Tata Elxsi Share Price Falls Nearly 8% After Company Posts Decline In Net Profit
The company's net profit for the quarter fell to Rs 144.37 crore from Rs 172.42 crore in the previous quarter.
Tata Elxsi Ltd.'s share price dropped 7.78% following the announcement of June quarter results, which revealed a 16% decline in profit.
The company's net profit for the quarter fell to Rs 144.37 crore from Rs 172.42 crore in the previous quarter. Revenue also saw a decrease of 1.8%, reaching Rs 892.10 crore compared to Rs 908.34 crore.
EBIT declined by 11% to Rs 162.44 crore, down from Rs 182.97 crore, and margins contracted to 18.2% from 20.1%.
Manoj Raghavan, CEO and MD of Tata Elxsi, commented on the quarter, stating, "This quarter was challenging across key markets. Macroeconomic uncertainties, industry and customer-specific issues impact R&D spend and decision-making cycles across geographies."
Tata Elxsi, established in 1989, is a global leader in design and technology services, catering to industries such as automotive, media, communications, and healthcare.
The company leverages digital technologies like IoT, cloud, mobility, virtual reality, and artificial intelligence to help customers reimagine their products and services. With a presence in over 35 locations across 15 countries, Tata Elxsi combines deep domain expertise with over 30 years of technology and product development experience to deliver innovative solutions.
