Tata Group’s recently-listed IT services arm Tata Technologies recorded a 5% drop in its shares as the bourses opened on Monday, after the company posted a 27% year-on-year decrease in its Q4 net profit and 7% drop in topline on Friday after market hours. Since its listing in November, the stock has slipped about 13% to Rs 1,045.5 from its listing price of Rs 1,200, but is still significantly above its issue price of Rs 500.

The company said revenue in the services segment — that fell 0.6% sequentially to Rs 995 crore in Q4 — was impacted due to ramp down in its VinFast account, a key client for Tata Tech, and that it expects further moderation in VinFast revenue in the June quarter as well. Lower revenue from this account is expected to dampen overall sales of the current financial year.

Brokerage Kotak Institutional Equities estimates that Vinfast contributed about $6-7 million in revenues in Q4, marking a near 60% decline sequentially and about 80% decline over the same quarter last year. In FY24, the account contributed about $70 million in services revenues, which is about 40% lower on a year-on-year basis.

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