Tata Elxsi reported good set of numbers for Q2FY19. Revenue grew by 5.4% qoq to Rs403cr. EBIT came in at Rs101cr, up 0.22% qoq. EBIT margin contracted by 130bps qoq to 25%. Reported PAT grew by 16.6% qoq to Rs82cr.
Software development & services revenue grew by 6% qoq to Rs391cr. System integration & support services revenue declined by 11.6% qoq to Rs11cr.
EBIT margin expansion on qoq basis was aided by change in mix as Software development & services mix enhanced from 96.6% to 97.2% on qoq basis.
Software development & services margins improved by 186bps qoq to 33.1% and System integration & support services margins expanded by 642 bps qoq to 17.4%.
PAT growth on qoq basis was also aided by higher other income of Rs23cr vs. Rs8cr in Q1FY19.
Tata Elxsi Ltd is currently trading at Rs. 1,089, down by 51.15 points or 4.49% from its previous closing of Rs. 1,140.15 on the BSE.
The scrip opened at Rs. 1,141.25 and has touched a high and low of Rs. 1,162.05 and Rs. 1,056 respectively. So far 21,34,179 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.
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