On standalone basis
Quarter ended December 2023 compared
with Quarter ended September 2023.
Net sales (including other operating income) of Tata Elxsi has increased 3.69%
to Rs 914.23 crore.
Operating profit margin has declined
from 29.91% to 29.55%, leading to 2.42% rise in operating profit to Rs 270.14
crore. Purchase of finished goods cost fell from 5.65% to 4.85%.
Employee cost increased from 54.12% to 54.24%. Other
expenses rose from 10.31% to 11.36%.
Other income up 12.21% to Rs 34.93
crore. PBIDT rose 3.45% to Rs 305.07 crore. Provision for
interest fell 4.48% to Rs 5.55 crore.
PBIDT rose 3.45% to Rs 305.07
crore. Provision for depreciation rose 1.76% to Rs 25.45
crore.
Profit before tax grew 3.79% to Rs
274.07 crore. Provision for tax was expense of Rs 67.64 crore,
compared to Rs 63.84 crore. Effective tax rate was 24.68% compared
to 24.18%.
Profit after tax rose 3.10% to Rs
206.43 crore.
Promoters’ stake was 43.92% as of 31
December 2023 ,compared to 43.92% as of 30 September 2023 .
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of Tata Elxsi has increased 11.80%
to Rs 914.23 crore. Sales of System Integration & Support Serv
segment has gone up 17.32% to Rs 25.07 crore (accounting for 2.74% of total
sales). Sales of Software Development & Services segment has
gone up 11.65% to Rs 889.17 crore (accounting for 97.26% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 21.16% to Rs 343.03
crore. PBIT of System Integration & Support Serv segment rose
794.46% to Rs 3.66 crore (accounting for 1.07% of total PBIT). PBIT
of Software Development & Services segment rose 20.04% to Rs 339.37 crore
(accounting for 98.93% of total PBIT).
PBIT margin of System Integration
& Support Serv segment rose from 1.92% to 14.62%. PBIT margin of
Software Development & Services segment rose from 35.50% to
38.17%. Overall PBIT margin rose from 34.62% to 37.52%.
Operating profit margin has declined
from 30.19% to 29.55%, leading to 9.43% rise in operating profit to Rs 270.14
crore. Purchase of finished goods cost fell from 6.14% to 4.85%.
Employee cost increased from 50.16% to 54.24%. Other
expenses fell from 13.56% to 11.36%.
Other income up 82.59% to Rs 34.93
crore. PBIDT rose 14.69% to Rs 305.07 crore. Provision
for interest up 24.16% to Rs 5.55 crore.
PBDT rose 14.53% to Rs 299.52
crore. Provision for depreciation rose 18.76% to Rs 25.45
crore.
Profit before tax grew 14.15% to Rs
274.07 crore. Provision for tax was expense of Rs 67.64 crore,
compared to Rs 45.42 crore. Effective tax rate was 24.68% compared
to 18.92%.
Profit after tax rose 6.04% to Rs
206.43 crore.
Promoters’ stake was 43.92% as of 31
December 2023 ,compared to 43.92% as of 31 December 2022 .
For
year-to-date (YTD) results analysis
Net sales (including other operating income) of Tata Elxsi has increased 14.71%
to Rs 2,646.20 crore. Sales of System Integration & Support Serv
segment has gone up 24.90% to Rs 69.97 crore (accounting for 2.64% of total
sales). Sales of Software Development & Services segment has
gone up 14.46% to Rs 2,576.23 crore (accounting for 97.36% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 23.17% to Rs
979.45 crore. PBIT of System Integration & Support Serv segment
rose 260.91% to Rs 11.72 crore (accounting for 1.20% of total
PBIT). PBIT of Software Development & Services segment rose
22.20% to Rs 967.73 crore (accounting for 98.80% of total PBIT).
PBIT
margin of System Integration & Support Serv segment rose from 5.80% to
16.75%. PBIT margin of Software Development & Services segment
rose from 35.19% to 37.56%. Overall PBIT margin rose from 34.47% to
37.01%.
Operating
profit margin has declined from 30.85% to 29.67%, leading to 10.34% rise in
operating profit to Rs 785.15 crore. Purchase of finished goods cost
rose from 5.68% to 5.75%. Employee cost increased from 50.64% to
53.50%. Other expenses fell from 12.84% to 11.07%.
