On standalone basis
Quarter ended December 2024 compared
with Quarter ended September 2024.
Net sales (including other operating income) of Tata Elxsi has declined 1.67%
to Rs 939.17 crore.
Operating profit margin has declined
from 27.89% to 26.26%, leading to 7.43% decline in operating profit to Rs
246.62 crore. Purchase of finished goods cost fell from 6.20% to
5.96%. Employee cost increased from 53.93% to 54.86%.
Other expenses rose from 11.98% to 12.91%.
Other income fell 38.02% to Rs 39.85
crore. PBIDT fell 13.38% to Rs 286.47 crore. Provision
for interest fell 4.12% to Rs 4.65 crore.
PBIDT fell 13.38% to Rs 286.47
crore. Provision for depreciation down 4.35% to Rs 25.97
crore.
Profit before tax down 14.35% to Rs
255.85 crore. Provision for tax was expense of Rs 56.84 crore,
compared to Rs 69.28 crore. Effective tax rate was 22.22% compared
to 23.19%.
Profit after tax fell 13.26% to Rs
199.01 crore.
Promoters’ stake was 43.91% as of 31
December 2024 ,compared to 43.91% as of 30 September 2024 .
Quarter ended December 2024 compared
with Quarter ended December 2023.
Net sales (including other operating income) of Tata Elxsi has increased 2.73%
to Rs 939.17 crore. Sales of System Integration & Support Serv
segment has gone down 18.23% to Rs 20.50 crore (accounting for 2.18% of total
sales). Sales of Software Development & Services segment has
gone up 3.32% to Rs 918.68 crore (accounting for 97.82% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has slumped 5.84% to Rs
322.99 crore. PBIT of System Integration & Support Serv segment
fell 3.93% to Rs 3.52 crore (accounting for 1.09% of total
PBIT). PBIT of Software Development & Services segment fell
5.86% to Rs 319.47 crore (accounting for 98.91% of total PBIT).
PBIT
margin of System Integration & Support Serv segment rose from 14.62% to
17.18%. PBIT margin of Software Development & Services segment
fell from 38.17% to 34.77%. Overall PBIT margin fell from 37.52% to
34.39%.
Operating
profit margin has declined from 29.55% to 26.26%, leading to 8.71% decline in
operating profit to Rs 246.62 crore. Purchase of finished goods cost
rose from 4.85% to 5.96%. Employee cost increased from 54.24% to
54.86%. Other expenses rose from 11.36% to 12.91%.
Other
income up 14.09% to Rs 39.85 crore. PBIDT fell 6.10% to Rs 286.47
crore. Provision for interest fell 16.22% to Rs 4.65
crore.
PBDT
fell 5.91% to Rs 281.82 crore. Provision for depreciation rose 2.04%
to Rs 25.97 crore.
Profit
before tax down 6.65% to Rs 255.85 crore. Provision for tax was
expense of Rs 56.84 crore, compared to Rs 67.64 crore. Effective tax
rate was 22.22% compared to 24.68%.
Profit
after tax fell 3.59% to Rs 199.01 crore.
Promoters’
stake was 43.91% as of 31 December 2024 ,compared to 43.92% as of 31 December
2023 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Tata Elxsi has increased 6.59%
to Rs 2,820.71 crore. Sales of System Integration & Support Serv
segment has gone up 3,824.13% to Rs 2,745.84 crore (accounting for 97.35% of
total sales). Sales of Software Development & Services segment
has gone down 97.09% to Rs 74.87 crore (accounting for 2.65% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 3.17% to Rs
1,010.51 crore. PBIT of System Integration & Support Serv
segment rose 17.66% to Rs 13.79 crore (accounting for 1.36% of total
PBIT). PBIT of Software Development & Services segment rose
2.99% to Rs 996.71 crore (accounting for 98.64% of total PBIT).
PBIT
margin of System Integration & Support Serv segment fell from 16.75% to
0.50%. PBIT margin of Software Development & Services segment
rose from 37.56% to 1,331.23%. Overall PBIT margin fell from 37.01%
to 35.82%.
Operating
profit margin has declined from 29.67% to 27.13%, leading to 2.53% decline in
operating profit to Rs 765.29 crore. Purchase of finished goods cost
rose from 5.75% to 5.83%. Employee cost increased from 53.50% to
54.22%. Other expenses rose from 11.07% to 12.80%.
Other
income up 54.34% to Rs 136.24 crore. PBIDT rose 3.22% to Rs 901.53
crore. Provision for interest fell 5.89% to Rs 14.39
crore.
PBDT
rose 3.38% to Rs 887.14 crore. Provision for depreciation rose
11.56% to Rs 80.18 crore.
