On standalone basis
Quarter ended September 2023
compared with Quarter ended June 2023.
Net sales (including other operating income) of Tata Elxsi has increased 3.70%
to Rs 881.70 crore.
Operating profit margin has jumped
from 29.57% to 29.89%, leading to 4.81% rise in operating profit to Rs 263.55
crore. Purchase of finished goods cost fell from 6.82% to 5.65%.
Employee cost increased from 52.05% to 54.14%. Other
expenses fell from 11.55% to 10.32%.
Other income up 40.16% to Rs 31.13
crore. PBIDT rose 7.68% to Rs 294.68 crore. Provision for
interest up 48.21% to Rs 5.81 crore. Loan funds remained
nil.
PBIDT rose 7.68% to Rs 294.68
crore. Provision for depreciation rose 16.81% to Rs 25.01
crore.
Profit before tax grew 6.25% to Rs
263.86 crore. Provision for tax was expense of Rs 63.84 crore,
compared to Rs 59.49 crore. Effective tax rate was 24.19% compared
to 23.96%.
Profit after tax rose 5.91% to Rs
200.02 crore.
Promoters’ stake was 43.92% as of 30
September 2023 ,compared to 43.92% as of 30 June 2023 .
Quarter ended September 2023
compared with Quarter ended September 2022.
Net sales (including other operating income) of Tata Elxsi has increased 15.53%
to Rs 881.70 crore. Sales of System Integration & Support Serv
segment has gone up 12.60% to Rs 22.10 crore (accounting for 2.51% of total
sales). Sales of Software Development & Services segment has
gone up 15.61% to Rs 859.60 crore (accounting for 97.49% of total
sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 30.05% to Rs 335.20
crore. PBIT of System Integration & Support Serv segment rose
109.95% to Rs 5.95 crore (accounting for 1.78% of total PBIT). PBIT
of Software Development & Services segment rose 29.17% to Rs 329.25 crore
(accounting for 98.22% of total PBIT).
PBIT margin of System Integration
& Support Serv segment rose from 14.45% to 26.94%. PBIT margin
of Software Development & Services segment rose from 34.28% to
38.30%. Overall PBIT margin rose from 33.77% to 38.02%.
Operating profit margin has jumped
from 29.69% to 29.89%, leading to 16.33% rise in operating profit to Rs 263.55
crore. Purchase of finished goods cost rose from 5.45% to 5.65%.
Employee cost increased from 51.38% to 54.14%. Other
expenses fell from 13.48% to 10.32%.
Other income up 66.74% to Rs 31.13
crore. PBIDT rose 20.17% to Rs 294.68 crore. Provision
for interest up 36.38% to Rs 5.81 crore. Loan funds rose to Rs
237.31 crore as of 30 September 2023 from Rs 186.64 crore as of 30 September
2022. Inventories rose to Rs 0.21 crore as of 30 September 2023 from
Rs 0.04 crore as of 30 September 2022. Sundry debtors were higher at
Rs 882.88 crore as of 30 September 2023 compared to Rs 766.74 crore as of 30
September 2022. Cash and bank balance rose to Rs 1,178.55 crore as
of 30 September 2023 from Rs 961.65 crore as of 30 September 2022.
PBDT rose 19.88% to Rs 288.87
crore. Provision for depreciation rose 14.78% to Rs 25.01
crore. Fixed assets increased to Rs 379.65 crore as of 30 September
2023 from Rs 340.19 crore as of 30 September 2022. Intangible assets
declined from Rs 17.95 crore to Rs 14.25 crore.
Profit before tax grew 20.39% to Rs
263.86 crore. Provision for tax was expense of Rs 63.84 crore,
compared to Rs 44.89 crore. Effective tax rate was 24.19% compared
to 20.48%.
Profit after tax rose 14.77% to Rs
200.02 crore.
Equity capital stood at Rs 62.28
crore as of 30 September 2023 to Rs 62.28 crore as of 30 September
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 43.92% as of 30
September 2023 ,compared to 43.92% as of 30 September 2022 .
For year-to-date (YTD) results
analysis
Net sales (including other operating income) of Tata Elxsi has increased 16.31%
to Rs 1,731.97 crore. Sales of System Integration & Support Serv
segment has gone up 29.57% to Rs 44.91 crore (accounting for 2.59% of total
sales). Sales of Software Development & Services segment has
gone up 16.00% to Rs 1,687.06 crore (accounting for 97.41% of total
sales).
