Tata Elxsi's net profit in March quarter down y-o-y by 2.2%

24 Apr 2024 , 01:13 PM

Tata Elxsi shares declined on Wednesday, April 24, following the company’s announcement of a 2.2% year-on-year  decline in net profit for the fourth quarter ended in March.

The stock dropped as much as 5.34% to ₹7,000 in early morning trading on the NSE and traded at ₹7,128.8, down 3.6% at 9:40 AM, marking the fifth consecutive session of decline. At the time of writing, the shares were trading at ₹7053.35 which is a 4.62% dip.

Tata Elxsi reported a net profit of ₹196.93 Crore for the quarter, compared to ₹201.51 Crore in the same period of the previous fiscal year, as stated in a regulatory filing.

Revenue from operations for the quarter stood at ₹905.94 Crore, up from ₹837.91 Crore in the year-ago period, while total expenses increased to ₹677.21 Crore from ₹613.39 Crore.

The company’s board recommended a final dividend of ₹70 per equity share of par value ₹10 each for the financial year ended March 31, 2024, subject to shareholder approval at the annual general meeting.

For the fiscal year ended March 31, 2024, Tata Elxsi reported a net profit of ₹792.23 Crore, compared to ₹755.19 Crore in the previous fiscal. Revenue from operations for FY24 was ₹3,552.14 Crore, up from ₹3,144.72 Crore in FY23. The board also recommended a final dividend of 700% (₹70 per share) for FY24, subject to shareholder approval.

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