Tata Elxsi Q2 Earnings Up 39%; Operating Income At Rs 763.2 Crore

Tata Elxsi Q2 Earnings Up 39%; Operating Income At Rs 763.2 Crore

October 16, 2022: For the quarter ended September 30, the company reported a 28.2% YoY increase in its operating income, which came to Rs 763.2 crore.

Tata Elxsi on Friday posted a net profit of Rs 174.3 crore in the second quarter (Q2) during fiscal year 2022-23 (FY23), up 39.1 per cent from the same period a year earlier of Rs 125 .3 crore. Tata Elxsi is a subsidiary of Tata Sons, a holding company of the Tata Group.

For the quarter ended September 30, the company reported a 28.2% YoY increase in its operating income, which came to Rs 763.2 crore.

Employee strength crossed the 11,000 mark during the second quarter with 1,532 net additions. Tata Elxsi’s earnings per share (EPS) also improved by 39 per cent to Rs 27.98.

During the quarter, the company said it invested in expanding facilities at existing locations in Bengaluru, Chennai and Pune, and building new talent bases in Kozhikode and Hyderabad.

“We are seeing strong and sustained growth in the automotive and adjacent segments, led by our digital and EV (electric vehicle) capabilities,” said Manoj Raghavan, CEO and Managing Director of Tata Elxsi.

The company is gaining market share in both automotive and media and communications, especially in Europe, he added.

Raghavan further stated that “due to the unfavorable movement of the currency”, the numbers are muted in the region.

Meanwhile, Tata Elxsi shares closed 1.72 percent higher at Rs 8,455.85 on BSE. In NSE, shares rose 2.28 percent to close at Rs 8,502.

Script has gained 45.11 percent since the start of this year. Tata Elxsi is among the leading providers of design and technology services in industries including automotive, broadcast, communications, healthcare and transportation.

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