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KRChoksey Research Report
Tata Elxsi Ltd.'s Q3 FY22 performance was in line with our estimate. Rupee revenue grew by 6.7% QoQ to Rs 6,354 million (our estimate: Rs 6,332 million).
Reported operating margin witnessed an sharp uptick of 239 basis points QoQ to 31% fueled by embedded product design business, up by 36% YoY) and industrial design and visualization (up by 12.4% YoY).
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.
In-spite of the ongoing talent crunch, margins to remain stable in the near term, led by higher offshoring, utilisation and operating leverage.
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