Commenting on the performance Mr.
Manoj Raghavan, CEO and Managing Director said:
“We are happy to report a healthy
growth of 17.1% YoY in the current macro-economic environment, while delivering
industry leading EBITDA margin of 29.6%. While the overall global economic
outlook remains challenging, our customer focus and targeted efforts to keep
the growth momentum going is showing good results.
During the quarter, our
Healthcare & Lifesciences business has reported a healthy QoQ growth of
3.4% which is a significant improvement over the performance during the earlier
two quarters. This vertical also reported new product development deal wins for
medical diagnostics and Smart Hospital equipment.
In the Transportation business,
we continue to drive differentiated software capability and scale, and see good
traction and a strong deal pipeline, especially in Software Defined Vehicles
and EV. While some deal closures were delayed in this quarter, we won significant
new deals including a strategic multi-year multi-million US$ SDV deal with a
leading Asian OEM for their SDV platform and software development, and a
multi-country licensing and deployment of our Connected vehicle platform with a
global Top 5 OEM. To expand our automotive and smart mobility focus in North
America, we have opened an Innovation Hub and nearshore engineering centre in
Troy, Michigan that will innovate along with leading institutes and technology
ecosystem in the region.
We also signed a Memorandum of
Understanding (MoU) with the Indian Institute of Technology, Guwahati (IIT-G)
to jointly work on developing and commercializing state-of-the-art solutions
for the fast-evolving space of electric mobility.
Our Media & Communications
business performed creditably to retain and grow market share even though
absolute revenue growth was muted. We won our first multi-year deal for our 5G
network orchestration and automation suite with a leading telecom operator.
This is an important milestone for the renewed portfolio we are building for
this industry vertical. However, the Media, Telecom and Technology sector is
still soft globally and we remain cautious on short-term growth in this sector,
while staying close to our key customers and focusing on intelligent AI powered
solutions and technologies that will drive the next wave of transformation in
this industry.
I am delighted by the all-round
customer excellence demonstrated by Elxsians that has allowed us to grow
strongly with our key customers and positioned us well for competitive
differentiation and new project considerations across our customer base.
On the people front, we continue
to invest in our talent base. With a net add of 422 Elxsians in this quarter,
the Tata Elxsi family is now 12,000+ strong, with attrition dropping further to
15.6%.
We have driven strong operational
excellence across the organization and protected our EBITDA margins, despite
wage hikes and strong employee additions in the quarter. Our Effective Tax Rate
(ETR) in this quarter has increased on account of lower tax exemption due to
completion of 5 years for two of our SEZ units, impacting our PAT Margins.
In our aspirational journey of
being carbon neutral by 2030, we were awarded a silver medal by EcoVadis, the
world’s largest and most trusted provider of business sustainability ratings.
The silver medal underscores our ESG standing amongst the global corporate
community, and demonstrates our commitment to responsible practices across
areas including environmental impact, labour conditions, ethical sourcing, and
business conduct.
It is a matter of great pride for
all of us at Tata Elxsi to partner with ISRO and play a role in the Gaganyaan
project. This collaboration will help push the boundaries of technology, and
provide us a unique opportunity to advance our capabilities while strengthening
India’s space mission. We wish ISRO the very best as it progresses further in
the ambitious Human Space Flight mission.
As we step into the second
quarter of this financial year, the confidence of our customers in our
differentiated Design Digital proposition and delivery excellence, and a strong
deal pipeline especially in the automotive, healthcare and design businesses,
provides us the confidence and foundation for accelerating growth through the
year.”
