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Standalone revenue of Tata Elxsi for the quarter ended June 2021 stood at RS 558.32 crore, a growth of 8%QoQ and 39%YoY. In CC terms the revenue was up 6.4%QoQ and 37.4%YoY. Industrial Design & Visualization (IDV) grew by 13.9% QoQ (11.8%QoQ in CC terms) and 132.1% YoY (128%YoY in CC terms). System Integration & Support (SIS) de-grew by 15.7% QoQ CC terms and reported a growth of 13% YoY in CC terms.Embedded Product Design (EPD), the company's largest division grew by 7.5% QoQ (6.3%QoQ in CC terms) and 31.4% YoY (29.5%YoY in CC terms) and the growth was broad based across all verticals within it. Within EPD, the Healthcare grew by 18.5% QoQ in CC terms and jump by 83.1% YoY in CC terms. And that of transportation grew by 2.2% QoQ in CC terms and up by 17.8% YoY in CC terms. Likewise that of Media & communications grew by 6.7% QoQ in CC terms and up by 29% YoY in CC terms. The operating profit for the quarter stood at Rs 149.99 crore, a fall of 11%QoQ and a growth of 62%YoY as the operating profit margin at 26.9% contracted by 550 bps sequentially basis and expanded 380 bps on YoY comparison. Sequential fall in OPM was largely due to additional Rs 33 crore of employee expenses on account of the special one-time bonus for all its employees. Eventually the PAT at RS 113.38 crore, a fall of 2%QoQ and up 65%YoY.
Quarterly performance QoQ comparison
Revenue up 8% to Rs 558.32 crore. Operating profit margin has slumped from 32.4% to 26.9%, leading to 11% decline in operating profit to Rs 149.99 crore. Purchase of finished goods cost rose from 5.96% to 7.10%. Employee cost increased from 51.08% to 54.26%. Other expenses rose from 10.55% to 11.77%. Other income up 156% to Rs 17.5 crore. Provision for interest fell 13% to Rs 1.64 crore. Provision for depreciation rose 5% to Rs 11.92 crore. Profit before tax down 5% to Rs 153.93 crore. Provision for tax was down by 13% to Rs 40.56 crore. Profit after tax fell 2% to Rs 113.38 crore.
Quarterly performance YoY comparison
Revenue has increased 39% to Rs 558.32 crore. Sales of System Integration & Support Services segment has gone up 11.83% to Rs 11.25 crore (accounting for 2.02% of total sales). Sales of Software Development & Services segment has gone up 40.12% to Rs 547.06 crore (accounting for 97.98% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 64.70% to Rs 165.40 crore. PBIT of System Integration & Support Serv segment fell 99.90% to Rs 0.00 crore (accounting for 0.00% of total PBIT). PBIT of Software Development & Services segment rose 63.71% to Rs 165.40 crore (accounting for 100.00% of total PBIT).
PBIT margin of System Integration & Support Serv segment rose from negative 6.06% to negative 0.01%. PBIT margin of Software Development & Services segment rose from 25.88% to 30.23%. Overall PBIT margin rose from 25.08% to 29.63%.
Operating profit margin has jumped from 23.1% to 26.9%, leading to 62% rise in operating profit to Rs 149.99 crore. Purchase of finished goods cost rose from 3.61% to 7.10%. Employee cost decreased from 62.81% to 54.26%. Other expenses rose from 10.39% to 11.77%. Other income up 30% to Rs 17.5 crore. Provision for interest up 19% to Rs 1.64 crore. Provision for depreciation rose 10% to Rs 11.92 crore. Profit before tax grew 64% to Rs 153.93 crore. Provision for tax was higher by 62% to Rs 40.56 crore. Profit after tax rose 65% to Rs 113.38 crore.
Management Comment
Manoj Raghavan, Managing Director and CEO commenting on quarterly performance said, "We are pleased to report a strong start to the new fiscal with all-round growth across industries and key geographies. We continue to execute strongly on both top line and bottom line. Our Healthcare business continues to grow strongly, while both Transportation and Media and Communications reported another quarter of sustained growth. We are seeing sustained recovery in the automotive market for the third consecutive quarter. We have also won large and strategic deals with both OEMs and suppliers in EV and autonomous technologies, underscoring our technology and engineering leadership. This is reflected in both the industry and geography growth we have reported in the quarter. We have also won strategic deals in digital health, OTT and video platform development, which reflect on our ability to support the product and technology transformation agendas of customers in our key verticals. I am especially delighted with our company having won the NASSCOM Engineering & Innovation Excellence Awards 2021 for Engineering Service Providers in all product categories. This recognition is a testimony to Tata Elxsi's DNA of bringing design and technology together, leadership in each vertical we operate in, and our differentiated solution and value driven approach to the market. We are entering the second quarter with a strong order book and a healthy deal pipeline across key markets and industries."
Other developments
Promoters' stake was 44.53% as of 30 June 2021 compared to 44.53% as of 30 June 2020 and 44.53% as of 31 March 2020.
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