On standalone basis
Quarter ended December 2022 compared
with Quarter ended September 2022.
Net
sales (including other operating income) of Tata Elxsi has increased 7.15% to
Rs 817.74 crore.
Operating profit margin has declined
from 33.18% to 30.19%, leading to 8.97% rise in operating profit to Rs 246.87
crore. Purchase of finished goods cost rose from 5.45% to 6.14%.
Employee cost decreased from 51.38% to 50.16%. Other
expenses rose from 13.48% to 13.56%.
Other
income up 2.46% to Rs 19.13 crore. PBIDT rose 8.47% to Rs 266
crore. Provision for interest up 4.93% to Rs 4.47 crore.
PBIDT
rose 8.47% to Rs 266 crore. Provision for depreciation down 1.65% to
Rs 21.43 crore.
Profit
before tax grew 9.55% to Rs 240.10 crore. Provision for tax was
expense of Rs 45.42 crore, compared to Rs 44.89 crore. Effective tax
rate was 18.92% compared to 20.48%.
Profit
after tax rose 11.71% to Rs 194.68 crore.
Promoters’
stake was 43.92% as of 31 December 2022 ,compared to 43.92% as of 30 September
2022 .
Quarter ended December 2022 compared
with Quarter ended December 2021.
Net sales (including other operating
income) of Tata Elxsi has increased 28.69% to Rs 817.74 crore. Sales
of System Integration & Support Serv segment has gone up 64.39% to Rs 21.37
crore (accounting for 2.61% of total sales). Sales of Software
Development & Services segment has gone up 27.95% to Rs 796.38 crore
(accounting for 97.39% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 26.29% to Rs
283.12 crore. PBIT of System Integration & Support Serv segment
fell 67.63% to Rs 0.41 crore (accounting for 0.14% of total
PBIT). PBIT of Software Development & Services segment rose
26.83% to Rs 282.71 crore (accounting for 99.86% of total PBIT).
PBIT
margin of System Integration & Support Serv segment fell from 9.74% to
1.92%. PBIT margin of Software Development & Services segment
fell from 35.81% to 35.50%. Overall PBIT margin fell from 35.28% to
34.62%.
Operating profit margin has declined
from 33.18% to 30.19%, leading to 17.08% rise in operating profit to Rs 246.87
crore. Purchase of finished goods cost rose from 3.51% to 6.14%.
Employee cost decreased from 51.86% to 50.16%. Other
expenses rose from 11.45% to 13.56%.
Other
income up 193.86% to Rs 19.13 crore. PBIDT rose 22.38% to Rs 266
crore. Provision for interest up 48.50% to Rs 4.47
crore.
PBDT
rose 22.01% to Rs 261.53 crore. Provision for depreciation rose
52.64% to Rs 21.43 crore.
Profit
before tax grew 19.86% to Rs 240.10 crore. Provision for tax was
expense of Rs 45.42 crore, compared to Rs 49.35 crore. Effective tax
rate was 18.92% compared to 24.64%.
Profit
after tax rose 28.96% to Rs 194.68 crore.
Promoters’
stake was 43.92% as of 31 December 2022 ,compared to 44.32% as of 31 December
2021 .
Year-to-date (YTD) results
analysis
Net sales (including other operating income) of
Tata Elxsi has increased 28.94% to Rs 2,306.80 crore. Sales of
System Integration & Support Serv segment has gone up 48.19% to Rs 56.03
crore (accounting for 2.43% of total sales). Sales of Software
Development & Services segment has gone up 28.52% to Rs 2,250.78 crore
(accounting for 97.57% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 36.54% to Rs
795.19 crore. PBIT of System Integration & Support Serv segment
rose 36.55% to Rs 3.25 crore (accounting for 0.41% of total
PBIT). PBIT of Software Development & Services segment rose
36.54% to Rs 791.94 crore (accounting for 99.59% of total PBIT).
PBIT
margin of System Integration & Support Serv segment fell from 6.29% to
5.80%. PBIT margin of Software Development & Services segment
rose from 33.12% to 35.19%. Overall PBIT margin rose from 32.55% to
34.47%.
Operating profit margin has jumped
from 30.43% to 30.85%, leading to 30.69% rise in operating profit to Rs 711.56
crore. Purchase of finished goods cost rose from 5.16% to 5.68%.
Employee cost decreased from 52.73% to 50.64%. Other
expenses rose from 11.68% to 12.84%.
