Tata Elxsi Reports Strong Q1FY24 Results, Shares Rise 3%

18 Oct 2023 , 11:54 AM

Tata Elxsi shares open 0.7% higher on NSE post-Q1FY24 results announcement. Stock trades at Rs 7,649 in the early hours, up by nearly 3% from the previous day’s close.

Q1FY24 results show 5.9% on-quarter net profit growth and 14.8% on-year rise to Rs 200 crore. Quarterly revenue rises by 3.7% on-quarter and 15.5% on-year to Rs 881.7 crore. Q2FY24 sees transportation segment growth of 7.1% QoQ due to large deals and strong traction in software-defined vehicle (SDV) engagements.

The healthcare division grows by 3.6% QoQ, driven by new product engineering, digital health, and regulatory services. The media and communications segment shows a marginal growth of 0.1% QoQ.

Tata Elxsi provides design and technology services in industries such as Automotive, Broadcast, Communications, Healthcare, and Transportation.

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