Tata Elxsi Q3FY23 profit after tax up by 29% to Rs 195cr
Tata Elxsi has reported a profit after tax (PAT) for the quarter ended 31 December 2022 (Q3FY23) at INR 194.7 crores, which is an increase of 29% year-over-year (YoY).
The earnings per share (EPS) of the Indian design and technology services provider for Q3FY23 was INR 31.26, which is a YoY growth of 29%.
Tata Elxsi, which is part of the Tata Group, said that its revenues from operations for Q3FY23 were INR 817.7 crores, which is a 28.7% increase YoY.
The company’s transportation vertical saw a 33.2% growth YoY, driven by huge deals and gains in market share across electric vehicles (EVs), software defined vehicles, and adjacencies.
Tata Elxsi’s healthcare unit had a growth of 28.4% YoY driven by new product engineering, regulatory, and digital health services.
According to Tata Elxsi Q3FY23 results, the company’s media and communications business saw a 14.7% growth YoY, helped by new wins in Android TV and AdTech, as well as platform-led deals with operators.
Commenting on Tata Elxsi Q3FY23 results, Manoj Raghavan — Tata Elxsi CEO and Managing Director said: “We have delivered a quarter of steady growth in a seasonally weak and challenging quarter for the technology industry and macro-economic uncertainty in our key markets.
“We are seeing strong and sustained growth in the Automotive and adjacent segments in Transportation, led by our differentiated EV and digital capabilities.”