Tata Elxsi Q2 profit up 39%; revenue from operations at Rs 763.2 crore
Tata Elxsi on Friday posted a second quarter (Q2) net profit of Rs 174.3 crore in the financial year 2022-23 (FY23), up 39.1% from a period of Rs 125.3 crore a year ago. Tata Elxsi is a subsidiary of Tata Sons, the holding company of the Tata Group.
For the quarter that ended September 30, the company recorded a 28.2% year-on-year (YoY) increase in operating revenue, which stood at Rs 763.2 crore.
The number of employees crossed the 11,000 mark during the second quarter with 1,532 net additions.
Earnings per share (EPS) of Tata Elxsi also improved by 39% to Rs 27.98.
During the quarter, the company said it invested in expanding facilities at existing sites in Bengaluru, Chennai and Pune, and establishing new talent bases in Kozhikode and Hyderabad.
“We are seeing strong and sustained growth in the automotive and adjacent segments, driven by our EV (electric vehicle) and digital capabilities,” said Manoj Raghavan, CEO and Managing Director of Tata Elxsi. The company is gaining market share in both automotive and media and communications, particularly in Europe, he added.
Raghavan further said that “due to adverse currency movement” the numbers are muted in the region.
Meanwhile, shares of Tata Elxsi rose 1.72% to Rs 8,455.85 on BSE. On NSE, the stock climbed 2.28% to close at Rs 8,502.
The certificate has gained 45.11% since the start of this year.
Tata Elxsi is a leading provider of design and technology services in industries such as automotive, broadcast, communications, healthcare and transportation.