Tata Elxsi Q2FY23 profit after tax surges 39% to Rs 174.3cr

Tata Elxsi Q2FY23 results : Tata Elxsi has reported a profit after tax (PAT) for the quarter ended 30 September 2022 (Q2FY23) at INR 174.3 crores, which is an increase of 39.1% year-over-year (YoY).

In the last quarter, that is Q1FY23, the design and technology services provider owned by the Tata Group, made a profit after tax of INR 184.7 crores.

The earnings per share (EPS) of Tata Elxsi for Q2FY23 was INR 27.98, which is a YoY growth of 39%.

Tata Elxsi said that its revenues from operations for Q2FY23 were INR 763.2 crores, which is a 28.2% increase YoY.

The company’s transportation vertical saw a 30.4% growth YoY, courtesy of large deals in electric vehicles (EVs), advanced driver assistance systems (ADAS), and adjacencies in rail and offroad vehicles.

Its healthcare unit had a growth of 55.9% YoY owing to new product engineering and regulatory services.

As per Tata Elxsi Q2FY23 results, the company’s media and communications business saw a 22.2% growth YoY, led by platform-led deals and foray into new operator accounts.

Commenting on Tata Elxsi Q2FY23 results, Manoj Raghavan — Tata Elxsi CEO and Managing Director said: “We have delivered a quarter of steady growth amidst macro-economic uncertainty and currency headwinds in our key markets.

“We are seeing strong and sustained growth in the automotive and adjacent segments, led by our EV and digital capabilities. We are gaining market share in both Automotive and Media & Communications, especially in Europe. The numbers are muted in the region due to unfavorable currency movement.

“We won multi-year deals in EV and autonomous driving systems in the automotive space, and a next-gen platform for connectivity and infotainment with a leading offroad equipment maker. We have won strategic platform-led deals in media and communications, with new SaaS and managed services models.”