Tata Electronics has reported a staggering ninefold increase in revenue year-over-year, a leap that has solidified its position in the smartphone manufacturing industry. This remarkable growth is primarily due to the acquisition of the Wistron Infocomm Manufacturing India plant near Bengaluru, which is a key assembly site for Apple’s iPhones. This strategic acquisition has been a major driver of Tata Electronics' impressive revenue surge.
The company announced ₹401 crore consolidated income in the 2022-2023 financial year, which increased to ₹3,802 crore in FY2024, notified Economic Times after accessing the firm’s regulatory filings. To be noted, Tata Electronics is India's sole domestic iPhone assembler, leading the company to come at the forefront of Apple’s global supply chain.
Compared to its domestic competitors, Tata Electronics' revenue is slightly less than a quarter of Dixon Technologies' revenue in FY24, over double that of Optiemus Infracom's, and 85% of Amber Enterprises' revenue.
On a consolidated statement, Tata Electronics registered ₹257 crore EBITDA and ₹825 crore of net loss for FY24, compared to ₹532 crore of net loss in the past year. The company held the interest expenses and higher depreciation responsible for expanded net loss. On a standalone basis, the total income nearly quadrupled to ₹1,332 crore in FY24, up from ₹341 crore in FY23.
Last year, Tata acquired the India operations of Taiwan-based electronics manufacturing firm Wistron, now renamed Tata Electronics Systems Solutions.
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