Profit
before tax grew 2.63% to Rs 806.96 crore. Provision for tax was
expense of Rs 194.44 crore, compared to Rs 190.96 crore. Effective
tax rate was 24.10% compared to 24.29%.
Profit
after tax rose 2.89% to Rs 612.52 crore.
Promoters’
stake was 43.91% as of 31 December 2024 ,compared to 43.92% as of 31 December
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 21.72% to Rs 95.89 crore (accounting for 2.70% of total
sales). Sales of Software Development & Services segment has
gone up 12.73% to Rs 3,456.26 crore (accounting for 97.30% 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 543.48% to Rs 24.52 crore (accounting for 1.88% of total
PBIT). PBIT of Software Development & Services segment rose
19.75% to Rs 1,277.34 crore (accounting for 98.12% of total PBIT).
PBIT
margin of System Integration & Support Serv segment rose from 4.84% to
25.57%. PBIT margin of Software Development & Services segment
rose from 34.79% to 36.96%. 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.
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 “We
are happy to report a steady quarter with revenue from operations at Rs. 939.2
crores. During the quarter, EBITDA margins stood at 26.3% and the PBT margin
was reported at 26.1%.
We continue to see positive
outcomes of our strategic business focus on Japan, emerging markets and
capitalising on the India opportunity. During the quarter, our revenue from
India has grown by 21.9% YoY, while Japan and emerging markets grew at 66.8%
YoY. This will serve us well over the next few quarters even as we navigate
geopolitical uncertainty, currency volatility and industry specific challenges
in Europe and US.
The automotive industry has seen
significant business challenges in the past few months, with OEMs especially in
the US and Europe reporting sales and growth challenges in their major markets.
This has impacted new deal closures, and Tier 1 supplier spend.
Amidst this business environment,
Tata Elxsi continues to do well to win and execute on the large deals won over
this year and demonstrate differentiated value to customers, to protect and
grow revenues in a difficult quarter for the entire automotive industry.
During the quarter, we announced
an Offshore Development Centre for Suzuki Corporation, Japan to support their
global technology, software and engineering development. Suzuki’s Chief
Technology Officer, Katsuhiro Kato highlighted the importance of the centre as
a strategic and core component of Suzuki’s innovation strategy, helping it
accelerate software and virtual development across Connected, Autonomous and
Electric technologies.
We are delighted to be launching
our AVENIR SDV software suite at the CES 2025 Conference in Las Vegas, the
premier global showcase for technology innovation. AVENIR encompasses a
cloud-native virtual development platform and a hybrid global validation
platform, and is powered by the Snapdragon Digital Chassis platform, in
partnership with Qualcomm. We offer a compelling proposition of a
ready-to-adopt solution, coupled with deep digital and software expertise and
scaled talent base, to help global OEMs shift-left and accelerate their SDV and
future mobility roadmaps.
Our Media & Communication
business reported QoQ CC growth in a quarter that is typically soft and
affected by furloughs. We are positioned well to help customers in the media,
entertainment and telecom industry on all three levers of growth, efficiency,
and innovation.
We won a large multi-year deal
with a US headquartered MSO to develop and manage their portfolio of
applications and expect to ramp this up over the next few quarters. We are
positioned well in some very large deals across the world, with decisions and
outcomes expected in the coming quarter and beyond.
Our Healthcare & Lifesciences
business reported growth of 1.1% QoQ. We continue to win new marquee healthcare
customers, and our Gen AI powered regulatory, digital engineering and
sustainability offerings are seeing significant traction in the market.
Our Systems Integration (SIS)
business witnessed decision delays in some large projects that had a
significant impact on revenues in the quarter. While we are aiming to win and
execute them over this quarter and beyond, we continue to work on pivoting the
business away from project-based to annuity and service based revenue streams.
We
step into the fourth quarter of this financial year with the confidence of
large automotive deal wins in the year and quarter that will see continued
ramp-ups even as we navigate the current volatility in the automotive market;
the stability and return to growth in our healthcare and media &
communications verticals, and large strategic deals in the pipeline across all
our key verticals”.
