Tata Elxsi delivers a strong quarter with 11.5% revenue growth YoY and 56.1% PBT growth YoY

Tata Elxsi (BSE: 500408 | NSE: TATAELXSI), among the world's leading providers of design-led technology services, announced its results for the second quarter of FY20-21 ended September 30, 2020.

Highlights of Q2 FY20-21:

- Revenue from operations at Rs. 4302 Mn, +7.4% QoQ, +11.5% YoY
- Profit Before Tax (PBT) at Rs. 1100 Mn, +17% QoQ, +56.1% YoY

The company's growth was driven by both its key businesses - Embedded Product Design (EPD) and Industrial Design & Visualisation (IDV).

EPD, the company's largest division, grew by 7.1% QoQ and 15.1% YoY

Within EPD, Healthcare grew smartly at 14.1% QoQ and Media and Communications delivered another quarter of steady growth at 6.7% QoQ. The Transportation vertical grew by 5.6% QoQ.

IDV also posted smart growth of 15.1% QoQ with some key international design project wins.

"It was a pretty satisfying quarter with all-round growth across key verticals and geographies. We are seeing some recovery in the automotive market. We have closed some large deals including a multi-year deal with a European Tier1 supplier for vehicle electronics and software. We have also added new automotive customers including a new OEM.

We are going into the second half of FY21 with a strong deal pipeline across geos and verticals, and a significant number of large deals that we are pursuing. We are back to our pre-Covid momentum and expect this momentum to continue into H2 FY21", said Manoj Raghavan, CEO and Managing Director.

Shares of TATA ELXSI LTD. was last trading in BSE at Rs.1456.95 as compared to the previous close of Rs. 1457.95. The total number of shares traded during the day was 53503 in over 3424 trades.

The stock hit an intraday high of Rs. 1505 and intraday low of 1437. The net turnover during the day was Rs. 78587374.

Source : Equity Bulls

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