Tata Exlsi shares gains 5 percent on strong September quarter earnings
Published On: Thursday, October 15, 2020 | By: Team KnowMyStock
Shares of design and technology services provider Tata Elxsi on Thursday rose by over 5 per cent and hit a record high of Rs 1,533.55 on the BSE in early trade on the stock exchange after the company reported a 58.3 per cent increase in net profit to Rs 78.8 crore for the September quarter. It had reported a net profit of Rs 49.8 crore in the year-ago period, The company's operational revenues grew 11.5 per cent YoY at Rs 430 crore from Rs 385.8 crore in the corresponding period a year ago. The company’s growth was driven by both its key businesses – Embedded Product Design (EPD) and Industrial Design & Visualisation (IDV).
The Company said it is seeing some recovery in the automotive market and it has closed some large deals, including a multi-year deal with a European Tier1 supplier for vehicle electronics and software. The company has also added new automotive customers including a new OEM (Original Equipment Manufacturer. Raghavan said the company is going into the second half of FY21 with a strong deal pipeline across geographies and verticals, and a significant number of large deals that it is pursuing.
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