Other
income up 83.44% to Rs 88.27 crore. PBIDT rose 14.97% to Rs 873.42
crore. Provision for interest up 26.57% to Rs 15.29
crore.
PBDT
rose 14.78% to Rs 858.13 crore. Provision for depreciation rose
19.17% to Rs 71.87 crore.
Profit
before tax grew 14.40% to Rs 786.26 crore. Provision for tax was
expense of Rs 190.96 crore, compared to Rs 133.61 crore. Effective
tax rate was 24.29% compared to 19.44%.
Profit
after tax rose 7.52% to Rs 595.30 crore.
Promoters’
stake was 43.92% as of 31 December 2023 ,compared to 43.92% as of 31 December
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.
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 third quarter quarter
with a top-line growth of 3.7% QoQ and 11.8% YoY in a challenging quarter for
the industry.
Our Healthcare & Lifesciences
business executed strongly to report a growth of 4.6% QoQ and 13% YoY. This was
backed by large deals in regulatory and digital health services.
Our transportation witnessed
steady growth of .7% QoQ in a short quarter. While we had some delays in
planned ramp-ups and deal closures due to short quarter and holidays, we are
positioned well to capture growth opportunities in the continued transformation
of the automotive industry and Software Defined Vehicles.
Our Media & Communication
business has done well in a deteriorating business environment for the media,
telecom and technology industry, growing 0.6% and 3.4% YoY. We are staying
close to our customers and building on both growth and efficiency offerings for
customers in this industry.
Our Design-Digital strategy is continuing to
drive differentiation and growth, with our Design business growing at 12.3%,
Our design teams have executed some land mark projects that spans usewr
research, design and implementation to lead the way for our customers to
transform customers experience across industries. This also paves the path for
capturing downstream value of technology implementation as well as managed
services for our system integration business.
While we have continued to invest
strongly in talent addition with over 350 Elxsians in this quarter and a net of
1357 Elxsians over the past nine months, we have done well to maintain our
EBITDA well over 29% band. This underlines our strong focus on delivery and
operational excellence, and our confidence in the future and long term demand
for our differentiated offerings.
As we step into the last quarter
of the financial year, the confidence of our customers in our differentiated
Design Digital proposition and delivery excellence, and a strong deal pipeline
provides us the foundation for sustained growth.”
