On standalone basis
Quarter ended September
2022 compared with Quarter ended June 2022.
Net sales (including other operating income) of Tata Elxsi has increased 5.14%
to Rs 763.17 crore.
Operating profit margin
has declined from 30.85% to 29.69%, leading to 4.87% decline in operating
profit to Rs 226.55 crore. Purchase of finished goods cost rose from
5.40% to 5.45%. Employee cost increased from 50.42% to 51.38%.
Other expenses rose from 11.35% to 13.48%.
Other income up 80.91%
to Rs 18.67 crore. PBIDT fell 1.31% to Rs 245.22
crore. Provision for interest up 26.79% to Rs 4.26 crore. Loan
funds remained nil.
PBIDT fell 1.31% to Rs
245.22 crore. Provision for depreciation rose 27.50% to Rs 21.79
crore.
Profit before tax down
3.88% to Rs 219.17 crore. Provision for tax was expense of Rs 44.89
crore, compared to Rs 43.3 crore. Effective tax rate was 20.48%
compared to 18.99%.
Profit after tax fell
5.65% to Rs 174.28 crore.
Promoters’ stake was
43.92% as of 30 September 2022 ,compared to 43.92% as of 30 June 2022
.
Quarter ended September
2022 compared with Quarter ended September 2021.
Net sales (including other operating income) of Tata Elxsi has increased 28.19%
to Rs 763.17 crore. Sales of System Integration & Support Serv
segment has gone up 44.79% to Rs 19.63 crore (accounting for 2.57% of total
sales). Sales of Software Development & Services segment has
gone up 27.81% to Rs 743.55 crore (accounting for 97.43% of total
sales).
Profit before interest,
tax and other unallocable items (PBIT) has jumped 33.66% to Rs 257.74
crore. PBIT of System Integration & Support Serv segment rose
154.66% to Rs 2.84 crore (accounting for 1.10% of total PBIT). PBIT
of Software Development & Services segment rose 32.96% to Rs 254.90 crore
(accounting for 98.90% of total PBIT).
PBIT margin of System
Integration & Support Serv segment rose from 8.22% to
14.45%. PBIT margin of Software Development & Services segment
rose from 32.95% to 34.28%. Overall PBIT margin rose from 32.39% to
33.77%.
Operating profit margin
has declined from 30.85% to 29.69%, leading to 23.37% rise in operating profit
to Rs 226.55 crore. Purchase of finished goods cost rose from 5.09%
to 5.45%. Employee cost decreased from 52.23% to 51.38%.
Other expenses rose from 11.83% to 13.48%.
Other income up 668.31%
to Rs 18.67 crore. PBIDT rose 31.79% to Rs 245.22
crore. Provision for interest up 167.92% to Rs 4.26
crore. Loan funds rose to Rs 186.64 crore as of 30 September 2022
from Rs 101.23 crore as of 30 September 2021. Sundry debtors were
higher at Rs 766.74 crore as of 30 September 2022 compared to Rs 414.07 crore
as of 30 September 2021. Cash and bank balance rose to Rs 961.65
crore as of 30 September 2022 from Rs 879.75 crore as of 30 September
2021.
PBDT rose 30.62% to Rs
240.96 crore. Provision for depreciation rose 61.41% to Rs 21.79
crore. Fixed assets increased to Rs 340.19 crore as of 30 September
2022 from Rs 195.30 crore as of 30 September 2021. Intangible assets
declined from Rs 20.31 crore to Rs 17.95 crore.
Profit before tax grew
28.18% to Rs 219.17 crore. Provision for tax was expense of Rs 44.89
crore, compared to Rs 45.65 crore. Effective tax rate was 20.48%
compared to 26.70%.
Profit after tax rose
39.06% to Rs 174.28 crore.
Equity capital stood at
Rs 62.28 crore as of 30 September 2022 to Rs 62.28 crore as of 30 September 2021. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was
43.92% as of 30 September 2022 ,compared to 44.53% as of 30 September 2021
.
For year-to-date (YTD)
results analysis
Net sales (including other operating income) of Tata Elxsi has increased 29.07%
to Rs 1,489.06 crore. Sales of System Integration & Support Serv
segment has gone up 39.71% to Rs 34.66 crore (accounting for 2.33% of total
sales). Sales of Software Development & Services segment has gone
up 28.84% to Rs 1,454.40 crore (accounting for 97.67% of total
sales).
