We have returned to profitability: Vinayak Pai, MD & CEO Tata Projects

Tata Group's Engineering, Procurement, and Construction (EPC) company, Tata Projects, has said that it has turned profitable. Speaking over the company result announcement, Vinayak Pai, MD & CEO at Tata Projects said the company's 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 and sustainable projects through innovation and technology," he said.

Tata Projects reported a profit after tax of Rs 120.57 crore for the quarter ended March 31. The company had posted a loss of Rs 366.42 crore in the year-ago period. The company's revenue from operations increased to Rs 5,412.80 crore during the March quarter, over Rs 5,015.21 crore in the year-ago period, the statement said.

He said that the notable achievements during the year FY24 were landmark projects completed and successfully handed over, including the New Parliament Building, Atal Setu, solar manufacturing plant for First Solar, several hundred km of Dedicated Freight Corridor, and Trisonic Wind Tunnel for ISRO.