Tata Electronics has reported a ninefold rise in its sales for the last year ended March 2024. This exponential rise in revenue is due to the company’s acquisition of Wistron‘s iPhone assembly plant located near Bengaluru.
Tata Electronics recorded consolidated income of ₹3,802 crore in FY24, a major rise from ₹401 crore for the year ended March 2023, ET reported citing the company’s filings with the Registrar of Companies (RoC) last week.
The amazing growth is attributed to the acquisition of Wistron Infocomm Manufacturing India, which has now been rebranded as Tata Electronics Systems Solutions. This strategic move helped the company to become a part of Apple‘s global supply chain.
Despite the revenue growth, Tata Electronics saw a net loss of ₹825 crore in FY24, an over 50% increase from the ₹532 crore net loss in the previous year. The Tata Group company saw wider net loss to high depreciation and interest costs.
Earlier in the month, Apple was preparing to launch its fourth iPhone assembly unit in India, established by Tata Electronics in Hosur, Tamil Nadu. This plant, Tata’s second in the country, is expected to start operations in November. Tata Electronics is investing ₹6,000 crore in the new plant, matching the investment made in the components unit.
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