Profit before interest, tax and other
unallocable items (PBIT) has jumped 24.28% to Rs 636.42 crore. PBIT
of System Integration & Support Serv segment rose 183.90% to Rs 8.06 crore
(accounting for 1.27% of total PBIT). PBIT of Software Development
& Services segment rose 23.39% to Rs 628.36 crore (accounting for 98.73% of
total PBIT).
PBIT margin of System Integration
& Support Serv segment rose from 8.19% to 17.94%. PBIT margin of
Software Development & Services segment rose from 35.01% to
37.25%. Overall PBIT margin rose from 34.39% to 36.75%.
Operating profit margin has declined
from 31.21% to 29.74%, leading to 10.83% rise in operating profit to Rs 515.01
crore. Purchase of finished goods cost rose from 5.43% to 6.23%.
Employee cost increased from 50.91% to 53.11%. Other
expenses fell from 12.44% to 10.92%.
Other income up 83.99% to Rs 53.34
crore. PBIDT rose 15.13% to Rs 568.35 crore. Provision
for interest up 27.99% to Rs 9.74 crore. Loan funds rose to Rs
237.31 crore as of 30 September 2023 from Rs 186.64 crore as of 30 September
2022. Inventories rose to Rs 0.21 crore as of 30 September 2023 from
Rs 0.04 crore as of 30 September 2022. Sundry debtors were higher at
Rs 882.88 crore as of 30 September 2023 compared to Rs 766.74 crore as of 30
September 2022. Cash and bank balance rose to Rs 1,178.55 crore as
of 30 September 2023 from Rs 961.65 crore as of 30 September 2022.
PBDT rose 14.92% to Rs 558.61
crore. Provision for depreciation rose 19.39% to Rs 46.42
crore. Fixed assets increased to Rs 379.65 crore as of 30 September
2023 from Rs 340.19 crore as of 30 September 2022. Intangible assets
declined from Rs 17.95 crore to Rs 14.25 crore.
Profit before tax grew 14.54% to Rs
512.19 crore. Provision for tax was expense of Rs 123.32 crore,
compared to Rs 88.19 crore. Effective tax rate was 24.08% compared
to 19.72%.
Profit after tax rose 8.32% to Rs
388.87 crore.
Equity capital stood at Rs 62.28
crore as of 30 September 2023 to Rs 62.28 crore as of 30 September
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 43.92% as of 30
September 2023 ,compared to 43.92% as of 30 September 2022 .
Cash flow from operating activities
increased to Rs 407.56 crore for YTD ended September 2023 from Rs 254.29 crore
for YTD ended September 2022. Cash flow used in acquiring fixed
assets during the YTD ended September 2023 stood at Rs 31.88 crore, compared to
Rs 32.45 crore during the YTD ended September 2022.
Full year results analysis
Net sales (including other operating income) of Tata Elxsi has increased 27.28%
to Rs 3,144.72 crore. Sales of System Integration & Support Serv
segment has gone up 59.18% to Rs 78.78 crore (accounting for 2.50% of total
sales). Sales of Software Development & Services segment has
gone up 26.62% to Rs 3,065.95 crore (accounting for 97.50% of total
sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 28.75% to Rs 1,070.51
crore. PBIT of System Integration & Support Serv segment rose
53.06% to Rs 3.81 crore (accounting for 0.36% of total PBIT). PBIT
of Software Development & Services segment rose 28.68% to Rs 1,066.70 crore
(accounting for 99.64% of total PBIT).
PBIT margin of System Integration
& Support Serv segment fell from 5.03% to 4.84%. PBIT margin of
Software Development & Services segment rose from 34.24% to
34.79%. Overall PBIT margin rose from 33.65% to 34.04%.
Operating profit margin has declined
from 30.99% to 30.57%, leading to 25.54% rise in operating profit to Rs 961.28
crore. Purchase of finished goods cost rose from 5.13% to 5.92%.
Employee cost decreased from 52.12% to 50.81%. Other
expenses rose from 11.77% to 12.70%.