Other
income up 82% to Rs 48.12 crore. PBIDT rose 33.06% to Rs 759.68
crore. Provision for interest up 93.59% to Rs 12.08
crore.
PBDT rose 32.40% to Rs 747.6
crore. Provision for depreciation rose 52.88% to Rs 60.31
crore.
Profit before tax grew 30.86% to Rs
687.29 crore. Provision for tax was expense of Rs 133.61 crore,
compared to Rs 135.56 crore. Effective tax rate was 19.44% compared
to 25.81%.
Profit after tax rose 42.09% to Rs
553.68 crore.
Promoters’
stake was 43.92% as of 31 December 2022 ,compared to 44.32% as of 31 December
2021 .
Full year results analysis
Net sales (including other operating
income) of Tata Elxsi has increased 35.30% to Rs 2,470.80
crore. Sales of System Integration & Support Serv segment has
gone up 11.24% to Rs 49.49 crore (accounting for 2.00% of total sales). Sales
of Software Development & Services segment has gone up 35.90% to Rs
2,421.31 crore (accounting for 98.00% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 49.69% to Rs
831.44 crore. PBIT of System Integration & Support Serv segment
fell 31.75% to Rs 2.49 crore (accounting for 0.30% of total
PBIT). PBIT of Software Development & Services segment rose
50.23% to Rs 828.95 crore (accounting for 99.70% of total PBIT).
PBIT
margin of System Integration & Support Serv segment fell from 8.20% to
5.03%. PBIT margin of Software Development & Services segment
rose from 30.97% to 34.24%. Overall PBIT margin rose from 30.42% to
33.65%.
Operating profit margin has jumped
from 28.61% to 30.99%, leading to 46.58% rise in operating profit to Rs 765.73
crore. Purchase of finished goods cost rose from 4.68% to 5.13%.
Employee cost decreased from 56.15% to 52.12%. Other
expenses rose from 10.53% to 11.77%.
Other
income up 11.97% to Rs 44.53 crore. PBIDT rose 44.13% to Rs 810.26
crore. Provision for interest up 59.02% to Rs 9.43
crore. Loan funds rose to Rs 138.50 crore as of 31 March 2022 from
Rs 73.21 crore as of 31 March 2021. Inventories rose to Rs 0.57
crore as of 31 March 2022 from Rs 0.06 crore as of 31 March
2021. Sundry debtors were higher at Rs 672.79 crore as of 31 March
2022 compared to Rs 489.37 crore as of 31 March 2021. Cash and bank
balance rose to Rs 965.21 crore as of 31 March 2022 from Rs 859.62 crore as of
31 March 2021.
PBDT
rose 43.97% to Rs 800.83 crore. Provision for depreciation rose
24.70% to Rs 55.34 crore. Fixed assets increased to Rs 273.25 crore
as of 31 March 2022 from Rs 158.37 crore as of 31 March
2021. Intangible assets increased from Rs 18.55 crore to Rs 20.35
crore.
Profit
before tax grew 45.64% to Rs 745.49 crore. Provision for tax was
expense of Rs 195.82 crore, compared to Rs 143.74 crore. Effective
tax rate was 26.27% compared to 28.08%.
Profit
after tax rose 49.32% to Rs 549.67 crore.
Promoters’
stake was 44.08% as of 31 March 2022 ,compared to 44.53% as of 31 March 2021
.
Cash
flow from operating activities increased to Rs 483.03 crore for year ended
March 2022 from Rs 437.39 crore for year ended March 2021. Cash flow
used in acquiring fixed assets during the year ended March 2022 stood at Rs
71.19 crore, compared to Rs 38.84 crore during the year ended March
2021.
Management Commentary:
Mr. Manoj Raghavan, CEO and
Managing Director, Tata Elxsi, commenting on the company’s performance, 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 ourdifferentiated EV and digital
capabilities. We won multi-year deals in EV and Software Defined Vehicle
architectures in the automotive space, and a strategic entry into a global OEM
software organization.
Our Media & Telecom and
Healthcare businesses saw some impact of delayed decision-making, furloughs and
a short quarter. We have done well to protect our business and position
ourselves strongly for upcoming strategic deals.
Our Design business continues to
win Design Digital deals for the company across our key verticals and seed
opportunities for larger development.
For us, this has been a quarter
of focusing on positioning ourselves strongly for the future with our unique
design-led capabilities, scaling across our customer base, and harnessing the
exceptional investments in employee additions we have made in the last quarter
and before.
