Ashika Group - Tata Technologies IPO Note

22 November 2023

TTL is a pure-play manufacturing-focused ER&D company, primarily focused on the automotive industry and is currently engaged with seven out of the top 10 automotive ER&D spenders and five out of the 10 prominent new energy ER&D spenders in 2022 (Source: Zinnov Report). Its automotive revenue attributable to the Services segment for FY23 and H1FY24 was Rs. 3131.47 cr. and Rs. 1745.76 cr., respectively, comprising 88.68% and 87.89% of its revenue. Additionally, TTL's revenue attributable to the Services segment from verticals other than automotive for FY23 and H1FY24 was Rs. 399.69 cr. and Rs. 240.63 cr., respectively, comprising 11.32% and 12.11% of its revenue.