Other income up 65.75% to Rs 73.81
crore. PBIDT rose 27.75% to Rs 1035.09 crore. Provision
for interest up 71.79% to Rs 16.2 crore. Loan funds rose to Rs
182.26 crore as of 31 March 2023 from Rs 138.50 crore as of 31 March
2022. Inventories declined from Rs 0.57 crore as of 31 March 2022 to
Rs 0.39 crore as of 31 March 2023. Sundry debtors were higher at Rs
976.38 crore as of 31 March 2023 compared to Rs 672.79 crore as of 31 March
2022. Cash and bank balance rose to Rs 1,191.55 crore as of 31 March
2023 from Rs 965.21 crore as of 31 March 2022.
PBDT rose 27.23% to Rs 1018.89
crore. Provision for depreciation rose 47.07% to Rs 81.39
crore. Fixed assets increased to Rs 324.37 crore as of 31 March 2023
from Rs 273.25 crore as of 31 March 2022. Intangible assets declined
from Rs 20.35 crore to Rs 16.20 crore.
Profit before tax grew 25.76% to Rs
937.50 crore. Provision for tax was expense of Rs 182.31 crore,
compared to Rs 195.82 crore. Effective tax rate was 19.45% compared
to 26.27%.
Profit after tax rose 37.39% to Rs
755.19 crore.
Equity capital stood at Rs 62.28
crore as of 30 September 2023 to Rs 62.28 crore as of 30 September
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 43.92% as of 31
March 2023 ,compared to 44.08% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 486.86 crore for year ended March 2023 from Rs 483.03 crore for
year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 64.10 crore, compared to Rs 71.19
crore during the year ended March 2022.
Management
commentary:
Commenting on the performance Mr.
Manoj Raghavan, CEO and Managing Director said:
“We are happy to report a healthy
performance in the second quarter with a 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 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 revenue coming from three verticals, witnessed
strong growth of 7.1% QoQ and 26.1% YoY. 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 3.6% QoQ and 8.5% YoY. Our strong
design capabilities are helping us win multi-year innovation deals with leading
device manufacturers.
Our Media & Communication
business continues to face a cautious industry environment and grew marginally
at 0.1% QoQ and 2.8% YoY. 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.
Our Design-Digital strategy is
playing out well and has helped our Industrial Design division to cross Rs. 100
crore revenue mark for the first time in company history. The division grew by
4.1% QoQ and 35.4% on a YoY basis, driven by strong demand for Design-Led
engineering services.
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.”
| Tata Elxsi : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 881.70 | 763.17 | 15.53 | 1,731.97 | 1,489.06 | 16.31 | 3,144.72 | 2,470.80 | 27.28 | | OPM (%) | 29.89 | 29.69 | 21 bps | 29.74 | 31.21 | -147 bps | 30.57 | 30.99 | -42 bps | | OP | 263.55 | 226.55 | 16.33 | 515.01 | 464.69 | 10.83 | 961.28 | 765.73 | 25.54 | | Other Inc. | 31.13 | 18.67 | 66.74 | 53.34 | 28.99 | 83.99 | 73.81 | 44.53 | 65.75 | | PBIDT | 294.68 | 245.22 | 20.17 | 568.35 | 493.68 | 15.13 | 1,035.09 | 810.26 | 27.75 | | Interest | 5.81 | 4.26 | 36.38 | 9.74 | 7.61 | 27.99 | 16.2 | 9.43 | 71.79 | | PBDT | 288.87 | 240.96 | 19.88 | 558.61 | 486.07 | 14.92 | 1,018.89 | 800.83 | 27.23 | | Depreciation | 25.01 | 21.79 | 14.78 | 46.42 | 38.88 | 19.39 | 81.39 | 55.34 | 47.07 | | PBT | 