We
are entering the last quarter of the financial year with a strong order book
and a healthy deal pipeline across key markets and industries, and a
differentiated Design Digital positioning.”
| Tata Elxsi : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 817.74 | 635.41 | 28.69 | 2,306.80 | 1,789.06 | 28.94 | 2,470.80 | 1,826.16 | 35.30 | | OPM (%) | 30.19 | 33.18 | -299 bps | 30.85 | 30.43 | 41 bps | 30.99 | 28.61 | 238 bps | | OP | 246.87 | 210.85 | 17.08 | 711.56 | 544.47 | 30.69 | 765.73 | 522.40 | 46.58 | | Other Inc. | 19.13 | 6.51 | 193.86 | 48.12 | 26.44 | 82.00 | 44.53 | 39.77 | 11.97 | | PBIDT | 266.00 | 217.36 | 22.38 | 759.68 | 570.91 | 33.06 | 810.26 | 562.17 | 44.13 | | Interest | 4.47 | 3.01 | 48.50 | 12.08 | 6.24 | 93.59 | 9.43 | 5.93 | 59.02 | | PBDT | 261.53 | 214.35 | 22.01 | 747.60 | 564.67 | 32.40 | 800.83 | 556.24 | 43.97 | | Depreciation | 21.43 | 14.04 | 52.64 | 60.31 | 39.45 | 52.88 | 55.34 | 44.38 | 24.70 | | PBT | 240.10 | 200.31 | 19.86 | 687.29 | 525.22 | 30.86 | 745.49 | 511.86 | 45.64 | | PBT before EO | 240.1 | 200.31 | 19.86 | 687.29 | 525.22 | 30.86 | 745.49 | 511.86 | 45.64 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 240.1 | 200.31 | 19.86 | 687.29 | 525.22 | 30.86 | 745.49 | 511.86 | 45.64 | | Taxation | 45.42 | 49.35 | -7.96 | 133.61 | 135.56 | -1.44 | 195.82 | 143.74 | 36.23 | | PAT | 194.68 | 150.96 | 28.96 | 553.68 | 389.66 | 42.09 | 549.67 | 368.12 | 49.32 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 194.68 | 150.96 | 28.96 | 553.68 | 389.66 | 42.09 | 549.67 | 368.12 | 49.32 | | EPS (Rs)* | 31.26 | 24.24 | 28.96 | 88.91 | 62.57 | 42.09 | 88.26 | 59.11 | 49.32 | | | * EPS is on current equity of Rs 62.28 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Tata Elxsi : Standalone Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | System Integration & Support Serv | 2.61 | 21.37 | 13.00 | 64.39 | 2.43 | 56.03 | 37.81 | 48.19 | 2.00 | 49.49 | 44.49 | 11.24 | | Software Development & Services | 97.39 | 796.38 | 622.42 | 27.95 | 97.57 | 2,250.78 | 1,751.26 | 28.52 | 98.00 | 2,421.31 | 1,781.67 | 35.90 | | Total Reported Sales | 100.00 | 817.74 | 635.41 | 28.69 | 100.00 | 2,306.80 | 1,789.06 | 28.94 | 100.00 | 2,470.80 | 1,826.16 | 35.30 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 817.74 | 635.41 | 28.69 | 100.00 | 2,306.80 | 1,789.06 | 28.94 | 100.00 | 2,470.80 | 1,826.16 | 35.30 | | PBIT | | System Integration & Support Serv | 0.14 | 0.41 | 1.27 | -67.63 | 0.41 | 3.25 | 2.38 | 36.55 | 0.30 | 2.49 | 3.65 | -31.75 | | Software Development & Services | 99.86 | 282.71 | 222.91 | 26.83 | 99.59 | 791.94 | 580.03 | 36.54 | 99.70 | 828.95 | 551.79 | 50.23 | | Total PBIT | 100.00 | 283.12 | 224.17 | 26.29 | 100.00 | 795.19 | 582.41 | 36.54 | 100.00 | 831.44 | 555.44 | 49.69 | | Less : Interest | | 4.47 | 3.01 | 48.49 | | 12.08 | 6.24 | 93.66 | | 9.43 | 5.93 | 58.89 | | Add: Other un-allcoable | | -38.55 | -20.86 | -84.83 | | -95.83 | -50.94 | -88.11 | | -76.52 | -37.64 | -103.30 | | PBIT Margin(%) | | System Integration & Support Serv | | 1.92 | 9.74 | -782.05 | | 5.80 | 6.29 | -49.43 | | 5.03 | 8.20 | -316.95 | | Software Development & Services | | 35.50 | 35.81 | -31.42 | | 35.19 | 33.12 | 206.47 | | 34.24 | 30.97 | 326.51 | | PBT | 100.00 | 240.10 | 200.31 | 19.86 | 100.00 | 687.28 | 525.22 | 30.86 | 100.00 | 745.49 | 511.87 | 45.64 |
|
|
Peer Comparision (Standalone)
|
Q-202212
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
25-Jan-2023
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
|
Tata Elxsi Ltd
|
817.74
|
28.69
|
246.87
|
17.08
|
194.68
|
28.96
|
6,596.80
|
-8.00
|
114.60
|
57.56
|
|
Accelya Solutions India Ltd
|
98.80
|
28.01
|
37.63
|
35.21
|
23.30
|
61.13
|
1,449.30
|
44.20
|
66.76
|
21.71
|
|
Adroit Infotech Ltd
|
1.33
|
5.56
|
0.69
|
21.05
|
0.38
|
-2.56
|
23.60
|
83.94
|
0.05
|
479.00
|
|
Allsec Technologies Ltd
|
72.21
|
24.8
|
12.00
|
3
|
30.21
|
495.86
|
549.40
|
-17.28
|
32.72
|
16.79
|
|
Alphalogic Techsys Ltd
|
1.07
|
69.84
|
0.63
|
293.75
|
0.55
|
25
|
38.50
|
32.44
|
0.53
|
73.14
|
|
Aurionpro Solutions Ltd
|
111.08
|
41.65
|
17.21
|
19.76
|
9.30
|
11.78
|
361.60
|
8.38
|
13.89
|
26.03
|
|
Aurum Proptech Ltd
|
2.61
|
295.45
|
-2.81
|
-6.04
|
-2.02
|
-16.76
|
121.60
|
15.74
|
-3.57
|
-
|
|
Coforge Ltd
|
1,088.00
|
23.65
|
154.20
|
13.47
|
239.70
|
44.22
|
4,268.95
|
-10.75
|
109.97
|
38.82
|
|
COSYN Ltd
|
3.29
|
-2.95
|
0.28
|
460
|
0.04
|
LP
|
21.05
|
-24.82
|
2.23
|
9.46
|
|
Cybertech Systems & Software Ltd
|
26.80
|
31.82
|
5.70
|
70.15
|
4.37
|
98.64
|
132.95
|
-29.56
|
5.23
|
25.44
|
|
Cyient Ltd
|
605.30
|
32.77
|
157.40
|
9.08
|
111.30
|
4.7
|
848.80
|
-8.84
|
47.98
|
17.69
|
|
Datamatics Global Services Ltd
|
189.31
|
26.71
|
30.79
|
3.29
|
25.24
|
11.43
|
304.90
|
-1.65
|
15.60
|
19.54
|
|
DRC Systems India Ltd
|
6.03
|
40.56
|
2.43
|
326.32
|
1.62
|
2214.29
|
40.15
|
-3.09
|
0.80
|
50.08
|
|
Ducon Infratechnologies Ltd
|
88.63
|
193.87
|
6.43
|
69.66
|
2.26
|
49.67
|
10.88
|
-50.34
|
0.21
|
52.57
|
|
eMudhra Ltd
|
44.06
|
20.28
|
8.23
|
-36.45
|
4.51
|
-36.57
|
290.75
|
12.32
|
3.47
|
83.67
|
|
Excel Realty N Infra Ltd
|
0.49
|
-73.8
|
-0.17
|
-30.77
|
0.54
|
LP
|
0.49
|
-24.62
|
0.01
|
55.30
|
|
Fourth Dimension Solutions Ltd
|
5.31
|
13175
|
0.01
|
LP
|
1.69
|
16800
|
26.65
|
0.00
|
0.19
|
138.67
|
|
GI Engineering Solutions Ltd
|
438.76
|
1.46243e+006
|
0.75
|
LP
|
1.33
|
LP
|
7.12
|
46.50
|
0.40
|
17.93