Tata Elxsi : Standalone Results |
| Quarter ended | Year ended |
---|
Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
---|
Net Sales (including other operating income) | 850.27 | 725.89 | 17.13 | 3,144.72 | 2,470.80 | 27.28 | OPM (%) | 29.57 | 32.81 | -323 bps | 30.57 | 30.99 | -42 bps | OP | 251.46 | 238.15 | 5.59 | 961.28 | 765.73 | 25.54 | Other Inc. | 22.21 | 10.32 | 115.21 | 73.81 | 44.53 | 65.75 | PBIDT | 273.67 | 248.47 | 10.14 | 1,035.09 | 810.26 | 27.75 | Interest | 3.92 | 3.36 | 16.67 | 16.2 | 9.43 | 71.79 | PBDT | 269.75 | 245.11 | 10.05 | 1,018.89 | 800.83 | 27.23 | Depreciation | 21.41 | 17.09 | 25.28 | 81.39 | 55.34 | 47.07 | PBT | 248.34 | 228.02 | 8.91 | 937.5 | 745.49 | 25.76 | PBT before EO | 248.34 | 228.02 | 8.91 | 937.5 | 745.49 | 25.76 | EO Income | 0 | 0 | - | 0 | 0 | - | PBT after EO | 248.34 | 228.02 | 8.91 | 937.5 | 745.49 | 25.76 | Taxation | 59.49 | 43.3 | 37.39 | 182.31 | 195.82 | -6.90 | PAT | 188.85 | 184.72 | 2.24 | 755.19 | 549.67 | 37.39 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 188.85 | 184.72 | 2.24 | 755.19 | 549.67 | 37.39 | EPS (Rs)* | 30.32 | 29.66 | 2.24 | 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 |
| Quarter ended | Year ended |
---|
| % of (Total) | 202306 | 202206 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
---|
Sales | System Integration & Support Serv | 2.68 | 22.81 | 15.03 | 51.71 | 2.50 | 78.78 | 49.49 | 59.18 | Software Development & Services | 97.32 | 827.46 | 710.85 | 16.40 | 97.50 | 3,065.95 | 2,421.31 | 26.62 | Total Reported Sales | 100.00 | 850.27 | 725.89 | 17.14 | 100.00 | 3,144.72 | 2,470.80 | 27.28 | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | Net Sales | 100.00 | 850.27 | 725.89 | 17.14 | 100.00 | 3,144.72 | 2,470.80 | 27.28 | PBIT | System Integration & Support Serv | 0.70 | 2.10 | 0.00 | 87,562.50 | 0.36 | 3.81 | 2.49 | 53.06 | Software Development & Services | 99.30 | 299.11 | 254.33 | 17.61 | 99.64 | 1,066.70 | 828.95 | 28.68 | Total PBIT | 100.00 | 301.22 | 254.33 | 18.43 | 100.00 | 1,070.51 | 831.44 | 28.75 | Less : Interest | | 3.92 | 3.36 | 16.83 | | 16.20 | 9.43 | 71.87 | Add: Other un-allcoable | | -48.96 | -22.95 | -113.28 | | -116.81 | -76.52 | -52.65 | PBIT Margin(%) | System Integration & Support Serv | | 9.22 | 0.02 | 920.83 | | 4.84 | 5.03 | -19.36 | Software Development & Services | | 36.15 | 35.78 | 37.01 | | 34.79 | 34.24 | 55.64 | PBT | 100.00 | 248.34 | 228.02 | 8.91 | 100.00 | 937.50 | 745.49 | 25.76 |
|
Peer Comparision (Standalone)
|
Q-202306
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
17-Jul-2023
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
Tata Elxsi Ltd
|
850.27
|
17.13
|
251.46
|
5.59
|
188.85
|
2.24
|
7,710.85
|
-4.79
|
121.93
|
63.24
|
Excel Realty N Infra Ltd
|
0.64
|
-78.08
|
-0.29
|
-45
|
0.04
|
-96.04
|
0.38
|
-35.59
|
0.00
|
-
|
GI Engineering Solutions Ltd
|
93.31
|
310933
|
0.46
|
LP
|
0.94
|
LP
|
11.05
|
166.91
|
0.44
|
24.85
|
Ksolves India Ltd
|
23.66
|
46.87
|
10.14
|
37.96
|
7.55
|
35.3
|
1,123.60
|
165.72
|
22.63
|
49.65
|
Moschip Technologies Ltd
|
47.09
|
33.44
|
4.77
|
-11.01
|
2.16
|
25.58
|
106.44
|
101.21
|
0.34
|
310.84
|
Onward Technologies Ltd
|
84.49
|
22.22
|
11.20
|
183.54
|
6.63
|
132.63
|
584.45
|
107.14
|
8.97
|
65.14
|
Virinchi Ltd
|
33.29
|
7.28
|
8.07
|
2.41
|
3.04
|
-6.17
|
36.31
|
4.49
|
1.45
|
24.97
|
Industry
|
1,132.75
|
28.66
|
285.81
|
8.89
|
209.21
|
5.07
|
51,290.24
|
-3.46
|
|
15.03
|