Profit before interest,
tax and other unallocable items (PBIT) has jumped 42.94% to Rs 512.07
crore. PBIT of System Integration & Support Serv segment rose
155.01% to Rs 2.84 crore (accounting for 0.55% of total PBIT). PBIT
of Software Development & Services segment rose 42.60% to Rs 509.23 crore
(accounting for 99.45% of total PBIT).
PBIT margin of System
Integration & Support Serv segment rose from 4.49% to
8.19%. PBIT margin of Software Development & Services segment
rose from 31.64% to 35.01%. Overall PBIT margin rose from 31.05% to
34.39%.
Operating profit margin
has jumped from 28.92% to 31.21%, leading to 39.28% rise in operating profit to
Rs 464.69 crore. Purchase of finished goods cost fell from 6.07% to
5.43%. Employee cost decreased from 53.21% to 50.91%. Other
expenses rose from 11.80% to 12.44%.
Other income up 45.46%
to Rs 28.99 crore. PBIDT rose 39.63% to Rs 493.68
crore. Provision for interest up 135.60% to Rs 7.61
crore. Loan funds rose to Rs 186.64 crore as of 30 September 2022
from Rs 101.23 crore as of 30 September 2021. Sundry debtors were
higher at Rs 766.74 crore as of 30 September 2022 compared to Rs 414.07 crore
as of 30 September 2021. Cash and bank balance rose to Rs 961.65
crore as of 30 September 2022 from Rs 879.75 crore as of 30 September
2021.
PBDT rose 38.75% to Rs
486.07 crore. Provision for depreciation rose 53.01% to Rs 38.88
crore. Fixed assets increased to Rs 340.19 crore as of 30 September
2022 from Rs 195.30 crore as of 30 September 2021. Intangible assets
declined from Rs 20.31 crore to Rs 17.95 crore.
Profit before tax grew
37.63% to Rs 447.19 crore. Provision for tax was expense of Rs 88.19
crore, compared to Rs 86.21 crore. Effective tax rate was 19.72%
compared to 26.53%.
Profit after tax rose
50.39% to Rs 359.00 crore.
Equity capital stood at
Rs 62.28 crore as of 30 September 2022 to Rs 62.28 crore as of 30 September
2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was
43.92% as of 30 September 2022 ,compared to 44.53% as of 30 September 2021
.
Cash flow from operating
activities increased to Rs 254.29 crore for YTD ended September 2022 from Rs
243.69 crore for YTD ended September 2021. Cash flow used in
acquiring fixed assets during the YTD ended September 2022 stood at Rs 32.45
crore, compared to Rs 25.13 crore during the YTD ended September
2021.
Full year results
analysis
Net sales (including other operating income) of Tata Elxsi has increased 35.30%
to Rs 2,470.80 crore. Sales of System Integration & Support Serv
segment has gone up 11.24% to Rs 49.49 crore (accounting for 2.00% of total
sales). Sales of Software Development & Services segment has
gone up 35.90% to Rs 2,421.31 crore (accounting for 98.00% of total
sales).
Profit before interest,
tax and other unallocable items (PBIT) has jumped 49.69% to Rs 831.44
crore. PBIT of System Integration & Support Serv segment fell
31.75% to Rs 2.49 crore (accounting for 0.30% of total PBIT). PBIT
of Software Development & Services segment rose 50.23% to Rs 828.95 crore (accounting
for 99.70% of total PBIT).
PBIT margin of System
Integration & Support Serv segment fell from 8.20% to
5.03%. PBIT margin of Software Development & Services segment
rose from 30.97% to 34.24%. Overall PBIT margin rose from 30.42% to
33.65%.
Operating profit margin
has jumped from 28.61% to 30.99%, leading to 46.58% rise in operating profit to
Rs 765.73 crore. Purchase of finished goods cost rose from 4.68% to
5.13%. Employee cost decreased from 56.15% to 52.12%.
Other expenses rose from 10.53% to 11.77%.
Other income up 11.97%
to Rs 44.53 crore. PBIDT rose 44.13% to Rs 810.26
crore. Provision for interest up 59.02% to Rs 9.43
crore. Loan funds rose to Rs 138.50 crore as of 31 March 2022 from
Rs 73.21 crore as of 31 March 2021. Inventories rose to Rs 0.57 crore
as of 31 March 2022 from Rs 0.06 crore as of 31 March 2021. Sundry
debtors were higher at Rs 672.79 crore as of 31 March 2022 compared to Rs
489.37 crore as of 31 March 2021. Cash and bank balance rose to Rs
965.21 crore as of 31 March 2022 from Rs 859.62 crore as of 31 March
2021.
