Tata Elxsi Q3 Results FY2023, PAT at Rs. 194.67 crores

On 25th January 2023, Tata Elxsi announced its results for the third quarter of FY2023.

Key Highlights:

- Revenues from operations at Rs. 817.7 Crores, up by 28.7% YoY 
- Overall quarterly revenue crosses US$ 100 million for the first time 
- EBITDA Margin expands to 30.2%, up by 9.0% QoQ growth  
- Profit after tax at Rs. 194.7 Crores, up by 11.7% QoQ 
- EPS grows 11.7% QoQ and 29.0% YoY to Rs. 31.26

Business Highlights:

- Transportation witnessed stellar growth of 12% QoQ and 33.2% YoY, aided by large deals and market share gains in EV, Software Defined Vehicles and adjacencies. 
- Healthcare grew at 28.4% YoY, driven by new product engineering, digital health, and regulatory services.  
- Media and Communications grew 14.7% YoY in a challenging quarter for the industry, aided by new wins in Android TV and AdTech, and platform-led deals with operators. 
- Among regions, Europe delivered strong growth of 8.9% QoQ, followed by US at 6.3% QoQ. 

Key Deals:

- Selected by a global OEM software organization for a Software Defined Vehicle (SDV) program. This represents a strategic entry for next-generation SDV and EV platform development. 
- Tata Elxsi was selected to set up an offshore center of excellence for EV system development for a leading USEV system supplier. This represents a multi-million multi-year engagement. 
- Tata Elxsi won a design-led New Product Development (NPD) deal from a Global medical devices company for the development of a home renal care platform. 
- A leading broadcaster in EMEA selected Tata Elxsi to develop, integrate and deploy a next-generation Adtech platform for streaming video services. 
- Tata Elxsi was selected to design, integrate and set up AR/VR-based safety training and worker productivity training centers across multiple manufacturing plants for a global industrial leader. This unique industry-first solution for smart manufacturing brings together design, content, and technology.

Commenting on the results, Mr. Manoj Raghavan, CEO and Managing Director, Tata Elxsi said: “We have delivered a quarter of steady growth in a seasonally weak and challenging quarter for the technology industry and macro-economic uncertainty in our key markets. 
We are seeing strong and sustained growth in the Automotive and adjacent segments in Transportation, led by our differentiated EV and digital capabilities.”