DBT Bureau
Bengaluru, 11 October 2024
Engineering services firm, Tata Elxsi posted a net profit of Rs 229 crore in the second quarter of current financial year, up around 15% over the same period last year.
The company reported a net profit of Rs 200 crore in a year ago period.
Revenue from operations increased 8% year-on-year to Rs 955 crore. In the same quarter last year, revenues stood at Rs 882 crore.
“Our operational and offshore delivery excellence, fiscal discipline, and differentiated offerings, have contributed to our EBITDA margins expanding by 70 basis points to 27.9% for the quarter. Our PAT grew by 24.6% QoQ to Rs 229.4 crore, with the superior bottom-line performance further aided by R&D incentives and tax credits from previous years. Our strategic focus on expanding our business in Japan, emerging markets and capitalising on the India opportunity, is now starting to significantly contribute to our growth. During the quarter, our revenue from India has grown by 31.2% YoY, while Japan and emerging markets grew smartly at 81.9% YoY,” Manoj Raghavan, CEO and MD of Tata Elxsi said.
“Our transportation business continues to power growth for the company, registering a strong revenue growth of 8.8% QoQ. Our deep and scaled ADAS, Connected, Electric and Software Defined Vehicle (SDV) capabilities are helping us win large deals with global OEMs across the world, positioning us well for the continued transformation of the automotive industry,” he added.
According to the company, revenue from transportation unit grew 16% on the back of deal wins in the quarter. The Tata Group company won a $50 million multi-year contract from a European company.
Tata Elxsi’s share price is trading 0.42% up at Rs 7,792 on NSE in the early morning trade on Friday.
