Tata Elxsi reports 63% YoY growth in Q1FY23 profit to Rs 185cr

Tata Elxsi Q1FY23 results : Tata Elxsi has reported profit after tax of INR 184.7 crores for the first quarter of fiscal year 2023 ending 30 June 2022 (Q1FY23), which is a 62.9% growth compared to Q1FY22, and a 15.4% increase compared to Q4FY22.

The Tata Group company, which is into design and technology services, said that its growth was mainly volume led, with all three segments of embedded product design (EPD), industrial design and visualization (IDV), and system integration and support (SIS) demonstrating an increase in profits at 6.2%, 6.6%, and 19.8%, respectively, compared to the previous quarter.

The earnings per share (EPS) of Tata Elxsi for Q1FY23 was INR 29.66, which is a year-over-year (YoY) growth of 62.9%.

Tata Elxsi said that its revenues from operations for Q1FY23 were INR 725.9 crores, which is a 30% increase YoY.

The company’s transportation business increased by 41.8% YoY, which was driven by large deals and engagements in electric vehicle (EV) and software defined vehicles.

Its healthcare had a growth of 53.6% YoY, helped by digital health and global regulatory services, said Tata Elxsi.

As per Tata Elxsi Q1FY23 results, the company’s media and communications business registered a 29% growth YoY, driven by continued growth in important accounts and large deals in network transformation as well as AdTech.

Manoj Raghavan — Tata Elxsi CEO and Managing Director, commenting on Tata Elxsi Q1FY23 results, said: “We are starting FY23 on a strong note with 6.5% QoQ revenue growth in constant currency. This was all volume-led and supported by robust growth across divisions, verticals and key markets.

“We continue to maintain and expand our margins with our EBITDA growing at 58.8% YoY and PAT growing at 62.9% YoY.

“Our differentiated delivery capability powered by Domain, Design, and Digital, is helping us continue to win deals which are of strategic importance to our customers.”