On standalone basis
Quarter ended September 2024
compared with Quarter ended June 2024.
Net sales (including other operating income) of Tata Elxsi has increased 3.09%
to Rs 955.09 crore.
Operating profit margin has jumped
from 27.23% to 27.89%, leading to 5.61% rise in operating profit to Rs 266.41
crore. Purchase of finished goods cost rose from 5.33% to 6.20%.
Employee cost increased from 53.87% to 53.93%. Other
expenses fell from 13.54% to 11.98%.
Other income up 100.44% to Rs 64.3
crore. PBIDT rose 16.30% to Rs 330.71 crore. Provision
for interest fell 0.82% to Rs 4.85 crore. Loan funds remained
nil.
PBIDT rose 16.30% to Rs 330.71
crore. Provision for depreciation rose 0.33% to Rs 27.15
crore.
Profit before tax grew 18.35% to Rs
298.71 crore. Provision for tax was expense of Rs 69.28 crore,
compared to Rs 68.32 crore. Effective tax rate was 23.19% compared
to 27.07%.
Profit after tax rose 24.64% to Rs
229.43 crore.
Promoters’ stake was 43.92% as of 30
September 2024 ,compared to 43.92% as of 30 June 2024 .
Quarter ended September 2024
compared with Quarter ended September 2023.
Net sales (including other operating income) of Tata Elxsi has increased 8.32%
to Rs 955.09 crore. Sales of System Integration & Support Serv
segment has gone up 26.31% to Rs 27.91 crore (accounting for 2.92% of total
sales). Sales of Software Development & Services segment has
gone up 7.86% to Rs 927.17 crore (accounting for 97.08% of total
sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 5.97% to Rs 355.23
crore. PBIT of System Integration & Support Serv segment fell
14.82% to Rs 5.07 crore (accounting for 1.43% of total PBIT). PBIT
of Software Development & Services segment rose 6.35% to Rs 350.16 crore
(accounting for 98.57% of total PBIT).
PBIT margin of System Integration
& Support Serv segment fell from 26.94% to 18.17%. PBIT margin
of Software Development & Services segment fell from 38.30% to
37.77%. Overall PBIT margin fell from 38.02% to 37.19%.
Operating profit margin has declined
from 29.89% to 27.89%, leading to 1.09% rise in operating profit to Rs 266.41
crore. Purchase of finished goods cost rose from 5.65% to 6.20%.
Employee cost decreased from 54.14% to 53.93%. Other
expenses rose from 10.32% to 11.98%.
Other income up 106.55% to Rs 64.3
crore. PBIDT rose 12.23% to Rs 330.71 crore. Provision
for interest fell 16.52% to Rs 4.85 crore. Loan funds declined from
Rs 237.31 crore as of 30 September 2023 to Rs 205.78 crore as of 30 September
2024. Sundry debtors were higher at Rs 984.81 crore as of 30
September 2024 compared to Rs 882.88 crore as of 30 September
2023. Cash and bank balance rose to Rs 1,316.62 crore as of 30
September 2024 from Rs 1,178.55 crore as of 30 September 2023.
PBDT rose 12.81% to Rs 325.86
crore. Provision for depreciation rose 8.56% to Rs 27.15
crore. Fixed assets declined from Rs 379.65 crore as of 30 September
2023 to Rs 344.88 crore as of 30 September 2024. Intangible assets
declined from Rs 14.25 crore to Rs 11.03 crore.
Profit before tax grew 13.21% to Rs
298.71 crore. Provision for tax was expense of Rs 69.28 crore,
compared to Rs 63.84 crore. Effective tax rate was 23.19% compared
to 24.19%.
Profit after tax rose 14.70% to Rs
229.43 crore.
Equity capital stood at Rs 62.28
crore as of 30 September 2024 to Rs 62.28 crore as of 30 September
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 43.92% as of 30
September 2024 ,compared to 43.92% as of 30 September 2023 .
Year-to-date
(YTD) results analysis
Net sales (including other operating income) of Tata Elxsi has increased 8.64%
to Rs 1,881.54 crore. Sales of System Integration & Support Serv
segment has gone up 21.08% to Rs 54.38 crore (accounting for 2.89% of total
sales). Sales of Software Development & Services segment has
gone up 8.30% to Rs 1,827.17 crore (accounting for 97.11% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 8.03% to Rs
687.52 crore. PBIT of System Integration & Support Serv segment
rose 27.48% to Rs 10.27 crore (accounting for 1.49% of total
PBIT). PBIT of Software Development & Services segment rose
7.78% to Rs 677.25 crore (accounting for 98.51% of total PBIT).