| Tata Elxsi : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 914.23 | 817.74 | 11.80 | 2,646.20 | 2,306.80 | 14.71 | 3,144.72 | 2,470.80 | 27.28 | | OPM (%) | 29.55 | 30.19 | -64 bps | 29.67 | 30.85 | -118 bps | 30.57 | 30.99 | -42 bps | | OP | 270.14 | 246.87 | 9.43 | 785.15 | 711.56 | 10.34 | 961.28 | 765.73 | 25.54 | | Other Inc. | 34.93 | 19.13 | 82.59 | 88.27 | 48.12 | 83.44 | 73.81 | 44.53 | 65.75 | | PBIDT | 305.07 | 266.00 | 14.69 | 873.42 | 759.68 | 14.97 | 1,035.09 | 810.26 | 27.75 | | Interest | 5.55 | 4.47 | 24.16 | 15.29 | 12.08 | 26.57 | 16.2 | 9.43 | 71.79 | | PBDT | 299.52 | 261.53 | 14.53 | 858.13 | 747.60 | 14.78 | 1,018.89 | 800.83 | 27.23 | | Depreciation | 25.45 | 21.43 | 18.76 | 71.87 | 60.31 | 19.17 | 81.39 | 55.34 | 47.07 | | PBT | 274.07 | 240.10 | 14.15 | 786.26 | 687.29 | 14.40 | 937.5 | 745.49 | 25.76 | | PBT before EO | 274.07 | 240.1 | 14.15 | 786.26 | 687.29 | 14.40 | 937.5 | 745.49 | 25.76 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 274.07 | 240.1 | 14.15 | 786.26 | 687.29 | 14.40 | 937.5 | 745.49 | 25.76 | | Taxation | 67.64 | 45.42 | 48.92 | 190.96 | 133.61 | 42.92 | 182.31 | 195.82 | -6.90 | | PAT | 206.43 | 194.68 | 6.04 | 595.3 | 553.68 | 7.52 | 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 | 206.43 | 194.68 | 6.04 | 595.3 | 553.68 | 7.52 | 755.19 | 549.67 | 37.39 | | EPS (Rs)* | 33.15 | 31.26 | 6.04 | 95.59 | 88.91 | 7.52 | 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) | 202312 | 202212 | Var.(%) | % of (Total) | 202312 | 202212 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | System Integration & Support Serv | 2.74 | 25.07 | 21.37 | 17.32 | 2.64 | 69.97 | 56.03 | 24.90 | 2.50 | 78.78 | 49.49 | 59.18 | | Software Development & Services | 97.26 | 889.17 | 796.38 | 11.65 | 97.36 | 2,576.23 | 2,250.78 | 14.46 | 97.50 | 3,065.95 | 2,421.31 | 26.62 | | Total Reported Sales | 100.00 | 914.23 | 817.74 | 11.80 | 100.00 | 2,646.20 | 2,306.80 | 14.71 | 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 | 914.23 | 817.74 | 11.80 | 100.00 | 2,646.20 | 2,306.80 | 14.71 | 100.00 | 3,144.72 | 2,470.80 | 27.28 | | PBIT | | System Integration & Support Serv | 1.07 | 3.66 | 0.41 | 794.46 | 1.20 | 11.72 | 3.25 | 260.91 | 0.36 | 3.81 | 2.49 | 53.06 | | Software Development & Services | 98.93 | 339.37 | 282.71 | 20.04 | 98.80 | 967.73 | 791.94 | 22.20 | 99.64 | 1,066.70 | 828.95 | 28.68 | | Total PBIT | 100.00 | 343.03 | 283.12 | 21.16 | 100.00 | 979.45 | 795.19 | 23.17 | 100.00 | 1,070.51 | 831.44 | 28.75 | | Less : Interest | | 5.55 | 4.47 | 24.32 | | 15.29 | 12.08 | 26.55 | | 16.20 | 9.43 | 71.87 | | Add: Other un-allcoable | | -63.41 | -38.55 | -64.46 | | -177.90 | -95.83 | -85.65 | | -116.81 | -76.52 | -52.65 | | PBIT Margin(%) | | System Integration & Support Serv | | 14.62 | 1.92 | 1,270.25 | | 16.75 | 5.80 | 1,095.53 | | 4.84 | 5.03 | -19.36 | | Software Development & Services | | 38.17 | 35.50 | 266.77 | | 37.56 | 35.19 | 237.86 | | 34.79 | 34.24 | 55.64 | | PBT | 100.00 | 274.07 | 240.10 | 14.15 | 100.00 | 786.27 | 687.28 | 14.40 | 100.00 | 937.50 | 745.49 | 25.76 |
|
|
Peer Comparision (Standalone)
|
Q-202312
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
23-Jan-2024
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
|
Tata Elxsi Ltd
|
914.23
|
11.8
|
270.14
|
9.43
|
206.43
|
6.04
|
8,193.65
|
22.91
|
127.98
|
64.02
|
|
