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08 March, 2021 12:42 IST
Tata Elxsi Q3 net profit rises 39.5%
Source: IRIS | 15 Jan, 2021, 03.37PM
Rating: NAN / 5 stars.
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Tata Elxsi, India's leading design company reported a 39.49% rise in net profit for the quarter ended Dec. 31, 2020. The company has earned Rs. 1,052.01 million in the quarter, compared with Rs. 754.20 million for the same period last year.

Revenue from operations during the quarter rose 12.67% to Rs.4,770.97 million from Rs.4234.38 million in the previous year period.

Total expenses grew 1.16% to Rs 3,458.87 million in the quarter compared with Rs 3,419.06 million for the same period last year.

Tata Elxsi EPS has increased to Rs.16.89 in December 2020 from Rs.12.11 in December 2019.

The company's headcount stood at 6,816 at the end of December 2020 quarter.

For the quarter ended Dec.31, 2020, Transportation reported a smart recovery with revenue growth of 7.9% QoQ, led by deals and new projects in the automotive sector. Media and Communications continued on the growth path with revenue growth of 8% QoQ. Healthcare business accelerated further with revenue growth of 24% QoQ, supported by key deal wins and customer additions.

Commenting on the performance, Manoj Raghavan CEO and Managing Director, Tata Elxsi said, "It was a pretty satisfying quarter with all-round growth across industries and geographies. We continue to execute strongly on both top line and bottom line, with double digit QoQ revenue growth and industry leading operating margins."

"Our Healthcare business continues to accelerate, while Media and Communications reported another strong quarter of sustained growth. We have seen new customer additions and large deals in both industries in the quarter," he said.

"We are seeing sustained recovery in the automotive market for the second consecutive quarter. This quarter has seen OEMs reinitiating key R&D programs, leading to resumption of projects as well as deals with Tier1 suppliers. We have added new automotive customers including a new age OEM in North America. We have also closed some large deals including a multi-million dollar deal with a European Tier1 supplier for vehicle electronics and software, and a North American Tier1 supplier for autonomous driving," Raghavan said.

"The growth in our design business has been equally satisfying. Customers are now recognizing the value of our integrated design and product engineering offerings to support innovation and enhanced customer experience, across verticals. We have also closed a large deal with a leading global technology company," he noted.

Shares of the company declined Rs 55.95, or 2.25%, to trade at  Rs 2,429.95.  The total volume of shares traded  was  99,664 at the BSE (2.10 p.m., Friday).

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