|
Revenues
from operations for the quarter ended Sep 2021 stood at Rs 595.33 crore, a
growth of +6.6% q-o-q, +38.4% y-o-y. On constant currency basis the revenue was up
7.4% q-o-q, 37.2% y-o-y. The PAT was at RS 170.99 crore, a growth of
+11%QoQ, +56% y-o-y. Eventually the PAT
at Rs 125.33 crore grew 11%QoQ and 59%YoY.
The
company’s growth was powered by Embedded Product Design (EPD), the company’s
largest division, at 10.6% q-o-q and 34.4% y-o-y in constant currency terms.
Within EPD, the Automotive business posted a smart double-digit q-o-q growth of
12.9% and 29% y-o-y, led by Electric and Autonomous technologies, and a strong
deal inflow and pipeline provides confidence for continued growth in the
transportation vertical.
Media &
Communications delivered another steady quarter with 7.8% q-o-q and 32.9% y-o-y
growth respectively, while Healthcare grew 6.6% q-o-q and 72.3% y-o-y. The
Design business (IDV) continues to win new customers and fuel strategic deal
wins in design-led digital projects for the company. This quarter saw an impact
due to a shift in program timelines for a large ongoing design-led innovation
project, with a q-o-q decline of 14.2%. On a y-o-y basis, IDV reported a smart
growth of 64.5%.
Quarterly performance QoQ comparison
Standalone revenue of
Tata Elxsi for the quarter ended Sep 2021 has increased 7% to Rs 595.33 crore
compared to sequential previous quarter ended Jun 2021. Operating
profit margin has jumped from 26.9% to 30.8%, leading to 22% rise in operating
profit to Rs 183.64 crore. Purchase of finished goods cost fell from
7.10% to 5.09%. Employee cost decreased from 54.26% to 52.23%.
Other expenses rose from 11.77% to 11.83%. Other income
fell 86% to Rs 2.43 crore. Provision for interest fell 3% to Rs
1.59 crore. Provision for depreciation rose 13% to Rs 13.5
crore. Profit before tax grew 11% to Rs 170.99
crore. Provision for tax was expense of Rs 45.65 crore, compared to
Rs 40.56 crore. Effective tax rate was 26.70% compared to 26.35%. Profit
after tax rose 11% to Rs 125.33 crore.
Quarterly performance YoY comparison
Standalone revenue of
Tata Elxsi for the quarter ended Sep 2021 has increased 39% to Rs 595.33 crore
over a year ago. Operating profit margin has jumped from 27.4% to
30.8%, leading to 56% rise in operating profit to Rs 183.64 crore. Other
income fell 45% to Rs 2.43 crore. Provision for interest up 22% to
Rs 1.59 crore. Provision for depreciation rose 20% to Rs 13.5
crore. Profit before tax grew 59% to Rs 170.99
crore. Provision for tax was expense of Rs 45.65 crore, compared to
Rs 31.07 crore. Effective tax rate was 26.70% compared to 28.26%. Profit
after tax rose 59% to Rs 125.33 crore.
Half-yearly performance
Net revenue has increased 39% to Rs 1153.65 crore. Operating
profit margin has jumped from 25.4% to 28.9%, leading to 58% rise in operating
profit to Rs 333.63 crore. Other income up 11.59% to Rs 19.93
crore. Provision for interest up 20.07% to Rs 3.23
crore. Provision for depreciation rose 15.34% to Rs 25.41
crore. Profit before tax grew 59% to Rs 324.92
crore. Provision for tax was expense of Rs 86.21 crore, compared to
Rs 56.15 crore. Effective tax rate was 26.53% compared to 27.54%. Profit
after tax rose 62% to Rs 238.71 crore.
Other developments
Equity capital stood at Rs 62.28 crore as of 30 September 2021 to Rs
62.28 crore as of 30 September 2020. Per share face Value remained
same at Rs 10.00.
Promoters’ stake was 44.53% as of 30 September 2021 ,compared to 44.53%
as of 30 September 2020 .
