On standalone basis
Quarter ended June 2024 compared
with Quarter ended March 2024.
Net sales (including other operating income) of Tata Elxsi has increased 2.27%
to Rs 926.46 crore.
Operating profit margin has declined
from 28.84% to 27.23%, leading to 3.44% decline in operating profit to Rs
252.27 crore. Purchase of finished goods cost rose from 4.62% to
5.33%. Employee cost decreased from 54.72% to 53.87%.
Other expenses rose from 11.86% to 13.54%.
Other income fell 4.75% to Rs 32.08
crore. PBIDT fell 3.59% to Rs 284.35 crore. Provision for
interest fell 1.61% to Rs 4.89 crore.
PBIDT fell 3.59% to Rs 284.35
crore. Provision for depreciation down 1.89% to Rs 27.06
crore.
Profit before tax down 3.81% to Rs
252.40 crore. Provision for tax was expense of Rs 68.32 crore,
compared to Rs 65.47 crore. Effective tax rate was 27.07% compared
to 24.95%.
Profit after tax fell 6.53% to Rs
184.08 crore.
Promoters’ stake was 43.92% as of 30
June 2024 ,compared to 43.92% as of 31 March 2024 .
Quarter ended June 2024 compared
with Quarter ended June 2023.
Net sales (including other operating income) of Tata Elxsi has increased 8.96%
to Rs 926.46 crore. Sales of System Integration & Support Serv
segment has gone up 16.02% to Rs 26.46 crore (accounting for 2.86% of total
sales). Sales of Software Development & Services segment has
gone up 8.77% to Rs 899.99 crore (accounting for 97.14% of total
sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 10.32% to Rs 332.29 crore. PBIT
of System Integration & Support Serv segment rose 147.20% to Rs 5.20 crore
(accounting for 1.57% of total PBIT). PBIT of Software Development
& Services segment rose 9.35% to Rs 327.09 crore (accounting for 98.43% of
total PBIT).
PBIT margin of System Integration
& Support Serv segment rose from 9.22% to 19.65%. PBIT margin of
Software Development & Services segment rose from 36.15% to
36.34%. Overall PBIT margin rose from 35.43% to 35.87%.
Operating profit margin has declined
from 29.57% to 27.23%, leading to 0.32% rise in operating profit to Rs 252.27
crore. Purchase of finished goods cost fell from 6.82% to 5.33%.
Employee cost increased from 52.05% to 53.87%. Other
expenses rose from 11.55% to 13.54%.
Other income up 44.44% to Rs 32.08
crore. PBIDT rose 3.90% to Rs 284.35 crore. Provision for
interest up 24.74% to Rs 4.89 crore.
PBDT rose 3.60% to Rs 279.46
crore. Provision for depreciation rose 26.39% to Rs 27.06
crore.
Profit before tax grew 1.63% to Rs
252.40 crore. Provision for tax was expense of Rs 68.32 crore,
compared to Rs 59.49 crore. Effective tax rate was 27.07% compared
to 23.96%.
Profit after tax fell 2.53% to Rs
184.08 crore.
Promoters’ stake was 43.92% as of 30
June 2024 ,compared to 43.92% as of 30 June 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 4,287.51% to Rs 3,456.26 crore (accounting for 97.30% of
total sales). Sales of Software Development & Services segment
has gone down 96.87% to Rs 95.89 crore (accounting for 2.70% 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 33,418.80% to Rs 1,277.34 crore (accounting for 98.12% of total
PBIT). PBIT of Software Development & Services segment fell
97.70% to Rs 24.52 crore (accounting for 1.88% of total PBIT).
PBIT
margin of System Integration & Support Serv segment rose from 4.84% to
36.96%. PBIT margin of Software Development & Services segment
fell from 34.79% to 25.57%. 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.
Equity
capital stood at Rs 62.28 crore as of 31 March 2024 to Rs 62.28 crore as of 31
March 2023. Per share face Value remained same at Rs
10.00.
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.
Dividend: The Board of
Directors has recommended a dividend of 700% at Rs. 70/-, per equity share of
Rs. 10 each, for the financial year 2023-24, subject to the approval of the
shareholders of the Company.
Management commentary:
Mr. Manoj Raghavan, CEO and Managing Director, Tata Elxsi,
commenting on the company’s performance said As we step into the second quarter
of the current financial year, I am happy to report a healthy performance in
the first quarter with a top-line growth of 2.4% QoQ in constant currency
terms.
Our Transportation business reported a strong growth of 5.3%
QoQ and 20.3% YoY in constant currency, and now accounts for more than 50% of
our Software Development & Services business. We believe we are positioned
well to capture growth opportunities in the coming quarters as we continue to
enable the continued transformation of the automotive industry and Software
Defined Vehicles.
Our Media & Communication business has done well in a
difficult business environment for that industry, growing 0.5% QoQ in constant
currency. I am especially delighted with the NEURON platform-led deal from a
leading North American telecom operator for their network transformation.
In the healthcare domain, I am proud of our association and
work with Tata Power Trust on the India Neurodiversity Platform which is being
rolled out across multiple districts of the country. This is powered by TEcare,
Tata Elxsi’s Digital Therapeutics solution.
