FY27 | OFFICER – TATA TECHNOLOGIES, TATA TECHNOLOGIES | Read the call |
| 2026-05-08 | Q4FY26 | OFFICER – TATA TECHNOLOGIES, TATA TECHNOLOGIES | Read the call |
| 2026-01-19 | Q3FY26 | OFFICER – TATA TECHNOLOGIES, TATA TECHNOLOGIES | Read the call |
| 2025-10-22 | Q2FY26 | OFFICER – TATA TECHNOLOGIES | Read the call |
| 2025-07-17 | Q1FY26 | Read the call | |
| 2025-04-30 | Q4FY25 | Read the call | |
| 2025-01-24 | Q3FY25 | Vijay Lohia: | Read the call |
| 2024-10-31 | Q2FY25 | sir. | Read the call |
| 2024-07-23 | Q1FY25 | Read the call | |
| 2024-05-07 | Q4FY24 | Read the call | |
| 2024-01-30 | Q3FY24 | Read the call |
What they said about it, quarter by quarter
| Topic | Q2FY25 | Q2FY26 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | All other trademarks are trademarks of their respective owners. | 21 their capex has increased significantly, and we have been the beneficiary of that… | — | Public | 19 those organizations have given their recent success, they've increased capex over the last 12 months. | The second question was, because of the slowdown we are seeing in Europe, does this impact the planned capacity additions with the BMW JV in India? | — | And that has driven an increase in the CapEx that has certainly benefited the partnership between Tata Technologies and JLR. | — | Now having said that, I don't expect that to impact capex or indeed the commitments that are being made to new products. |
| Capital allocation | This was largely driven by lower interest income on account of a dividend of INR 408 crores that we paid in June as well as a non-cash net loss of INR… | My second question is on your acquisition, ES-TEC, looks like a very exciting asset, they are growing very fast. | — | — | I think on the CV side of things, that will be reinforced by the impending acquisition of Iveco. | The Board today recommended a final dividend of INR8.4 per share for fiscal year '24, which translates to a dividend payout of 50% for fiscal '24. | — | We're seeing the business plan being delivered in a way that's consistent with the plan that underpinned the acquisition in November. |
| Costs | — | — | — | — | — | — | — | — |
| Debt and cash | Billed DSO stood at 60 days, while the unbilled DSO came in at 25 days at the end of Q2. Turning to cash flows. | — | Coming to cash flows, our free cash flow stood at INR2,198 million in Q3 and we continue to strive to further improving our cash collections and conve… | Our free cash flow for the first 9 months of the fiscal stood at INR 681 crores. | — | The total DSO billed and unbilled stood at 83 days at the end of March, much improved compared to the 95 days at the end of Q3. Improvement in DSO was… | — | — |
| Demand | While our overall demand trends remain relatively healthy, we are observing a slight delay in customer decision-making in the near term. | Those centers have now come online and so we have been able to play some level of catch-up in Q2. We also have continued to reinforce our order book. | Following the pandemic, demand for aircraft has exceeded the industry's ability to supply. | From the perspective of demand, let me comment on the demand trends within the three industry verticals in which we operate. | One, I think, to continue to invest in products that will mitigate the drop in demand that they've seen in China. | In the automotive sector, we are witnessing robust demand for software- defined vehicles driven by our customers' growing interest in developing AI- p… | My first question is just around I think a couple of quarters back you had shared that there was some postponement of demand because of the uncertain … | And I think we've seen that kind of latent demand to invest in new products build. |
| Guidance | As a reminder, we do not provide specific revenue or earnings guidance, and any statements made today regarding our future outlook should be reviewed … | So, we expect continued momentum in technology solutions and specifically in education in the coming quarters. | As you are aware, we do not provide specific revenue or earnings guidance, and anything said on this call which reflects our outlook for the future, o… | Please note that we do not provide specific revenue or earnings guidance. | Now we fully expect -- given the green shoots of improvement that we've seen in automotive in the recent past, we expect the automotive sector to get … | As you are aware, we do not provide specific revenue or earnings guidance, and anything said on this call, which reflects our outlook for the future, … | In North America, we have secured business with two large propulsion manufacturing players and that business has grown at a very healthy clip over the… | That was in line with the expectations that we had when we completed the ES-Tec transaction in November and certainly was part of the guidance that we… |
| Margin | Product software sales are typically muted in the summer months with most of our customers' product software budgets being discharged in Q3 and Q4. Ou… | And also, Savitha mentioned it is margin accretive. | However, our margin performance was much improved, operating EBITDA coming in at 18.3% compared with 16.9% in the previous quarter. | Our operating EBITDA for Q3 stood at 17.8%, reflecting a sequential decline of 40 basis points. | — | In the last 3 years, our revenue from operations has grown at 29% compound annual growth rate with operating EBITDA growing at 35% CAGR. | So how will this benefit us in terms of margin and getting the business like getting more volume from this account, let's say they are actually consid… | And just lastly on the margins, can you explain the bridge to go from 16% EBITDA currently to 18% over the next 4 quarters? |
| People | Our employee utilization saw an improvement of 120 basis points from the previous quarter, reaching a level of a little under 88%. | You achieved the 1K headcount mark much ahead of the initial plan by December. | Our employee engagement initiatives continue to yield success, with the last 12-month voluntary attrition coming down to 15.4% in the quarter, compare… | The business began with a headcount of over 100 people. | — | Public | 11 utilization levels improved 180 basis points sequentially to 86% as a result of this as well as due to higher working days in Q4 compared … | And so, I think the accelerated scale of headcount and business that we are seeing with the JV is really a testament to those things. | And just to reinforce that, the headcount and the revenue from the JV continues to point in a very positive direction as far as growth is concerned. |
| Pricing | I think in Europe, I think that there is concern about the chip -- the threat from China and the ability of the Europeans to react from a technology s… | — | — | — | — | We also are looking at how we can improve our pricing based on the newer engagements that we do in embedded, SDV, cybersecurity, GenAI. | I am sitting next to my CFO and so I'll qualify my comments, but I think one of the reasons that we have managed to maintain margins throughout the ch… | And I think that is likely to impact pricing for our customers, and it's likely to impact supply and their ability to be able to build. |
| Revenue growth | From a revenue standpoint in Indian rupees, we achieved sequential revenue growth of 2.2%. | Just to understand if that comment essentially is on an organic basis, or even you will probably close this acquisition and thereby that is supporting… | From a revenue perspective, in Indian rupees, we recorded aggregate sequential revenue growth of 1.6%, and annual growth of 14.7%. | I'm pleased to report that we achieved sequential revenue growth of 1.7% in constant currency despite operating in an environment marked by economic u… | Not only are we enjoying accelerated growth at Airbus, but we're also now looking to expand into their supply chain. | I'm delighted with the way our business performed in fiscal year '24 with full year revenue growth of 15.9% in Indian rupees and a 15% growth in opera… | — | My first question is just around the Q-o-Q revenue growth. |