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Tata Elxsi reports 6.7% QoQ growth in revenues

Posted On: 2019-10-22 13:03:49

Tata Elxsi (BSE: 500408 | NSE: TATAELXSI), among the world's leading providers of design-led technology services, announced its results for the second quarter ended September 30, 2019.

Highlights & Recognitions for Q2 FY20:

- Revenue from operations at Rs. 3858 million; growth of 6.7% QoQ
- Transportation vertical grew 9% QoQ
- Design and Visualization business grew 13% QoQ
- Tata Elxsi won a silver at the AUTOSENS Awards 2019 in Bonn, Germany for its innovative Augmented Reality V2X Simulation Tool, AR-V2X

The company reported all-round growth QoQ across key verticals, business divisions and geographies in the financial quarter ending Sep 30, 2019.

The Transportation vertical which contributes over 45% of the revenue, grew at above 9% QoQ. Media and Communications delivered another quarter of steady growth at 5%. The design and visualisation business also showed strong growth with a 13% increase QoQ.

The quarter saw additions of some leading customers across verticals, including some large deals in the Electric Vehicles, Connected cars, and OTT segments.

"The company has delivered steady growth across businesses and geographies. The transportation vertical saw a sharp recovery from last quarter, helping overcome the decline with the top customer that impacted our results in the first quarter.

The performance was a combination of mining existing customers as well as new customer additions. We have won some large deals in both automotive and Media & Communications verticals and added new customers across geographies that we expect to grow in further quarters", said Manoj Raghavan, CEO and Managing Director, Tata Elxsi Limited.

Shares of TATA ELXSI LTD. was last trading in BSE at Rs.706 as compared to the previous close of Rs. 709.05. The total number of shares traded during the day was 100682 in over 2990 trades.

The stock hit an intraday high of Rs. 721.9 and intraday low of 702.7. The net turnover during the day was Rs. 71693562.


Source: Equity Bulls

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