PBDT rose 43.97% to Rs
800.83 crore. Provision for depreciation rose 24.70% to Rs 55.34
crore. Fixed assets increased to Rs 273.25 crore as of 31 March 2022
from Rs 158.37 crore as of 31 March 2021. Intangible assets increased
from Rs 18.55 crore to Rs 20.35 crore.
Profit before tax grew
45.64% to Rs 745.49 crore. Provision for tax was expense of Rs
195.82 crore, compared to Rs 143.74 crore. Effective tax rate was
26.27% compared to 28.08%.
Profit after tax rose
49.32% to Rs 549.67 crore.
Equity capital stood at
Rs 62.28 crore as of 30 September 2022 to Rs 62.28 crore as of 30 September
2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was
44.08% as of 31 March 2022 ,compared to 44.53% as of 31 March 2021
.
Cash flow from operating
activities increased to Rs 483.03 crore for year ended March 2022 from Rs
437.39 crore for year ended March 2021. Cash flow used in acquiring
fixed assets during the year ended March 2022 stood at Rs 71.19 crore, compared
to Rs 38.84 crore during the year ended March 2021.
Management Commentary:
Mr. Manoj Raghavan, CEO and
Managing Director, Tata Elxsi, commenting on the company’s performance, said:
“We have delivered a quarter of
steady growth amidst macro-economic uncertainty and currency headwinds in our
key markets. We are seeing strong and sustained growth in the automotive and
adjacent segments, led by our EV and digital capabilities. We are gaining
market share in both Automotive and Media & Communications, especially in
Europe. The numbers are muted in the region due to unfavourable currency
movement.
We won multi-year deals in EV and
autonomous driving systems in the automotive space, and a next-gen platform for
connectivity and infotainment with a leading offroad equipment maker. We have
won strategic platform-led deals in media and communications, with new SaaS and
managed services models.
For us, this has been a quarter
of investing strongly in growth for the future. With a net add of 1532, we have
added the highest number of Elxsians in our history in a single quarter, while
the attrition rate declined for the second consecutive quarter. We have also
invested in expanding our facilities in existing locations of Bengaluru, Chennai
and Pune, and new talent bases in Kozhikode and Hyderabad.
We are also making significant
investments in growing our leadership pipeline for delivery, technology and
sales. This is essential for us to establish the next base of talent to win,
manage and grow the increasing number of strategic accounts and new offerings
we are bringing to market.
We are
entering the second half of the financial year with a strong order book and a
healthy deal pipeline across key markets and industries, and the confidence of
customers in our technology capabilities and differentiated delivery models.
Importantly, we have invested in capacity and capability building for
engineering talent, leadership and technology that will drive our next phase of
