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Anand Rathi Report
Focusing on verticals like auto (75% of overall revenue) and aero (part of others, 10% of revenue), Tata Technologies Ltd. is a mid-size engineering research and development services company with ~$547 million revenue.
It has long-term collaborations with anchor clients (Tata Motors ltd. and Jaguar Land Rover, 40% of auto revenue) and offers turnkey vehicle-development solutions for combustion and electric powertrains.
Besides, it offers manufacturing cost reduction and after-sales solutions. It has 19 delivery centres. In aero, it recently won a contract from Airbus, assuring growth ahead.
Ebitda margins are 18-19%, likely to improve along with offshoring and utilisation. It has ~$124 million net cash and generates a ~22% return on equity (a two-year average).
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