Tata Elxsi reported a muted set of number for Q3FY19. Revenue grew by 1.0% qoq to Rs407cr. EBIT came in at Rs97cr, down 3.5% qoq. EBIT margin contracted by 113bps qoq to 23.9%. Reported PAT declined by 19.7% qoq to Rs66cr.
Software development & services revenue grew by 0.5% qoq to Rs394cr. System integration & support services revenue grew by 19.1% qoq to Rs13cr.
System Integration has a significant portion of re-sale component, which typically peaks in the 2H (Q4 more specifically).
EBIT margin expansion on qoq basis was impacted by change in mix as Software development & services mix declined from 97.2% to 96.7% on qoq basis.
Software development & services margins declined by 737bps qoq to 25.7% and System integration & support services margins expanded by 18 bps qoq to 17.6%.
PAT growth on qoq basis was also impacted by higher other income of Rs23cr in Q2FY19 vs. negative other income (-Rs3cr) in Q3FY19.
Other income was negative on account of exchange loss of Rs12cr in Q3FY19 vs. gain of Rs15cr in Q2FY19
Tata Elxsi Ltd is currently trading at Rs. 969, down by 10.25 points or 1.05% from its previous closing of Rs. 979.25 on the BSE.
The scrip opened at Rs. 974 and has touched a high and low of Rs. 990.50 and Rs. 960.10 respectively. So far 34,46,298 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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