Tata Motors which aims to achieve a “near zero” net automotive?

Tata Motors stated on December 12 that it had approved the partial divestment its equity shares in Tata Technologies via an initial publicly offered (IPO).

Moneycontrol reported the listing plans for Tata Technologies on July 8, 2022. This was due to the increased demand in electric vehicles and aviation.

TCS was established in 2004 and no Tata Group company has appeared on domestic bourses since.

Tata Autocomp Systems has canceled a $260 million IPO, and Tata Play (formerly Tata Sky) earlier this month filed confidential pre-filing documents.

“We want to inform you that Tata Motors’ IPO Committee (duly constituted by Tata Motors Limited ) has given its in-principle approval for exploring the possibility of partial divestment of Tata Technologies Limited’s investment in Tata Motors Limited. This is subject to market conditions and applicable regulatory clearances (including observations of the Securities and Exchange Board of India and other considerations.”

The Company would also announce any material developments relating IPO as required by SEBI LODR Regulations or other applicable law.

According to Tata Motors’ 2022 annual report, Tata Technologies holds less than 74% of Tata Motors. Tata Motors announced in 2018 that it had canceled the sale of Tata Technologies’ significant minority stake (43%), to Warburg Pincus, a private equity firm for $360 million. This was due to a lack of regulatory approvals and internal performance issues due to market conditions.

Based on the details of the failed deal, Tata Technologies’ 100 percent stake was worth $837 million in February 2018.

TATA TECHNOLOGIES – RUNWAY TO GROWTH

Tata Technologies, which Warren Harris is the CEO of, has seen a significant increase in revenue in the past year due to relaxed regulatory and health guidelines. This allowed for improved business activities as well as new business opportunities in South East Asia.

Ex-TCS veteran S Ramadorai, chairman of the board of director, alluded to the firm’s improved performance in its latest annual report.

Your company has achieved outstanding results despite the challenges we faced. Tata Technologies’ revenue for the year ended 31 March 2022 was USD 473.5 million (INR 359.6 Cr), with an underlying operating profit USD 86.5 Million (INR 645.6 Cro) and profit after taxes USD 58.0M (INR 437.0 Cre). Ramadorai stated that these best-ever results correspond to a 47% year-on-year growth in revenue, a 65% operating profit growth, and a 74% profit after-tax increase, in USD terms.

Parent Tata Motors, which aims to achieve a “near zero” net automotive debt status by FY24, also noted this in its 2022 annual reports. “Revenue from other operations (before intersegment eliminations), increased by 45.8%, to Rs 3,809 cr in FY 2021-22, compared to Rs 2,612 Cr in FY 2020-21. The report stated that this was mainly due to Tata Technologies’s increased revenue following the COVID-19 pandemic.

Tata Motors net debt including leases rose to Rs 48.679 crore in FY22 from Rs 40.876 crore in FY21.

TATA TECHNOLOGIES – A CLOSER LOOK

Tata Technologies is focused on four key verticals: automotive, aerospace and industrial machinery. The following business lines offer its offerings: a. Engineering, Research, and Development (ER&D), b. Digital Enterprise Solutions (DES), which include offerings in Connected Enterprise IT and Product Lifecycle Management services, c. Education offerings, and d. Products, which include our product value-added reselling and iProducts offerings.

Globally, the firm employs 9300 people. It serves clients in North America, Europe, and APAC. It operates 18 delivery centers worldwide at Pune (Head Quarter), Gurgaon (Bengaluru), Thane, Chennai, Singapore, Tokyo, Tokyo (Thailand), Singapore and Hanoi (Vietnam), Europe – Brasov, Craiova & Sibiu (Romania), Gothenburg, Gothenburg, Gaimersheim, Germany, Warwick (UK), North America – Detroit (USA). 

 

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