New Delhi, May 03, 2024.
Tata Projects, one of the leading Indian Sustainable Technology-led Engineering, Procurement, and Construction (EPC) company and part of the world-renowned Tata Group, announced its financial results for the fiscal year.
Mr. Vinayak Pai, MD & CEO at Tata Projects, elaborating on the FY24 performance, said “Our strategic realignment, organisational transformation and improved focus on operational efficiencies have started yielding results. I feel proud to announce that we have returned to profitability, and we are moving forward on our path to deliver predictable & sustainable projects through innovation & technology”.
Adding further, Mr. Pai said, “I am pleased to say that Tata Projects continues to show industry leadership in providing safe workplace, recording the best safety parameters in the Indian Construction Industry. Our commitment to diversity and inclusion shines through in the makeup of our leadership team, a testament to our industry’s focus on leading D&I. We are also excited about our program to shape the future of construction, through our frontline skill development program.” See Q4 result 2024 on https://www.tataprojects.com/wpcontent/uploads/2024/05/Q4%20Results%20FY%2023-24.pdf
Strategy & Growth: The company has strategically continued with the pursuit of selective bidding in preferred sectors, driving profitable growth, focusing on complex projects, and capitalizing on favourable market conditions. Our strategic focus on customer delight by delivering predictable and sustainable projects through innovation & technology places Tata Projects in a leading position to capture emerging opportunities and expand the market footprint.
Driving Technology & Innovation: We have significantly increased our focus on digital project delivery with the intent to drive industry leading efficiencies and innovation. Towards that and to build a strong IT core, we migrated to SAP ERP during the year; With an implementation period of 9 months, this is possibly one of the fastest roll out in the EPC sector. During the year, we also entered several technology partnerships to provide bespoke and cutting-edge solutions to our customers. These partnerships would also enable Tata Projects to provide drive sustainability into construction and reduce the carbon footprint of its projects.
Building the New India: Our project wins during the year, including the Micron Semiconductor unit in Gujarat, Chennai Metro Line and the Tata Power Solar plant in Tamil Nadu re-emphasizes our commitment to technological advancement in building the new India. These projects, along with several others like Noida International Airport, with their complexity and tight project delivery schedules are a testimony to the trust placed by our customers in our ability to deliver integrated projects predictably within cost and time.
Notable achievements during the year FY24 were landmark projects completed and successfully handed over, including the New Parliament Building, Atal Setu (MTHL), solar manufacturing plant for First Solar Inc, several hundred kilometres of Dedicated Freight Corridor, and Trisonic Wind Tunnel for ISRO. With these projects, Tata Projects continue to shape the skyline of New India.
