Gains After Profit Jumps 40% In March Quarter


2021-04-23 08:19:09

Tata Elxsi Gains After Profit Jumps 40% In March Quarter

Tata Elxsi shares rose as much as 9.64 per cent to hit an all-time high of Rs 3,340.

Tata Elxsi shares rose as much as 9.64 per cent to hit an all-time high of Rs 3,340 on the BSE a day after it reported March quarter earnings. The Bengaluru-based design-led technology services provider – Tata Elxsi – reported net profit of Rs 115.16 crore in January-March quarter that marked an increase of 40 per cent from net profit of Rs 82 crore during the same quarter last year. (Track Tata Elxsi share price here)

Tata Elxsi’s revenue from operations rose 18 per cent annually to Rs 518 crore compared with Rs 438.8 crore during the March quarter of last year.

For financial year 2021, the company reported revenue of Rs 1,826.2 crore, registering a growth of 13.4 per cent year-on-year (YOY). During the period, company generated profit bfore tax of Rs 511.9 crore, registering a growth of 45.3 per cent YoY and crossing Rs 500 crore mark for the first time in the company’s history.

The growth was led by America and India with both reporting 21.1 per cent sequential growth while Europe grew by 1.6 per cent, Tata Elxsi said in a press release.

“It was a satisfying quarter with continued growth across offerings, industries and geographies. We continue to execute strongly on our growth aspirations with over 9% QoQ 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. We have seen new customer additions and large deals in all three industry segments in the quarter,” Manoj Raghavan, CEO and Managing Director, Tata Elxsi said in a statement.

As of 1:43 pm, Tata Elxsi shares traded 6.35 per cent higher at Rs 3,239, outperforming the Sensex which was down 0.28 per cent.



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