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Tata Elxsi for the quarter ended Sep 2020 reported 7% growth in revenue to Rs 430.18 crore over Rs 400.49 crore of revenue registered in sequential previous quarter ended June 2020. As OPM expand by 430 bps to 27.4% from 23.1% in sequential previous quarter the operating profit stood increased by 27% to Rs 118.05 crore. With other income stand lower by 67% to Rs 4.41 crore, the PBIDT was up by 15% to Rs 122.46 crore. Excluding exchange gain (a loss of Rs 1.94 crore against a gain of Rs 4.55 crore in Q1FY21) the other income was down 29%QoQ to Rs 6.35 crore. After accounting for lower interest cost (down 6% to Rs 1.30 crore) and higher depreciation (up 6% to Rs 11.21 crore), the PBT was up by 17% to Rs 109.95 crore. Eventually the PAT was up by 15%qoq to Rs 78.88 crore as taxation stand higher by 24% to Rs 31.07 crore.
Quarterly performance YoY comparison
Sales was up by 11%yoy to Rs 430.18 crore. That together with 920 bps expansion in OPM to 27.4%, the operating profit jumped up 68% to Rs 118.05 crore. Sharp expansion in OPM is largely as the company account/charge Rs 21.63 crore of expense towards special retiral benefit payable to managing director made during Q2FY20 under the head employee benefit expenses.
The PBT was up by 56% to RS 109.95 crore after accounting for lower other income, lower interest but hit by higher depreciation. Eventually the PAT was up by 58% to Rs 78.88 crore with taxation stand higher by 51%yoy to Rs 31.07 crore.
Half yearly performance
Sales for the period was up by 11%yoy to Rs 830.67 crore and with OPM expand by 660 bps to 25.4% (from 18.8%), the operating profit witnessed a jump of 18.8% to Rs 210.76 crore.
Sharp expansion in OPM is largely as the company account/charge Rs 21.63 crore of expense towards special retiral benefit payable to managing director made during Q2FY20 under the head employee benefit expenses.
The PBT was up by 45% to Rs 203.90 crore hit further by lower other income and higher depreciation. The PAT was up by 50% to Rs 147.75 crore with taxation stand higher by 34% to Rs 56.15 crore but the tax rate stand lower at 27.5% compared to 29.9% in corresponding previous period.
Management comment
Manoj Raghavan, CEO and Managing Director of the company said, "It was a pretty satisfying quarter with all-round growth across key verticals and geographies. We are seeing some recovery in the automotive market. We have closed some large deals including a multi-year deal with a European Tier1 supplier for vehicle electronics and software. We have also added new automotive customers including a new OEM. We are going into the second half of FY21 with a strong deal pipeline across geos and verticals, and a significant number of large deals that we are pursuing. We are back to our pre-Covid momentum and expect this momentum to continue into H2 FY21".
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