growth.” | Tata Elxsi : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 763.17 | 595.33 | 28.19 | 1,489.06 | 1,153.65 | 29.07 | 2,470.80 | 1,826.16 | 35.30 | | OPM (%) | 29.69 | 30.85 | -116 bps | 31.21 | 28.92 | 229 bps | 30.99 | 28.61 | 238 bps | | OP | 226.55 | 183.64 | 23.37 | 464.69 | 333.63 | 39.28 | 765.73 | 522.40 | 46.58 | | Other Inc. | 18.67 | 2.43 | 668.31 | 28.99 | 19.93 | 45.46 | 44.53 | 39.77 | 11.97 | | PBIDT | 245.22 | 186.07 | 31.79 | 493.68 | 353.56 | 39.63 | 810.26 | 562.17 | 44.13 | | Interest | 4.26 | 1.59 | 167.92 | 7.61 | 3.23 | 135.60 | 9.43 | 5.93 | 59.02 | | PBDT | 240.96 | 184.48 | 30.62 | 486.07 | 350.33 | 38.75 | 800.83 | 556.24 | 43.97 | | Depreciation | 21.79 | 13.5 | 61.41 | 38.88 | 25.41 | 53.01 | 55.34 | 44.38 | 24.70 | | PBT | 219.17 | 170.98 | 28.18 | 447.19 | 324.92 | 37.63 | 745.49 | 511.86 | 45.64 | | PBT before EO | 219.17 | 170.98 | 28.18 | 447.19 | 324.92 | 37.63 | 745.49 | 511.86 | 45.64 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 219.17 | 170.98 | 28.18 | 447.19 | 324.92 | 37.63 | 745.49 | 511.86 | 45.64 | | Taxation | 44.89 | 45.65 | -1.66 | 88.19 | 86.21 | 2.30 | 195.82 | 143.74 | 36.23 | | PAT | 174.28 | 125.33 | 39.06 | 359 | 238.71 | 50.39 | 549.67 | 368.12 | 49.32 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 174.28 | 125.33 | 39.06 | 359 | 238.71 | 50.39 | 549.67 | 368.12 | 49.32 | | EPS (Rs)* | 27.98 | 20.12 | 39.06 | 57.65 | 38.33 | 50.39 | 88.26 | 59.11 | 49.32 | | | * 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) | 202209 | 202109 | Var.(%) | % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | System Integration & Support Serv | 2.57 | 19.63 | 13.55 | 44.79 | 2.33 | 34.66 | 24.81 | 39.71 | 2.00 | 49.49 | 44.49 | 11.24 | | Software Development & Services | 97.43 | 743.55 | 581.78 | 27.81 | 97.67 | 1,454.40 | 1,128.84 | 28.84 | 98.00 | 2,421.31 | 1,781.67 | 35.90 | | Total Reported Sales | 100.00 | 763.17 | 595.33 | 28.19 | 100.00 | 1,489.06 | 1,153.65 | 29.07 | 100.00 | 2,470.80 | 1,826.16 | 35.30 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 763.17 | 595.33 | 28.19 | 100.00 | 1,489.06 | 1,153.65 | 29.07 | 100.00 | 2,470.80 | 1,826.16 | 35.30 | | PBIT | | System Integration & Support Serv | 1.10 | 2.84 | 1.11 | 154.66 | 0.55 | 2.84 | 1.11 | 155.01 | 0.30 | 2.49 | 3.65 | -31.75 | | Software Development & Services | 98.90 | 254.90 | 191.71 | 32.96 | 99.45 | 509.23 | 357.12 | 42.60 | 99.70 | 828.95 | 551.79 | 50.23 | | Total PBIT | 100.00 | 257.74 | 192.83 | 33.66 | 100.00 | 512.07 | 358.23 | 42.94 | 100.00 | 831.44 | 555.44 | 49.69 | | Less : Interest | | 4.26 | 1.59 | 168.23 | | 7.61 | 3.23 | 135.72 | | 9.43 | 5.93 | 58.89 | | Add: Other un-allcoable | | -34.32 | -20.25 | -69.44 | | -57.27 | -30.08 | -90.38 | | -76.52 | -37.64 | -103.30 | | PBIT Margin(%) | | System Integration & Support Serv | | 14.45 | 8.22 | 623.41 | | 8.19 | 4.49 | 370.27 | | 5.03 | 8.20 | -316.95 | | Software Development & Services | | 34.28 | 32.95 | 132.90 | | 35.01 | 31.64 | 337.75 | | 34.24 | 30.97 | 326.51 | | PBT | 100.00 | 219.17 | 170.99 | 28.18 | 100.00 | 447.19 | 324.92 | 37.63 | 100.00 | 745.49 | 511.87 | 45.64 |
|
|
Peer Comparision (Standalone)
|
Q-202209
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
14-Oct-2022
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
|
Tata Elxsi Ltd
|
763.17
|
28.19
|
226.55
|
23.37
|
174.28
|
39.06
|
8,455.85
|
35.18
|
107.58
|
78.60
|
|
Cyient Ltd
|
516.60
|
20.31
|
82.40
|
-30.64
|
48.50
|
-42.19
|
764.80
|
-33.96
|
47.55
|
16.08
|
|
DRC Systems India Ltd
|
5.32
|
-0.56
|
1.74
|
167.69
|
0.84
|
460
|
29.00
|
-23.88
|
0.51
|
56.90
|
|
Excel Realty N Infra Ltd
|
2.31
|
62.68
|
-0.29
|
-163.64
|
0.70
|
LP
|
0.62
|
195.24
|
0.00
|
182.21
|
|
Industry
|
1,287.40
|
24.81
|
310.40
|
2.45
|
224.32
|
7.24
|
62,396.96
|
33.66
|
|
15.03
|
|