Design and technology services provider Tata Elxsi released its Q3FY24 results on Tuesday and reported a 6% year-on-year (YoY) increase in net profits, which stood at. ₹206.4 crore during the quarter ending December 2023 from ₹194.6 crore during the previous year period. The company’s operating income jumped 11% YoY to ₹914.2 crores of ₹817.7 crore during the same period last fiscal year.
Sequentially, the company’s net profit rose by 3%. ₹200.2 crore reported during the quarter ending September 2023. The company’s revenue from operations witnessed a 3% jump quarter-on-quarter as it stood at ₹881.6 crore during Q2FY24.
In the nine-month period from March-December 2023, Tata Elxsi’s net profit increased 7% from ₹553.6 crore in December 2022 to ₹595.3 crore during the period March-December 2023. In terms of revenue from operations, the growth was 16% from ₹2,355 crore in December 2022 to ₹2,734.5 crore in the period March-December 2023.
Segment Results
In the October-December quarter, the transport sector grew 2.7% quarter-on-quarter (QoQ) and 15.6% year-on-year (YoY). The company said the positive trajectory can be attributed to significant deals and continued growth in Software Defined Vehicles (SDV).
The healthcare industry experienced growth of 4.6% QoQ and 13% YoY, propelled by advances in new product engineering and regulatory services. The media and communications sector faced challenges, with a modest 0.6% QoQ growth and 3.4% YoY increase, indicative of a somewhat deteriorated industry environment, the company said.
In the field of industrial design, Design Digital emerged as a front-runner, leading to an impressive 12.8% QoQ growth and 25% YoY expansion in the business.
“While we have continued to invest heavily in talent in addition with more than 350 Elxsians this quarter and a network of 1,357 Elxsians over the last nine months, we have done well to keep our EBITDA well above the 29% band. This underlines our strong focus on delivery and operational excellence, and our confidence in the future and long-term demand for our differentiated offerings,” said MD and CEO Manoj Raghavan.
“As we enter the last quarter of this financial year, our clients’ confidence in our differentiated Design Digital offering and delivery excellence, and strong deal pipeline provide us with the foundation for continued growth,” added the chief executive.
Unlock a world of Perks! From insightful newsletters to real-time stock tracking, breaking news and a personalized news feed – it’s all here, just a click away! Login Now!
Catch all Corporate news and Updates on Live Mint. Check out all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates and Live Business News.
More or less
Published: 23 Jan 2024, 16:34 IST