Tata Elxsi reported a 6% year-on-year increase in net profits for Q3FY24, reaching ₹206.4 crore, alongside an 11% rise in revenue to ₹914.2 crore.
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In the latest quarter, the net profit saw a sequential growth of 3%, amounting to ₹200.2 crore, and the revenue also experienced a 3% increase, reaching ₹881.6 crore.
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EBITDA increased by 2.4% to ₹270.1 crore QoQ, with a marginal dip in margin from 29.9% to 29.5%.
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In intra-day trading, the stock dropped 4.7% to ₹7,807.35. It is now trading 33% above its 52-week low and 15% below its all-time high.
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In the past year, the stock saw a 23% increase, yet it experienced a decline of over 10% in January, ending a three-month run of gains.
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From March to December 2023, Tata Elxsi reported a 7% rise in net profit to ₹595.3 crore, and a 16% increase in revenue, reaching ₹2,734.5 crore.
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Amidst challenges, Tata Elxsi focused on expanding its workforce, adding over 350 new employees in the quarter and a total of 1,357 in the past nine months.
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Choice Broking recommends an 'add' with a target of ₹8,890, suggesting a 14% potential increase, whereas Morgan Stanley advises an 'underweight' position, targeting ₹7,500, indicating a 4% potential decrease.
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Manoj Raghavan, the CEO, remains optimistic about the company's growth, citing confidence in its Design-Digital proposition, operational efficiency, and a robust pipeline of deals.
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Divergent views on Tata Elxsi's growth emerge among brokerages, with some optimistic about its future, while others question growth quality in specific segments.
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