Cash flow from operating activities increased to Rs 243.69 crore for YTD
ended September 2021 from Rs 186.31 crore for YTD ended September
2020. Cash flow used in acquiring fixed assets during the YTD ended
September 2021 stood at Rs 25.13 crore, compared to Rs 9.36 crore during the
YTD ended September 2020.
Management comment
Commenting on the performance, Manoj Raghavan, CEO and Managing Director,
Tata Elxsi said: “We are pleased to report another quarter of steady growth
across industry verticals and continue to execute strongly on both top line and
bottom line. We are seeing significant growth in the automotive market, with
large and strategic deals with both OEMs and suppliers in EV and autonomous
technologies, underscoring our technology and engineering leadership. The
overall growth was fueled by digital and platform-led deals and demonstrate the
differentiation and relevance of our design-led approach and technology
capabilities to the product and technology transformation agendas of customers
in our key verticals. The superior topline and bottom-line performance was
supported by industry-leading operational excellence and talent retention. We
also added over 700 new Elxsians this quarter, which represents almost 9% of
our headcount in the previous quarter. We are entering the third quarter with a
strong order book and a healthy deal pipeline across key markets and
industries.”
|
Tata Elxsi: Financial Results
|
|
|
|
|
|
|
|
|
|
|
|
2109 (3)
|
2106 (3)
|
Var. (%)
|
2009 (3)
|
Var. (%)
|
2109 (6)
|
2009 (6)
|
Var. (%)
|
2103 (12)
|
2003 (12)
|
Var. (%)
|
|
Sales
|
595.33
|
558.32
|
7
|
430.18
|
38
|
1153.65
|
830.67
|
39
|
1826.16
|
1609.86
|
13
|
|
OPM (%)
|
30.8
|
26.9
|
|
27.4
|
|
28.9
|
25.4
|
|
28.6
|
21.3
|
|
|
OP
|
183.64
|
149.99
|
22
|
118.05
|
56
|
333.63
|
210.76
|
58
|
522.41
|
343.00
|
52
|
|
Other Inc.
|
2.43
|
17.50
|
-86
|
4.41
|
-45
|
19.93
|
17.86
|
12
|
39.77
|
58.41
|
-32
|
|
PBIDT
|
186.07
|
167.49
|
11
|
122.46
|
52
|
353.56
|
228.62
|
55
|
562.18
|
401.42
|
40
|
|
Interest
|
1.59
|
1.64
|
-3
|
1.30
|
22
|
3.23
|
2.69
|
20
|
5.93
|
5.56
|
7
|
|
PBDT
|
184.49
|
165.85
|
11
|
121.16
|
52
|
350.33
|
225.93
|
55
|
556.25
|
395.85
|
41
|
|
Dep.
|
13.50
|
11.92
|
13
|
11.21
|
20
|
25.41
|
22.03
|
15
|
44.38
|
43.41
|
2
|
|
PBT before EO
|
170.99
|
153.93
|
11
|
109.95
|
56
|
324.92
|
203.90
|
59
|
511.87
|
352.44
|
45
|
|
EO
|
0.00
|
0.00
|
|
0.00
|
|
0.00
|
0.00
|
|
0.00
|
0.00
|
|
|
PBT
|
170.99
|
153.93
|
11
|
109.95
|
56
|
324.92
|
203.90
|
59
|
511.87
|
352.44
|
45
|
|
Tax
|
45.65
|
40.56
|
13
|
31.07
|
47
|
86.21
|
56.15
|
54
|
143.74
|
96.34
|
49
|
|
PAT
|
125.33
|
