Tata Elxsi posts 6% y-o-y growth in net profit

24 Jan 2024 , 09:53 PM

Tata Elxsi, an Indian design and technology services company, reported a 6% y-o-y increase in third-quarter profit on Tuesday, citing robust demand in its transportation sector.

The company’s net profit increased to 2.06 billion rupees ($24.78 million) for the quarter ended December 31, up from 1.95 billion rupees a year earlier. Revenue from operations increased to 9.14 billion rupees from 8.18 billion rupees the previous year.

The company’s transport division, which accounts for around 47% of its revenue, increased 15.6% year on year, bolstered by deal wins and continued progress in Software Defined Vehicles (SDV) engagements.

Major Indian IT businesses released varied quarterly results earlier this month. Their opinion stated that the demand climate had not deteriorated sequentially, indicating stability and increasing the likelihood of a sector resurgence.

Infosys, India’s second-largest IT business, reduced its revenue prediction for the year, while HCLTech, India’s third-largest, reduced the upper end of its full-year revenue forecast.

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