PBIT
margin of System Integration & Support Serv segment rose from 17.94% to
18.89%. PBIT margin of Software Development & Services segment
fell from 37.25% to 37.07%. Overall PBIT margin fell from 36.75% to
36.54%.
Operating
profit margin has declined from 29.74% to 27.57%, leading to 0.71% rise in
operating profit to Rs 518.67 crore. Purchase of finished goods cost
fell from 6.23% to 5.77%. Employee cost increased from 53.11% to
53.90%. Other expenses rose from 10.92% to 12.74%.
Other
income up 80.71% to Rs 96.39 crore. PBIDT rose 8.22% to Rs 615.06
crore. Provision for interest remained nil. Loan funds
declined from Rs 237.31 crore as of 30 September 2023 to Rs 205.78 crore as of
30 September 2024. Sundry debtors were higher at Rs 984.81 crore as
of 30 September 2024 compared to Rs 882.88 crore as of 30 September
2023. Cash and bank balance rose to Rs 1,316.62 crore as of 30
September 2024 from Rs 1,178.55 crore as of 30 September 2023.
PBDT
rose 8.36% to Rs 605.32 crore. Provision for depreciation rose
16.80% to Rs 54.22 crore. Fixed assets declined from Rs 379.65 crore
as of 30 September 2023 to Rs 344.88 crore as of 30 September
2024. Intangible assets declined from Rs 14.25 crore to Rs 11.03
crore.
Profit
before tax grew 7.60% to Rs 551.10 crore. Provision for tax was
expense of Rs 137.59 crore, compared to Rs 123.32 crore. Effective
tax rate was 24.97% compared to 24.08%.
Profit
after tax rose 6.34% to Rs 413.51 crore.
Equity
capital stood at Rs 62.28 crore as of 30 September 2024 to Rs 62.28 crore as of
30 September 2023. Per share face Value remained same at Rs
10.00.
Promoters’
stake was 43.92% as of 30 September 2024 ,compared to 43.92% as of 30 September
2023 .
Cash
flow from operating activities decreased to Rs 375.42 crore for YTD ended
September 2024 from Rs 407.56 crore for YTD ended September
2023. Cash flow used in acquiring fixed assets during the YTD ended
September 2024 stood at Rs 11.58 crore, compared to Rs 31.88 crore during the
YTD ended September 2023.
Full year results analysis
Net sales (including other operating income) of Tata Elxsi has increased 12.96%
to Rs 3,552.15 crore. Sales of System Integration & Support Serv
segment has gone up 4,287.51% to Rs 3,456.26 crore (accounting for 97.30% of
total sales). Sales of Software Development & Services segment
has gone down 96.87% to Rs 95.89 crore (accounting for 2.70% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 21.61% to Rs
1,301.86 crore. PBIT of System Integration & Support Serv
segment rose 33,418.80% to Rs 1,277.34 crore (accounting for 98.12% of total
PBIT). PBIT of Software Development & Services segment fell
97.70% to Rs 24.52 crore (accounting for 1.88% of total PBIT).
PBIT
margin of System Integration & Support Serv segment rose from 4.84% to
36.96%. PBIT margin of Software Development & Services segment
fell from 34.79% to 25.57%. Overall PBIT margin rose from 34.04% to
36.65%.
Operating
profit margin has declined from 30.57% to 29.46%, leading to 8.86% rise in
operating profit to Rs 1,046.44 crore. Purchase of finished goods
cost fell from 5.92% to 5.46%. Employee cost increased from 50.81%
to 53.75%. Other expenses fell from 12.70% to 11.34%.
Other
income up 65.22% to Rs 121.95 crore. PBIDT rose 12.88% to Rs 1168.39
crore. Provision for interest up 25.06% to Rs 20.26
crore. Loan funds rose to Rs 223.98 crore as of 31 March 2024 from
Rs 182.26 crore as of 31 March 2023. Inventories rose to Rs 1.11
crore as of 31 March 2024 from Rs 0.39 crore as of 31 March
2023. Sundry debtors were lower at Rs 971.59 crore as of 31 March
2024 compared to Rs 976.38 crore as of 31 March 2023. Cash and bank
balance rose to Rs 1,357.10 crore as of 31 March 2024 from Rs 1,191.55 crore as
of 31 March 2023.
PBDT
rose 12.68% to Rs 1148.13 crore. Provision for depreciation rose
22.19% to Rs 99.45 crore. Fixed assets increased to Rs 384.69 crore
as of 31 March 2024 from Rs 324.37 crore as of 31 March
2023. Intangible assets declined from Rs 16.20 crore to Rs 13.44
crore.