Tata Elxsi : Standalone Results | | Quarter ended | Year to Date | Year ended |
---|
Particulars | 202412 | 202312 | Var.(%) | 202412 | 202312 | Var.(%) | 202403 | 202303 | Var.(%) |
---|
Net Sales (including other operating income) | 939.17 | 914.23 | 2.73 | 2,820.71 | 2,646.20 | 6.59 | 3,552.15 | 3,144.72 | 12.96 | OPM (%) | 26.26 | 29.55 | -329 bps | 27.13 | 29.67 | -254 bps | 29.46 | 30.57 | -111 bps | OP | 246.62 | 270.14 | -8.71 | 765.29 | 785.15 | -2.53 | 1,046.44 | 961.28 | 8.86 | Other Inc. | 39.85 | 34.93 | 14.09 | 136.24 | 88.27 | 54.34 | 121.95 | 73.81 | 65.22 | PBIDT | 286.47 | 305.07 | -6.10 | 901.53 | 873.42 | 3.22 | 1,168.39 | 1,035.09 | 12.88 | Interest | 4.65 | 5.55 | -16.22 | 14.39 | 15.29 | -5.89 | 20.26 | 16.2 | 25.06 | PBDT | 281.82 | 299.52 | -5.91 | 887.14 | 858.13 | 3.38 | 1,148.13 | 1,018.89 | 12.68 | Depreciation | 25.97 | 25.45 | 2.04 | 80.18 | 71.87 | 11.56 | 99.45 | 81.39 | 22.19 | PBT | 255.85 | 274.07 | -6.65 | 806.96 | 786.26 | 2.63 | 1048.68 | 937.5 | 11.86 | PBT before EO | 255.85 | 274.07 | -6.65 | 806.96 | 786.26 | 2.63 | 1048.68 | 937.5 | 11.86 | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | PBT after EO | 255.85 | 274.07 | -6.65 | 806.96 | 786.26 | 2.63 | 1048.68 | 937.5 | 11.86 | Taxation | 56.84 | 67.64 | -15.97 | 194.44 | 190.96 | 1.82 | 256.44 | 182.31 | 40.66 | PAT | 199.01 | 206.43 | -3.59 | 612.52 | 595.3 | 2.89 | 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 | 199.01 | 206.43 | -3.59 | 612.52 | 595.3 | 2.89 | 792.24 | 755.19 | 4.91 | EPS (Rs)* | 31.95 | 33.14 | -3.59 | 98.34 | 95.58 | 2.89 | 127.20 | 121.25 | 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) | 202412 | 202312 | Var.(%) | % of (Total) | 202412 | 202312 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
---|
Sales | System Integration & Support Serv | 2.18 | 20.50 | 25.07 | -18.23 | 97.35 | 2,745.84 | 69.97 | 3,824.13 | 2.70 | 95.89 | 78.78 | 21.72 | Software Development & Services | 97.82 | 918.68 | 889.17 | 3.32 | 2.65 | 74.87 | 2,576.23 | -97.09 | 97.30 | 3,456.26 | 3,065.95 | 12.73 | Total Reported Sales | 100.00 | 939.17 | 914.23 | 2.73 | 100.00 | 2,820.71 | 2,646.20 | 6.59 | 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 | 939.17 | 914.23 | 2.73 | 100.00 | 2,820.71 | 2,646.20 | 6.59 | 100.00 | 3,552.15 | 3,144.72 | 12.96 | PBIT | System Integration & Support Serv | 1.09 | 3.52 | 3.66 | -3.93 | 1.36 | 13.79 | 11.72 | 17.66 | 1.88 | 24.52 | 3.81 | 543.48 | Software Development & Services | 98.91 | 319.47 | 339.37 | -5.86 | 98.64 | 996.71 | 967.73 | 2.99 | 98.12 | 1,277.34 | 1,066.70 | 19.75 | Total PBIT | 100.00 | 322.99 | 343.03 | -5.84 | 100.00 | 1,010.51 | 979.45 | 3.17 | 100.00 | 1,301.86 | 1,070.51 | 21.61 | Less : Interest | | 4.65 | 5.55 | -16.25 | | 14.39 | 15.29 | -5.87 | | 20.26 | 16.20 | 25.08 | Add: Other un-allcoable | | -62.49 | -63.41 | 1.45 | | -189.16 | -177.90 | -6.33 | | -232.92 | -116.81 | -99.40 | PBIT Margin(%) | System Integration & Support Serv | | 17.18 | 14.62 | 255.72 | | 0.50 | 16.75 | -1,625.04 | | 25.57 | 4.84 | 2,073.55 | Software Development & Services | | 34.77 | 38.17 | -339.23 | | 1,331.23 | 37.56 | 129,366.60 | | 36.96 | 34.79 | 216.54 | PBT | 100.00 | 255.85 | 274.07 | -6.65 | 100.00 | 806.96 | 786.27 | 2.63 | 100.00 | 1,048.68 | 937.50 | 11.86 |
|
Peer Comparision (Standalone)
|
Q-202412
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
09-Jan-2025
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
Tata Elxsi Ltd
|
939.17
|
2.73
|
246.62
|
-8.71
|
199.01
|
-3.59
|
6,443.70
|
-25.38
|
129.96
|
49.58
|
Industry
|
939.17
|
2.73
|
246.62
|
-8.71
|
199.01
|
-3.59
|
42,315.30
|
-22.41
|
|
69.44
|
|