Tata Elxsi Q2 net profit up 58 pc to Rs 78.8 cr
Design and technology services provider Tata Elxsi on Wednesday reported a 58.3 per cent increase in net profit to Rs 78.8 crore for the September 2020 quarter.
Design and technology services provider Tata Elxsi on Wednesday reported a 58.3 per cent increase in net profit to Rs 78.8 crore for the September 2020 quarter.
The company had registered a net profit of Rs 49.8 crore in the year-ago period, Tata Elxsi said in a regulatory filing.
Its revenue from operations rose 11.5 per cent to Rs 430.2 crore for the said quarter from Rs 385.8 crore in the corresponding period a year ago.
The company's growth was driven by both its key businesses -- Embedded Product Design (EPD), and Industrial Design and Visualisation (IDV), it said in a statement.
EPD -- the company's largest division -- grew by 7.1 per cent quarter-on-quarter and 15.1 per cent year-on-year, it added.
Within EPD, healthcare grew at 14.1 per cent q-o-q, while media and communications grew 6.7 per cent and transportation 5.6 per cent on sequential basis.
IDV also posted growth of 15.1 per cent q-o-q with some key international design project wins, the statement said.
It was a pretty satisfying quarter with all-round growth across key verticals and geographies, Tata Elxsi CEO and Managing Director Manoj Raghavan said.
"We are seeing some recovery in the automotive market. We have closed some large deals including a multi-year deal with a European Tier 1 supplier for vehicle electronics and software. We have also added new automotive customers including a new OEM," he added.
Raghavan said the company is going into the second half of FY21 with a strong deal pipeline across geographies and verticals, and a significant number of large deals that it is pursuing.
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"We are back to our pre-COVID momentum and expect this momentum to continue into H2 FY21," he added.
08:51 AM IST