Profit
before tax grew 11.86% to Rs 1,048.68 crore. Provision for tax was
expense of Rs 256.44 crore, compared to Rs 182.31 crore. Effective
tax rate was 24.45% compared to 19.45%.
Profit
after tax rose 4.91% to Rs 792.24 crore.
Equity
capital stood at Rs 62.28 crore as of 30 September 2024 to Rs 62.28 crore as of
30 September 2023. Per share face Value remained same at Rs
10.00.
Promoters’
stake was 43.92% as of 31 March 2024 ,compared to 43.92% as of 31 March 2023
.
Cash
flow from operating activities increased to Rs 701.23 crore for year ended
March 2024 from Rs 486.86 crore for year ended March 2023. Cash flow
used in acquiring fixed assets during the year ended March 2024 stood at Rs
83.11 crore, compared to Rs 64.10 crore during the year ended March
2023.
Management commentary:
Mr. Manoj Raghavan, CEO and
Managing Director, Tata Elxsi, commenting on the company’s performance said “I
am happy to report a steady second quarter with revenue from operations growing
to Rs. 955.1 crores, registering a QoQ growth of 3.1%. Our operational and
offshore delivery excellence, fiscal discipline, and differentiated offerings
have contributed to our EBITDA margins expanding by 70 basis points to 27.9%
for the quarter. Our PAT grew by 24.6% QoQ to 229.4 Cr, with superior
bottom-line performance further aided by R&D incentives and tax credits
from previous years.
Our transportation business
continues to power growth for the company, registering a strong revenue growth
of 8.8% QoQ. We won a landmark US$ 50 million multi-year deal from a global OEM
headquartered in Europe, which encompasses SDV and multiple domains of
automotive engineering.
In our Media & Communication
business, I am especially delighted with our world’s first RDK Broadband
implementation for Qualcomm, which allows global telecom operators to adopt
this first-of-its kind solution to deliver high-speed home and enterprise
broadband services through their 5G networks.
Our Healthcare & Lifesciences
business added some new marquee customers, including a strategic deal for
advanced surgical imaging and AI + cloud powered software platform development.
Our strategic focus on expanding
our business in Japan, emerging markets and capitalizing on the India
opportunity, is now starting to significantly contribute to our growth. During
the quarter, our revenue from India has grown by 31.2% YoY, while Japan and
emerging markets grew smartly at 81.9% YoY.
We step into the third quarter of
this financial year with the confidence of our design-digital proposition, a
healthy deal pipeline, continued growth in our transportation business, large
deal wins and recovery in our other key verticals”
We continue to invest in digital, AI and Gen AI technologies
across our verticals, targeting efficiency and quality in product engineering,
as well as novel applications of Gen AI combined with domain and design
expertise to solve complex business, product and engineering problems.
We step into the second quarter of this financial year with
the confidence of a strong deal pipeline, continued growth in our
transportation business and expansion of business with strategic customers
across verticals.”
We look forward to leveraging the rich experience and
network, industry knowledge and strategic inputs from our new directors.
I am pleased with our overall performance and resilience in
revenues, margins, and customer additions through the year, in a volatile
macroeconomic environment.
We are entering the new financial year with a commitment for
growth, and the continued confidence in our differentiated design-led
engineering capabilities. This is backed by strategic relationships we have
built over years with key customers, the qualitative change in revenues towards
OEMs and SDV programs, entries into new operators and marquee healthcare logos,
investments in strategic technology areas and AI, and the strong deal pipeline
we carry into the new financial year.”
