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Tata Elxsi share hits all-time high post stellar Q4 earnings

BusinessToday.In     April 23, 2021

Shares of information technology (IT) company Tata Elxsi rose over 9 per cent to a record high on Friday after the company reported stellar March quarter earnings. The stock rose 9.64 per cent to a record high of Rs 3,310 on BSE in intra-day trade.

The company said revenue from operations climbed 18.1 percent to Rs 518.39 crore from Rs 438.88 crore in Q4 FY20. Its net profit rose 40.3 percent to Rs 115.16 crore in Q4 FY21 from Rs 82.08 crore in the year-ago period.

Earnings before interest, taxes, depreciation and amortization (Ebitda) margin increased from 30.1 per cent to 32.4 per cent. In FY21, the company's net profit increased 43.7 percent to Rs 368.1 crore, while revenue grew 13.4 percent to Rs 1,826.2 crore over the previous fiscal. The growth was led by America and India with both reporting 21.1 per cent QoQ growth while Europe grew by 1.6 per cent QoQ.

"It was a satisfying quarter with continued growth across offerings, industries, and geographies. The company continued to execute strongly on its growth aspirations with over 9 per cent quarter-on-quarter revenue growth in constant currency. Both Transportation and Media and Communications reported another steady quarter of sustained growth while our Healthcare business continues to grow faster," said Manoj Raghavan, CEO and Managing Director, Tata Elxsi.

The company also said it added key new customers including a Tier-1 operator and a leading medical devices manufacturer in North America. It also closed some large deals including a multi-million dollar deal with a global OEM for an integrated connected vehicle program in one of their key markets that will leverage IoT platform.

The company's net headcount stood at 7,362, with the attrition rate at 7.4 per cent.

Also read: HCL Tech share trading flat ahead of Q4 earnings, here's what to expect

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