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KRChoksey Research Report
Tata Elxsi Ltd.'s Q1 FY23 performance was slightly lower than our estimate. Rupee revenue grew by 6.5% constant currency QoQ to Rs 7,259 million, powered by embedded product design growing at 6% QoQ, while industrial design and visualization grew smartly at 9.3% QoQ.
Operating margin for the quarter stood at 30.5%. The overall growth was fueled by digital and platform-led deals. Significant growth in the automotive market helped Tata Elxsi to win large and strategic deals with both original equipment manufacturer and suppliers in electric vehicle and autonomous technologies.
Reported net profit grew by 15.4% QoQ to Rs 1,847 million with margin of 25.4%. In-spite of the ongoing talent crunch, margins expanded in the near term, led by higher offshoring/utilisation, deeper customer mining, large sustainable deals, rebalancing vertical/geographical mix and operating leverage.
The deal pipeline remains robust with a good mix of deals and has seen traction in Transportation and Medical & Healthcare segment.
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