Tata Elxsi slumps ~2% on posting marginal growth in Q1FY24

18 Jul 2023 , 01:21 PM

Tata Elxsi announced its results for the quarter ended June 2023. The company has posted a 2% y-o-y growth in its net profit at Rs 189 crore, as compared to Rs 185 crore in the previous corresponding quarter.

The company said that this is the lowest rise it recorded in a period of 15 quarters.

The company clocked a growth of 17% y-o-y in its revenue at Rs 850 crore in the quarter ending June 2023, as compared to Rs 726 crore in the previous corresponding quarter.

The company said that its EBITDA increased by 4.1% to Rs 230 crore in Q1FY24 from Rs 221 crore in the same quarter last fiscal. However, operating margins fell to 27.1% in Q1FY24 as compared to 30.5% in Q1FY23.

Tata Elxsi said that its healthcare business witnessed growth of 3.4%, sequentially. The segment also reported new product development contract wins in medical diagnostics and smart hospital equipment.

Furthermore, in the transportation sector, the company saw positive traction and a strong deal pipeline, especially in Software-defined vehicles and EVs.

At around 1.19 PM, Tata Elxsi was trading 2.58% lower at Rs 7,520.05 per piece, against the previous close of Rs 7,719.50 on NSE. The counter slipped to an intraday low of Rs 7,345.05, so far.

For feedback and suggestions, write to us at [e-mail]