Accelya Solutions India Ltd
|
109.20
|
10.53
|
41.71
|
10.84
|
27.86
|
19.57
|
1,772.80
|
5.94
|
76.86
|
23.07
|
|
Allsec Technologies Ltd
|
79.47
|
10.05
|
17.07
|
42.25
|
42.29
|
39.99
|
701.95
|
31.08
|
39.59
|
17.73
|
|
Atishay Ltd
|
11.76
|
95.67
|
2.71
|
594.87
|
1.89
|
575
|
51.28
|
58.76
|
3.24
|
15.82
|
|
Aurum Proptech Ltd
|
2.73
|
4.6
|
-3.56
|
-26.69
|
-3.42
|
-69.31
|
158.85
|
29.51
|
-5.39
|
-
|
|
C.E. Info Systems Ltd
|
76.10
|
28.44
|
34.24
|
24.28
|
32.33
|
8.31
|
2,046.00
|
81.66
|
23.55
|
86.89
|
|
Coforge Ltd
|
1,264.60
|
16.23
|
172.60
|
11.93
|
410.00
|
71.05
|
6,200.10
|
42.25
|
159.93
|
38.77
|
|
Continental Chemicals Ltd
|
0.11
|
-38.89
|
-0.12
|
-500
|
0.18
|
20
|
72.10
|
-13.13
|
1.60
|
45.06
|
|
DRC Systems India Ltd
|
7.88
|
30.68
|
0.70
|
-71.19
|
0.10
|
-93.83
|
54.67
|
36.16
|
0.70
|
77.87
|
|
Happiest Minds Technologies Ltd
|
370.58
|
7.49
|
70.36
|
-10.48
|
78.97
|
37.89
|
857.15
|
3.92
|
15.91
|
53.89
|
|
Infibeam Avenues Ltd
|
860.26
|
135.19
|
65.69
|
45.49
|
41.49
|
45.94
|
25.62
|
49.39
|
0.51
|
50.14
|
|
Intense Technologies Ltd
|
24.18
|
26.27
|
4.87
|
66.21
|
3.43
|
68.97
|
112.95
|
57.86
|
5.18
|
21.80
|
|
Ksolves India Ltd
|
28.15
|
38.81
|
11.93
|
44.08
|
8.84
|
44.21
|
1,288.30
|
195.04
|
26.85
|
47.99
|
|
Mastek Ltd
|
97.54
|
20.36
|
16.57
|
-52.33
|
16.43
|
15.62
|
2,673.85
|
64.72
|
36.27
|
73.73
|
|
Moschip Technologies Ltd
|
69.40
|
46.63
|
4.34
|
-18.27
|
0.49
|
-59.17
|
98.96
|
54.38
|
0.40
|
245.12
|
|
MPS Ltd
|
84.04
|
11.67
|
36.38
|
18.35
|
32.00
|
37.52
|
1,500.50
|
68.58
|
61.77
|
24.29
|
|
Netlink Solutions (India) Ltd
|
0.01
|
0
|
-0.27
|
6.9
|
0.91
|
152.78
|
137.95
|
196.67
|
29.53
|
4.67
|
|
Netweb Technologies India Ltd
|
253.40
|
41.91
|
34.25
|
9.92
|
26.01
|
19.97
|
1,364.20
|
0.00
|
10.13
|
134.73
|
|
Newgen Software Technologies Ltd
|
298.88
|
27.24
|
71.71
|
28.21
|
65.29
|
42.59
|
805.65
|
291.95
|
15.16
|
53.13
|
|
Onward Technologies Ltd
|
85.19
|
4.84
|
8.53
|
29.64
|
7.08
|
101.14
|
610.45
|
92.75
|
13.51
|
45.17
|
|
Oracle Financial Services Software Ltd
|
1,374.84
|
26.93
|
785.86
|
47.54
|
700.07
|
62.64
|
6,500.45
|
110.25
|
241.44
|
26.92
|
|
Persistent Systems Ltd
|
1,669.41
|
27.71
|
354.18
|
59.93
|
259.77
|
26.66
|
8,256.50
|
80.04
|
137.81
|
59.91
|
|
Route Mobile Ltd
|
174.49
|
31.92
|
18.06
|
LP
|
44.97
|
4.07
|
1,620.75
|
41.91
|
19.08
|
84.96
|
|
Sasken Technologies Ltd
|
81.07
|
-8.34
|
5.70
|
-41.48
|
20.95
|
-21.06
|
1,456.00
|
54.60
|
67.51
|
21.57
|
|
Tanla Platforms Ltd
|
262.82
|
-8.11
|
10.65
|
-53.57
|
4.49
|
-76.42
|
1,134.40
|
69.24
|
6.55
|
173.21
|
|
Varanium Cloud Ltd
|
3.04
|
-97.22
|
-1.15
|
PL
|
-2.73
|
PL
|
127.60
|
-62.45
|
26.89
|
4.75
|
|
VL E-Governance & IT Solutions Ltd
|
0.00
|
-
|
-1.06
|
-1225
|
-1.03
|
PL
|
67.99
|
0.00
|
-0.94
|
-
|
|
Zensar Technologies Ltd
|
501.00
|
11.43
|
121.50
|
47.45
|
101.00
|
71.48
|
543.90
|
145.61
|
22.78
|
23.87
|
|
Industry
|
8,704.38
|
19.95
|
2,153.59
|
27.86
|
2,126.09
|
38.53
|
2,96,439.18
|
62.57
|
|
15.03
|
|