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Business News/ Companies / Tata Elxsi Q2 results: Net profit up 14.8% YoY at 200 crore, revenue at 882 crore
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Tata Elxsi Q2 results: Net profit up 14.8% YoY at ₹200 crore, revenue at ₹882 crore

Tata Elxsi Q2 results: The company's EBITDA in the September 2023 quarter came in at ₹263.6 crore, higher by 16.3 percent as compared to ₹226.5 crore reported in the corresponding period of FY23.

Tata Elxsi recorded a net addition of 585 employees in Q2FY24. Photographer: Dhiraj Singh/Bloomberg/File (Bloomberg)Premium
Tata Elxsi recorded a net addition of 585 employees in Q2FY24. Photographer: Dhiraj Singh/Bloomberg/File (Bloomberg)

Tata Elxsi, the design and digital tech arm of Tata Group, posted a net profit of 200 crore in the quarter ending September 2023, as per a regulatory filing made on October 17.

The net profit has increased by 14.8 percent annually, as it stood at 174.3 crore in the year-ago period. Sequentially, it went up by 5.9 percent from 188.9 crore reported in the June 2023 quarter.

The company's revenue from operations in Q2FY24 came in at 881.7 crore, marking a jump of 15.5 percent from 763.2 crore reported in the comparable year-ago period. Quarter-on-quarter, the revenue increased by 3.7 percent from 850.3 crore registered in the April-June period.

The earnings before interest, taxes, depreciation and amortisation (EBITDA) in the September 2023 quarter came in at 263.6 crore, higher by 16.3 percent as compared to 226.5 crore in the corresponding period of FY23. Sequentially, the EBITDA jumped by 4.8 percent from 251.5 crore in the first quarter of current fiscal.

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EBITDA margin in the July-September period came in at 29.9 percent, higher as compared to 29.6 percent in the preceding quarter and 29.7 percent in the year-ago period.

“I am happy to report a healthy top-line growth of 3.7 percent QoQ and 15.5 percent YoY in a challenging quarter for the industry. Our EBITDA has grown 4.8 percent QoQ and 16.3 percent YoY and our EBITDA margin has improved by 31 bps QoQ to 29.9 percent. This underlines our strong focus on delivery and operational excellence, key account management and differentiated offerings," said Manoj Raghavan, CEO and Managing Director, Tata Elxsi

“Our transportation business, which accounts for 46.2 percent of the vertical revenues, witnessed strong growth of 6.9 percent QoQ and 19.1 percent YoY in constant currency. During the quarter, we also won a landmark multi-year large deal for SDV from one of the leading automotive OEMs," he added.

Tata Elxsi also recorded a net addition of 585 employees in Q2FY24. The total employee count as of September 31, 2023, stood at 12,871, as against 11,679 employees on the same date a year ago.

Ahead of the release of quarterly results, the company's scrip settled at 7,449.20 apiece on the BSE, down 0.34 percent as against the previous day's close.

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Published: 17 Oct 2023, 05:41 PM IST
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