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This document may contain certain future prospects which may be a forward-looking statements. Forward-looking statements by their nature involve a number of risks and uncertainties that could cause actual results to differ materially from market expectations. These forward-looking statements represent only the Company's current intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward-looking statements.

Note: All numbers have been rounded to the nearest decimal place for convenience of representation.

I am happy to report a healthy top-line growth of 3.7% QoQ and 15.5% YoY in a challenging quarter for the industry. Our EBITDA has grown 4.8% QoQ and 16.3% YoY and our EBITDA margin has improved by 31 bps QoQ to 29.9%. This underlines our strong focus on delivery and operational excellence, key account management and differentiated offerings.

Our Transportation business, which accounts for 46.2% of the vertical revenues, witnessed strong growth of 6.9% QoQ and 19.1% YoY in constant currency. During the quarter, we also won a landmark multi-year large deal for SDV from one of the leading Automotive OEMs.

Our Healthcare & Lifesciences business too registered a healthy growth of 3.2% QoQ and 4.8%

YoY in constant currency.

Our Media & Communication business continues to face a cautious industry environment and has declined marginally by 0.4% QoQ and 1.3% YoY in constant currency basis. We continue to closely engage with our key customers and are developing new offerings and relevant partnerships that will help them drive

efficiencies and create new revenue streams in a challenging business environment.

We are happy to report that our Industrial Design division crossed Rs. 100 crores in revenues for the first time in a quarter, growing 4.0% QoQ and 26.2% YoY in constant currency.

We continue to invest in building our talent pipeline with a net add of 585 Elxsians in the quarter. Our employee engagement and talent retention strategies have contributed to attrition further improving to 13.7%.

We are starting our third quarter with the confidence in our differentiated Design-Digital capabilities and a strong deal pipeline.

850.3881.7

763.2

Q2'23

Q1'24

Q2'24

29.7%

29.6%

29.9%

Q2'23

Q1'24

Q2'24

27.98

30.32

32.12

11,679

12,286

12,871

Q2'23

Q1'24

Q2'24

Q2'23

Q1'24

Q2'24

  • Revenues from operations at Rs. 881.7 Cr, + 3.7% QoQ, + 15.5% YoY
  • Operating revenue growth +3.4% QoQ and +10.1% YoY on constant currency basis
  • Operating Margin at 29.9%; Net Margin (PBT) at 28.9%
  • Profit Before Tax (PBT) at Rs. 263.9 Cr, +20.4% YoY
  • Profit After Tax (PAT) at Rs. 200.0 Cr, +14.8% YoY
  • Transportation growth at 7.1% QoQ and 26.1% YoY, aided by large deals and strong traction in Software Defined Vehicles (SDV).
  • Healthcare growth at 3.6% QoQ and 8.5% YoY, driven by new product engineering, digital health and regulatory services.
  • Media and Communications grew 2.8% YoY aided by platform-led deals and growth in key accounts, amidst widespread industry slowdown.

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Tata Elxsi Ltd. published this content on 17 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 October 2023 11:24:31 UTC.