263.86 | 219.17 | 20.39 | 512.19 | 447.19 | 14.54 | 937.5 | 745.49 | 25.76 | | PBT before EO | 263.86 | 219.17 | 20.39 | 512.19 | 447.19 | 14.54 | 937.5 | 745.49 | 25.76 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 263.86 | 219.17 | 20.39 | 512.19 | 447.19 | 14.54 | 937.5 | 745.49 | 25.76 | | Taxation | 63.84 | 44.89 | 42.21 | 123.32 | 88.19 | 39.83 | 182.31 | 195.82 | -6.90 | | PAT | 200.02 | 174.28 | 14.77 | 388.87 | 359 | 8.32 | 755.19 | 549.67 | 37.39 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 200.02 | 174.28 | 14.77 | 388.87 | 359 | 8.32 | 755.19 | 549.67 | 37.39 | | EPS (Rs)* | 32.12 | 27.98 | 14.77 | 62.44 | 57.65 | 8.32 | 121.26 | 88.26 | 37.39 | | | * 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 | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202309 | 202209 | Var.(%) | % of (Total) | 202309 | 202209 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | System Integration & Support Serv | 2.51 | 22.10 | 19.63 | 12.60 | 2.59 | 44.91 | 34.66 | 29.57 | 2.50 | 78.78 | 49.49 | 59.18 | | Software Development & Services | 97.49 | 859.60 | 743.55 | 15.61 | 97.41 | 1,687.06 | 1,454.40 | 16.00 | 97.50 | 3,065.95 | 2,421.31 | 26.62 | | Total Reported Sales | 100.00 | 881.70 | 763.17 | 15.53 | 100.00 | 1,731.97 | 1,489.06 | 16.31 | 100.00 | 3,144.72 | 2,470.80 | 27.28 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 881.70 | 763.17 | 15.53 | 100.00 | 1,731.97 | 1,489.06 | 16.31 | 100.00 | 3,144.72 | 2,470.80 | 27.28 | | PBIT | | System Integration & Support Serv | 1.78 | 5.95 | 2.84 | 109.95 | 1.27 | 8.06 | 2.84 | 183.90 | 0.36 | 3.81 | 2.49 | 53.06 | | Software Development & Services | 98.22 | 329.25 | 254.90 | 29.17 | 98.73 | 628.36 | 509.23 | 23.39 | 99.64 | 1,066.70 | 828.95 | 28.68 | | Total PBIT | 100.00 | 335.20 | 257.74 | 30.05 | 100.00 | 636.42 | 512.07 | 24.28 | 100.00 | 1,070.51 | 831.44 | 28.75 | | Less : Interest | | 5.81 | 4.26 | 36.55 | | 9.74 | 7.61 | 27.85 | | 16.20 | 9.43 | 71.87 | | Add: Other un-allcoable | | -65.54 | -34.32 | -90.97 | | -114.49 | -57.27 | -99.91 | | -116.81 | -76.52 | -52.65 | | PBIT Margin(%) | | System Integration & Support Serv | | 26.94 | 14.45 | 1,249.16 | | 17.94 | 8.19 | 975.40 | | 4.84 | 5.03 | -19.36 | | Software Development & Services | | 38.30 | 34.28 | 402.05 | | 37.25 | 35.01 | 223.26 | | 34.79 | 34.24 | 55.64 | | PBT | 100.00 | 263.86 | 219.17 | 20.39 | 100.00 | 512.19 | 447.19 | 14.54 | 100.00 | 937.50 | 745.49 | 25.76 |
|
|
Peer Comparision (Standalone)
|
Q-202309
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
17-Oct-2023
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
|
Tata Elxsi Ltd
|
881.70
|
15.53
|
263.55
|
16.33
|
200.02
|
14.77
|
7,449.20
|
-4.23
|
126.06
|
59.09
|
|
COSYN Ltd
|
4.20
|
-18.6
|
0.54
|
22.73
|
0.36
|
125
|
38.85
|
75.79
|
-0.97
|
-
|
|
Happiest Minds Technologies Ltd
|
370.01
|
9.58
|
71.77
|
-13.92
|
54.53
|
-1.41
|
860.90
|
-13.18
|
14.48
|
59.45
|
|
Ksolves India Ltd
|
25.90
|
41.84
|
11.23
|
38.64
|
8.26
|
38.36
|
1,164.50
|
159.35
|
24.56
|
47.41
|
|
Newgen Software Technologies Ltd
|
263.96
|
30.83
|
52.11
|
58.92
|
43.64
|
61.81
|
1,040.25
|
187.56
|
27.78
|
37.45
|
|
Zensar Technologies Ltd
|
513.90
|
11.38
|
150.10
|
144.86
|
114.50
|
167.52
|
549.70
|
156.09
|
20.93
|
26.27
|
|
Industry
|
2,059.67
|
15.23
|
549.30
|
33.14
|
421.31
|
37.91
|
77,577.73
|
2.32
|
|
15.03
|
|