|
|
Happiest Minds Technologies Ltd
|
344.76
|
29.67
|
78.60
|
30.52
|
57.27
|
27.89
|
861.80
|
-27.95
|
15.16
|
56.85
|
|
InfoBeans Technologies Ltd
|
62.22
|
46.95
|
15.90
|
63.58
|
12.31
|
55.63
|
510.00
|
0.00
|
14.85
|
34.35
|
|
Ksolves India Ltd
|
20.28
|
69.42
|
8.28
|
68.64
|
6.13
|
53.63
|
433.50
|
0.00
|
18.56
|
23.36
|
|
L&T Technology Services Ltd
|
1,814.10
|
20.49
|
410.10
|
17.68
|
287.50
|
18.36
|
3,309.65
|
-27.86
|
100.41
|
32.96
|
|
Latent View Analytics Ltd
|
68.46
|
16.69
|
27.13
|
10.46
|
37.36
|
72.88
|
371.20
|
-27.14
|
5.74
|
64.68
|
|
Mastek Ltd
|
81.04
|
19.9
|
34.76
|
104.71
|
14.21
|
-3.14
|
1,644.40
|
-40.02
|
22.78
|
72.20
|
|
Moschip Technologies Ltd
|
47.33
|
51.02
|
5.31
|
-3.8
|
1.20
|
-50.21
|
64.55
|
-21.99
|
0.36
|
181.15
|
|
Mphasis Ltd
|
2,418.89
|
24.37
|
517.48
|
14.68
|
371.67
|
17.14
|
2,069.85
|
-32.45
|
71.66
|
28.88
|
|
Nazara Technologies Ltd
|
5.80
|
-7.94
|
-3.80
|
-8.57
|
2.20
|
LP
|
606.10
|
-46.47
|
-4.62
|
-
|
|
Netlink Solutions (India) Ltd
|
0.01
|
-96.67
|
-0.29
|
-2800
|
0.36
|
0
|
46.10
|
-54.22
|
6.88
|
6.70
|
|
Newgen Software Technologies Ltd
|
234.90
|
26.15
|
55.73
|
1.31
|
47.18
|
3.22
|
423.35
|
-26.70
|
21.38
|
19.80
|
|
Odyssey Technologies Ltd
|
5.72
|
3.44
|
1.33
|
-25.28
|
0.83
|
-8.79
|
52.05
|
-39.48
|
1.36
|
38.20
|
|
Onward Technologies Ltd
|
81.26
|
36.43
|
6.58
|
17.08
|
3.52
|
19.73
|
333.75
|
-2.17
|
5.16
|
64.71
|
|
Oracle Financial Services Software Ltd
|
1,083.11
|
15.23
|
532.66
|
4.3
|
430.44
|
10.92
|
3,085.65
|
-11.44
|
204.83
|
15.06
|
|
Persistent Systems Ltd
|
1,307.23
|
40.77
|
221.46
|
2.11
|
205.09
|
18.62
|
4,591.45
|
10.74
|
98.09
|
46.81
|
|
Quest Softech India Ltd
|
0.00
|
-
|
-0.06
|
-100
|
-0.03
|
PL
|
66.50
|
1,721.92
|
-0.07
|
-
|
|
Quick Heal Technologies Ltd
|
66.80
|
-16.11
|
-10.52
|
PL
|
-8.26
|
PL
|
167.25
|
-19.57
|
7.85
|
21.32
|
|
Route Mobile Ltd
|
132.27
|
46.74
|
-1.73
|
PL
|
43.21
|
106.35
|
1,246.75
|
-20.52
|
12.47
|
100.01
|
|
Sasken Technologies Ltd
|
88.45
|
-6.23
|
9.74
|
-65.53
|
26.54
|
-3.91
|
916.90
|
-14.84
|
59.66
|
15.37
|
|
Sofcom Systems Ltd
|
1.35
|
-
|
0.32
|
-
|
0.32
|
-
|
92.75
|
300.65
|
5.54
|
16.76
|
|
Sonata Software Ltd
|
233.17
|
25.45
|
38.20
|
34.98
|
64.69
|
15
|
621.75
|
1.62
|
15.48
|
40.18
|
|
Tanla Platforms Ltd
|
286.03
|
-21.44
|
22.94
|
-28.29
|
19.04
|
-28.42
|
664.60
|
-61.81
|
13.86
|
47.94
|
|
Varanium Cloud Ltd
|
109.49
|
432.02
|
39.61
|
108.8
|
29.58
|
108.46
|
1,384.25
|
0.00
|
31.79
|
43.55
|
|
Zensar Technologies Ltd
|
449.60
|
9.18
|
82.40
|
-14.35
|
58.90
|
-16.57
|
230.90
|
-43.75
|
11.60
|
19.91
|
|
Industry
|
12,543.09
|
28.85
|
2,770.40
|
9.55
|
2,360.26
|
19.14
|
2,82,627.35
|
-29.45
|
|
15.03
|
|