IT Consulting & Software firm Tata Elxsi announced Q3FY24 results:
Financial Performance:
- Total operating revenue stood at Rs. 914.2 crores, marking a sequential quarterly growth of 3.7% and a year-over-year (YoY) increase of 11.8%.
- The operating margin reached 29.5%, with a Profit Before Tax (PBT) of Rs. 274.1 crore, reflecting a growth of 14.2% compared to the same period in the previous year.
- The company's Profit After Tax (PAT) was reported at Rs. 206.4 crores, with a quarter-over-quarter (QoQ) increase of 3.2% and a 6.0% rise YoY.
- Earnings Per Share (EPS) escalated to Rs. 33.15, witnessing a 3.2% growth since last quarter and a 6.0% growth compared to the same quarter in the previous year.
Segment Performance:
- In the Transportation sector, the revenue grew by 2.7% QoQ and by 15.6% YoY.
- The Healthcare segment saw a revenue increase of 4.6% QoQ and 13% YoY.
- The Media and Communications segment experienced modest growth, with a 0.6% QoQ and a 3.4% YoY rise.
- Industrial Design and System Integration services witnessed significant growth with 12.3% QoQ and 14.7% QoQ, respectively.
Mr. Manoj Raghavan, CEO and Managing Director, Tata Elxsi, commenting on the company’s performance
in the third quarter of FY24, said: “We are happy to report a healthy performance in the third quarter with a top-line growth of 3.7% QoQ and 11.8% YoY in a challenging and weak quarter for the industry.
Our Healthcare & Lifesciences business executed strongly to report a growth of 4.6% QoQ and 13% YoY. This was backed by large deals in regulatory and new product engineering services.
Our Transportation business witnessed steady growth of 2.7% QoQ in a short quarter. While we had some delays in planned ramp-ups and deal closures due to the short quarter and holidays, we are positioned well to capture growth opportunities in the continued transformation of the automotive industry and Software Defined Vehicles.
Our Media & Communication business has done well in a deteriorated business environment for the media, telecom and technology industry, growing 0.6% QoQ and 3.4% YoY. We are staying close to our customers and building on both growth and efficiency offerings for customers in this industry."