Tata Elxsi : Standalone Results | | Quarter ended | Year to Date | Year ended |
---|
Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
---|
Net Sales (including other operating income) | 955.09 | 881.70 | 8.32 | 1,881.54 | 1,731.97 | 8.64 | 3,552.15 | 3,144.72 | 12.96 | OPM (%) | 27.89 | 29.89 | -200 bps | 27.57 | 29.74 | -217 bps | 29.46 | 30.57 | -111 bps | OP | 266.41 | 263.55 | 1.09 | 518.67 | 515.01 | 0.71 | 1,046.44 | 961.28 | 8.86 | Other Inc. | 64.30 | 31.13 | 106.55 | 96.39 | 53.34 | 80.71 | 121.95 | 73.81 | 65.22 | PBIDT | 330.71 | 294.68 | 12.23 | 615.06 | 568.35 | 8.22 | 1,168.39 | 1,035.09 | 12.88 | Interest | 4.85 | 5.81 | -16.52 | 9.74 | 9.74 | 0.00 | 20.26 | 16.2 | 25.06 | PBDT | 325.86 | 288.87 | 12.81 | 605.32 | 558.61 | 8.36 | 1,148.13 | 1,018.89 | 12.68 | Depreciation | 27.15 | 25.01 | 8.56 | 54.22 | 46.42 | 16.80 | 99.45 | 81.39 | 22.19 | PBT | 298.71 | 263.86 | 13.21 | 551.1 | 512.19 | 7.60 | 1048.68 | 937.5 | 11.86 | PBT before EO | 298.71 | 263.86 | 13.21 | 551.1 | 512.19 | 7.60 | 1048.68 | 937.5 | 11.86 | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | PBT after EO | 298.71 | 263.86 | 13.21 | 551.1 | 512.19 | 7.60 | 1048.68 | 937.5 | 11.86 | Taxation | 69.28 | 63.84 | 8.52 | 137.59 | 123.32 | 11.57 | 256.44 | 182.31 | 40.66 | PAT | 229.43 | 200.02 | 14.70 | 413.51 | 388.87 | 6.34 | 792.24 | 755.19 | 4.91 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 229.43 | 200.02 | 14.70 | 413.51 | 388.87 | 6.34 | 792.24 | 755.19 | 4.91 | EPS (Rs)* | 36.84 | 32.12 | 14.70 | 66.40 | 62.44 | 6.34 | 127.21 | 121.26 | 4.91 | | * 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) | 202409 | 202309 | Var.(%) | % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
---|
Sales | System Integration & Support Serv | 2.92 | 27.91 | 22.10 | 26.31 | 2.89 | 54.38 | 44.91 | 21.08 | 97.30 | 3,456.26 | 78.78 | 4,287.51 | Software Development & Services | 97.08 | 927.17 | 859.60 | 7.86 | 97.11 | 1,827.17 | 1,687.06 | 8.30 | 2.70 | 95.89 | 3,065.95 | -96.87 | Total Reported Sales | 100.00 | 955.09 | 881.70 | 8.32 | 100.00 | 1,881.54 | 1,731.97 | 8.64 | 100.00 | 3,552.15 | 3,144.72 | 12.96 | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | Net Sales | 100.00 | 955.09 | 881.70 | 8.32 | 100.00 | 1,881.54 | 1,731.97 | 8.64 | 100.00 | 3,552.15 | 3,144.72 | 12.96 | PBIT | System Integration & Support Serv | 1.43 | 5.07 | 5.95 | -14.82 | 1.49 | 10.27 | 8.06 | 27.48 | 98.12 | 1,277.34 | 3.81 | 33,418.80 | Software Development & Services | 98.57 | 350.16 | 329.25 | 6.35 | 98.51 | 677.25 | 628.36 | 7.78 | 1.88 | 24.52 | 1,066.70 | -97.70 | Total PBIT | 100.00 | 355.23 | 335.20 | 5.97 | 100.00 | 687.52 | 636.42 | 8.03 | 100.00 | 1,301.86 | 1,070.51 | 21.61 | Less : Interest | | 4.85 | 5.81 | -16.61 | | 9.74 | 9.74 | 0.05 | | 20.26 | 16.20 | 25.08 | Add: Other un-allcoable | | -51.67 | -65.32 | 20.90 | | -126.67 | -114.49 | -10.64 | | -232.92 | -116.81 | -99.40 | PBIT Margin(%) | System Integration & Support Serv | | 18.17 | 26.94 | -877.41 | | 18.89 | 17.94 | 94.79 | | 36.96 | 4.84 | 3,211.96 | Software Development & Services | | 37.77 | 38.30 | -53.67 | | 37.07 | 37.25 | -18.05 | | 25.57 | 34.79 | -921.87 | PBT | 100.00 | 298.71 | 264.07 | 13.12 | 100.00 | 551.11 | 512.19 | 7.60 | 100.00 | 1,048.68 | 937.50 | 11.86 |
|
Peer Comparision (Standalone)
|
Q-202409
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
10-Oct-2024
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
Tata Elxsi Ltd
|
955.09
|
8.32
|
266.41
|
1.09
|
229.43
|
14.7
|
7,762.35
|
5.54
|
131.16
|
59.18
|
VL E-Governance & IT Solutions Ltd
|
7.99
|
-63.7
|
0.69
|
LP
|
0.81
|
LP
|
164.95
|
403.51
|
-0.07
|
-
|
Industry
|
963.08
|
6.57
|
267.10
|
1.86
|
230.24
|
15.69
|
49,802.10
|
9.88
|
|
74.05
|
|