We continue to invest in digital, AI and Gen AI technologies
across our verticals, targeting efficiency and quality in product engineering,
as well as novel applications of Gen AI combined with domain and design
expertise to solve complex business, product and engineering problems.
We step into the second quarter of this financial year with
the confidence of a strong deal pipeline, continued growth in our
transportation business and expansion of business with strategic customers
across verticals.”
We look forward to leveraging the rich experience and
network, industry knowledge and strategic inputs from our new directors.
I am pleased with our overall performance and resilience in
revenues, margins, and customer additions through the year, in a volatile
macroeconomic environment.
We are entering the new financial year with a commitment for
growth, and the continued confidence in our differentiated design-led
engineering capabilities. This is backed by strategic relationships we have
built over years with key customers, the qualitative change in revenues towards
OEMs and SDV programs, entries into new operators and marquee healthcare logos,
investments in strategic technology areas and AI, and the strong deal pipeline
we carry into the new financial year.”
| Tata Elxsi : Standalone Results | | Quarter ended | Year ended |
|---|
| Particulars | 202406 | 202306 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 926.46 | 850.27 | 8.96 | 3,552.15 | 3,144.72 | 12.96 | | OPM (%) | 27.23 | 29.57 | -234 bps | 29.46 | 30.57 | -111 bps | | OP | 252.27 | 251.46 | 0.32 | 1,046.44 | 961.28 | 8.86 | | Other Inc. | 32.08 | 22.21 | 44.44 | 121.95 | 73.81 | 65.22 | | PBIDT | 284.35 | 273.67 | 3.90 | 1,168.39 | 1,035.09 | 12.88 | | Interest | 4.89 | 3.92 | 24.74 | 20.26 | 16.2 | 25.06 | | PBDT | 279.46 | 269.75 | 3.60 | 1,148.13 | 1,018.89 | 12.68 | | Depreciation | 27.06 | 21.41 | 26.39 | 99.45 | 81.39 | 22.19 | | PBT | 252.40 | 248.34 | 1.63 | 1048.68 | 937.5 | 11.86 | | PBT before EO | 252.4 | 248.34 | 1.63 | 1048.68 | 937.5 | 11.86 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 252.4 | 248.34 | 1.63 | 1048.68 | 937.5 | 11.86 | | Taxation | 68.32 | 59.49 | 14.84 | 256.44 | 182.31 | 40.66 | | PAT | 184.08 | 188.85 | -2.53 | 792.24 | 755.19 | 4.91 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 184.08 | 188.85 | -2.53 | 792.24 | 755.19 | 4.91 | | EPS (Rs)* | 29.56 | 30.32 | -2.53 | 127.21 | 121.26 | 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 | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202406 | 202306 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | System Integration & Support Serv | 2.86 | 26.46 | 22.81 | 16.02 | 97.30 | 3,456.26 | 78.78 | 4,287.51 | | Software Development & Services | 97.14 | 899.99 | 827.46 | 8.77 | 2.70 | 95.89 | 3,065.95 | -96.87 | | Total Reported Sales | 100.00 | 926.46 | 850.27 | 8.96 | 100.00 | 3,552.15 | 3,144.72 | 12.96 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 926.46 | 850.27 | 8.96 | 100.00 | 3,552.15 | 3,144.72 | 12.96 | | PBIT | | System Integration & Support Serv | 1.57 | 5.20 | 2.10 | 147.20 | 98.12 | 1,277.34 | 3.81 | 33,418.80 | | Software Development & Services | 98.43 | 327.09 | 299.11 | 9.35 | 1.88 | 24.52 | 1,066.70 | -97.70 | | Total PBIT | 100.00 | 332.29 | 301.22 | 10.32 | 100.00 | 1,301.86 | 1,070.51 | 21.61 | | Less : Interest | | 4.89 | 3.92 | 24.73 | | 20.26 | 16.20 | 25.08 | | Add: Other un-allcoable | | -75.00 | -48.96 | -53.21 | | -232.92 | -116.81 | -99.40 | | PBIT Margin(%) | | System Integration & Support Serv | | 19.65 | 9.22 | 1,043.00 | | 36.96 | 4.84 | 3,211.96 | | Software Development & Services | | 36.34 | 36.15 | 19.56 | | 25.57 | 34.79 | -921.87 | | PBT | 100.00 | 252.40 | 248.34 | 1.63 | 100.00 | 1,048.68 | 937.50 | 11.86 |
|
|
Peer Comparision (Standalone)
|
Q-202406
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
10-Jul-2024
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
|
Tata Elxsi Ltd
|
926.46
|
8.96
|
252.27
|
0.32
|
184.08
|
-2.53
|
7,118.80
|
-4.82
|
126.48
|
56.28
|
|
R S Software (India) Ltd
|
18.75
|
69.22
|
4.49
|
42.54
|
3.03
|
31.17
|
267.60
|
547.63
|
7.67
|
34.90
|
|
VL E-Governance & IT Solutions Ltd
|
2.51
|
-
|
0.58
|
LP
|
0.61
|
LP
|
76.39
|
152.45
|
-0.24
|
-
|
|
Industry
|
947.72
|
10.03
|
257.34
|
2.86
|
187.72
|
0.52
|
44,903.68
|
-5.12
|
|
67.15
|
|