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Tata Elxsi share rises 11% post strong Q3 earnings

Share of Tata Elxsi touched an intraday high of Rs 2,299.9, rising 10.73% against the previous close of Rs 2,087.60 on BSE

twitter-logoBusinessToday.In | January 13, 2021 | Updated 12:14 IST
Tata Elxsi share rises 11% post strong Q3 earnings
Tata Elxsi share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Tata Elxsi share rose nearly 11% today after the product design arm of the Tata Group reported a 39.5 per cent rise in Q3 net profit. Share of Tata Elxsi touched an all-time high of Rs 2,299.9, rising 10.73% against the previous close of Rs 2,087.60 on BSE.

The stock opened with a gain of 4.86% at Rs 2,150.

Tata Elxsi share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 23.24% since the beginning of this year and risen 153.46% since the beginning of this year.

In a month, the mid cap share has gained 40.8%. Market cap of the firm rose to Rs 14,076 crore.

Total 24.64 lakh shares of the firm changed hands on BSE.

At 11: 57 am, the stock was trading 8.52% or Rs 177.90 higher at Rs 2,265.

Tata Elxsi said its net profit rose to Rs 105.2 crore for the December 2020 quarter against net profit of Rs 75.4 crore in the year-ago period. Revenue from operations rose 12.7 per cent to Rs 477.1 crore in Q3 from Rs 423.4 crore in the corresponding period last fiscal.

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

Tata Elxsi CEO and Managing Director Manoj Raghavan said the company saw all-round growth across industries and geographies.

"We continue to execute strongly on both top line and bottom line, with double-digit quarter-on-quarter revenue growth and industry-leading operating margins. Our Healthcare business continues to accelerate, while Media and Communications reported another strong quarter of sustained growth," he said.

Raghavan added that the company has seen new customer additions and large deals in both the industries in the quarter.

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