Tata Elxsi Ltd Share Price – NSE  /  BSE

IT - Software, Small Cap

Tata Elxsi will hold a meeting of the Board of Directors of the Company on 23 April 2024.

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Tata Elxsi has strategically expanded its presence in Pune with the inauguration of a new Global Design and Engineering center in Sukhwani Business Hub, Chinchwad.

The new center is specifically tailored to cater to the technology and digital transformation priorities of key automotive OEMs and Tier 1 suppliers.

It will house over 1000 engineers, designers and technology specialists, and advanced labs to spearhead collaborative initiatives in engineering R&D across Software Defined Vehicles, Connected Services, Autonomous Technologies, Electrification, Mechatronics, and Design.

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On quarter on quarter basis, the company's net profit and revenue were higher by 3.1% and 3.69%, respectively.

Profit before tax (PBT) stood at Rs 274.07 crore in the December quaurter, registering a growth of 3.79% QoQ and 14.15% YoY.

EBITDA stood at Rs 270.1 crore in the quarter ended 31 December 2023 (up 2.5% QoQ and up 9.4% YoY). EBITDA margin was at 29.5% in Q3 FY24 as compared to 29.9% in Q2 FY24 and 30.2% posted in Q3 FY23.

Transportation growth was at 2.7% QoQ and 15.6% YoY, aided by deal wins and ramp-up of Software Defined Vehicle (SDV) engagements.

Healthcare growth stood at 4.6% QoQ and 13% YoY, driven by new product engineering and regulatory services.

Media and Communications grew by 0.6% QoQ and 3.4% YoY, performing creditably in a unfavourable environment for the entire media, telecom and technology industry.

Industrial Design revenue grew strongly at 12.3% QoQ, leading with design digital. System Integration services grew 14.7% QoQ aided by some key deal wins and managed services.

The company's total headcount at the end of the December 2023 stood at 13,221. Attrition rate stood at 12.9% in Q3 FY24 as compared to 13.7% in Q2 FY24 and 18.4% in Q3 FY23.

Manoj Raghavan, CEO and managing director, Tata Elxsi, said, “Our Healthcare & Lifesciences business executed strongly to report a growth of 4.6% QoQ and 13% YoY. This was backed by large deals in regulatory and new product engineering services.

Our Transportation business witnessed steady growth of 2.7% QoQ in a short quarter. While we had some delays in planned ramp-ups and deal closures due to the short quarter and holidays, we are positioned well to capture growth opportunities in the continued transformation of the automotive industry and Software Defined Vehicles.

Our Media & Communication business has done well in a deteriorated business environment for the media, telecom and technology industry. We are staying close to our customers and building on both growth and efficiency offerings for customers in this industry.

Our Design-Digital strategy is continuing to drive differentiation and growth, with our Design business growing strongly at 12.3%.”

Tata Elxsi is amongst the world's leading providers of design and technology services across industries including automotive, broadcast, communications, healthcare and transportation.

Shares of Tata Elxsi slipped 4.24% to Rs 7,846 on the BSE.

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Net profit of Tata Elxsi rose 6.04% to Rs 206.43 crore in the quarter ended December 2023 as against Rs 194.68 crore during the previous quarter ended December 2022. Sales rose 11.80% to Rs 914.23 crore in the quarter ended December 2023 as against Rs 817.74 crore during the previous quarter ended December 2022.

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