113.38
|
11
|
78.88
|
59
|
238.71
|
147.75
|
62
|
368.12
|
256.10
|
44
|
|
EPS * (Rs)
|
80.5
|
72.8
|
|
50.7
|
|
76.7
|
47.4
|
|
59.1
|
41.1
|
|
|
* Paid up equity capital is Rs
62.2764 crore, Face value Rs 10
|
|
|
|
|
|
|
Figures in crore (P): Projections PL:
Profit to Loss
|
|
|
|
|
|
|
|
|
Source: Capitaline Databases
|
|
|
|
|
|
|
|
|
|
|
Peer Comparision (Standalone)
|
Q-202109
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
22-Oct-2021
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
|
Tata Elxsi Ltd
|
595.33
|
38.39
|
183.64
|
55.56
|
125.33
|
58.89
|
6,033.55
|
275.15
|
73.72
|
81.85
|
|
63 Moons Technologies Ltd
|
35.17
|
-6.93
|
-80.10
|
-247.05
|
-1.97
|
PL
|
97.45
|
33.40
|
-0.57
|
-
|
|
California Software Company Ltd
|
3.35
|
498.21
|
2.69
|
767.74
|
2.69
|
1394.44
|
33.30
|
246.88
|
3.47
|
9.58
|
|
Cigniti Technologies Ltd
|
115.72
|
54.83
|
12.77
|
-31.67
|
9.62
|
-41.84
|
587.80
|
27.73
|
15.15
|
38.80
|
|
Cybertech Systems & Software Ltd
|
20.32
|
27.88
|
3.89
|
44.07
|
2.83
|
46.63
|
168.45
|
99.59
|
5.63
|
29.93
|
|
Cyient Ltd
|
429.40
|
22.58
|
118.80
|
35.62
|
83.90
|
28.29
|
1,120.55
|
163.41
|
26.97
|
41.55
|
|
DRC Systems India Ltd
|
5.35
|
5.11
|
0.65
|
96.97
|
0.15
|
LP
|
346.20
|
156.16
|
1.27
|
273.10
|
|
Integra Telecommunication & Software Ltd
|
0.23
|
-
|
0.17
|
LP
|
0.20
|
LP
|
53.75
|
82.20
|
1.66
|
32.43
|
|
Ksolves India Ltd
|
10.19
|
104.62
|
4.12
|
157.5
|
3.06
|
168.42
|
335.00
|
1,080.41
|
10.98
|
30.52
|
|
L&T Technology Services Ltd
|
1,447.30
|
19.82
|
331.30
|
52.81
|
225.10
|
25.82
|
4,577.80
|
161.73
|
77.21
|
59.29
|
|
Mastek Ltd
|
61.07
|
45.02
|
16.93
|
366.39
|
29.79
|
1007.43
|
2,851.00
|
256.75
|
19.75
|
144.34
|
|
Moschip Technologies Ltd
|
29.79
|
58.8
|
5.10
|
25400
|
1.33
|
LP
|
45.40
|
281.51
|
0.14
|
331.55
|
|
Mphasis Ltd
|
1,780.31
|
26.65
|
421.87
|
2.83
|
298.47
|
7.16
|
3,256.10
|
140.72
|
66.08
|
49.28
|
|
Onward Technologies Ltd
|
56.71
|
33.97
|
4.74
|
-23.55
|
3.10
|
-38.49
|
219.15
|
237.41
|
5.21
|
42.05
|
|
Route Mobile Ltd
|
85.65
|
-8.21
|
7.83
|
69.11
|
4.31
|
57.3
|
1,986.25
|
142.24
|
3.30
|
601.62
|
|
Sasken Technologies Ltd
|
99.46
|
1.33
|
33.51
|
23.84
|
39.00
|
62.7
|
1,389.95
|
102.03
|
82.39
|
16.87
|
|
Sonata Software Ltd
|
189.04
|
-9.61
|
41.39
|
-44.37
|
87.39
|
67.64
|
798.70
|
120.88
|
22.89
|
34.89
|
|
Tanla Platforms Ltd
|
294.36
|
50.51
|
27.85
|
-21.84
|
34.57
|
-20.64
|
1,062.50
|
274.45
|
9.41
|
112.92
|
|
Virinchi Ltd
|
30.12
|
-10.52
|
7.62
|
-19.79
|
2.58
|
6.17
|
60.30
|
72.53
|
1.97
|
30.54
|
|
Industry
|
5,288.87
|
23.97
|
1,144.77
|
15.14
|
951.45
|
26.06
|
2,00,944.75
|
178.40
|
|
15.03
|
|