Tata Elxsi Stock Increased By 3.35% after Q2FY24 earnings

Here are the early trade hour details of Tata Elxsi. On Wednesday morning, the design and digital tech unit of Tata Group, Tata Elxsi, registered a spike in its stock value following the company’s decent growth for the second quarter of the current fiscal year. Yes, you heard it right, investors of Tata Elxsi are cheering for this significant growth on Wednesday, October 18, 2023. Talking about the numbers, it increased by 3.35 percent taking the stock value to Rs7,694.40 during the early trade hours on Wednesday morning. As mentioned, Tata Elxsi before announced its growth for the second quarter of the current fiscal year. In the following sections, we have poured in more details of Tata Elxsi stocks. You should go through it till the end. Swipe down the page.

Tata Elxsi

Following the release of Tata Elxsi’s financial report for the second quarter of the current fiscal year, the stock suddenly witnessed a surge in its stock value. Apparently, it was a result of Tata Elxsi stock’s good performance in Q2FY24. Reportedly, the company released its financial performance report on Tuesday after the market closed. In the report, Tata Elxsi mentioned its consolidated net profit increase of 14.8 percent to Rs200 crore. Swipe down the page and read what profit Tata Elxsi earned during the same period of the previous fiscal year.

If we talk about Tata Elxsi’s financial report for Q2FY23, the company recorded a net profit of Rs174.3 crore which was 5.9 percent lower than the net profit for the same period during the current fiscal year. The consolidated revenue from operations during the September quarter came in at Rs881.7 crore, up by 3.7 percent Quarter-on-Quarter and 15.5 percent Year-on-Year. The company’s transportation business registered growth of 7.1 percent Quarter-on-Quarter and 26.1 percent Year-on-Year in Q2FY24, assisted by big deals and strong traction in SDV (software-defined vehicle) engagements.

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Notably, Tata Elxsi bagged a multi-year deal for a Software-defined Vehicle from OEMs, a leading automotive firm. Meanwhile, the company’s healthcare division also increased by 3.6 percent and 8.5 percent, QoQ and YoY respectively, assisted by digital health, regulatory services, and engineering. The CEO and MD of Tata Elxsi Manoj Raghavan reflected on the company’s performance in Q2FY24, “We are happy to report a healthy performance in the second quarter with a top-line growth of 3.7% QoQ and 15.5% YoY in a challenging quarter for the industry.” Stay tuned to this website for more details and updates.

Amzad Khan
Amzad Khan

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