Tata Elxsi's net profit soared 64.63% to Rs 113.38 crore on 39.41% surge in revenue from operations to Rs 558.32 crore in Q1 June 2021 over Q1 June 2020.
Profit before tax jumped 63.84% to Rs 153.93 crore in Q1 FY21 as against Rs 93.95 crore in Q1 FY20. The Q1 earnings was declared after trading hours yesterday, 15 July 2021.
On a sequential basis, net profit fell 1.55% while revenue from operations increased 7.70% in Q1 June 2021 over Q4 March 2021.
The company's growth was driven by both its key businesses, with Embedded Product Design (EPD), the company's largest division growing by 7.5% Q-o-Q (quarter-on-quarter) and 31.4% Y-o-Y (year-on-year) and Industrial Design & Visualization (IDV) posting a smart growth of 13.9% Q-o-Q and 132.1% Y-o-Y.
The growth was led by Americas with 17.5% Q-o-Q and 69.3% Y-o-Y growth. Europe grew by 5.4% Q-o-Q and 30.1% Y-o-Y. India grew by 2.8% Q-o-Q and 47.6% Y-o-Y.
Within EPD, growth was broad-based across industry verticals. Healthcare continues to grow faster than the other industry verticals with growth of 19.3% Q-o-Q and 80.2% Y-o-Y. Media & Communications delivered another steady quarter with 8% Q-o-Q and 31.6% Y-o-Y growth. Transportation continues to show revival with 3.4% Q-o-Q and 20.1% Y-o-Y growth.
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Commenting on the Q1 performance, Manoj Raghavan, the chief executive officer (CEO) and managing director (MD) of Tata Elxsi, has said that: "We are pleased to report a strong start to the new fiscal with all-round growth across industries and key geographies. We continue to execute strongly on both top line and bottom line. Our Healthcare business continues to grow strongly, while both Transportation and Media and Communications reported another quarter of sustained growth. We are seeing sustained recovery in the automotive market for the third consecutive quarter. We have also won large and strategic deals with both OEMs and suppliers in EV and autonomous technologies, underscoring our technology and engineering leadership. This is reflected in both the industry and geography growth we have reported in the quarter."
"We have also won strategic deals in digital health, OTT and video platform development, which reflect on our ability to support the product and technology transformation agendas of customers in our key verticals. I am especially delighted with our company having won the NASSCOM Engineering & Innovation Excellence Awards 2021 for Engineering Service Providers in all product categories. This recognition is a testimony to Tata Elxsi's DNA of bringing design and technology together, leadership in each vertical we operate in, and our differentiated solution and value driven approach to the market. We are entering the second quarter with a strong order book and a healthy deal pipeline across key markets and industries," he added.
Tata Elxsi provides design and technology services across industries including automotive, broadcast, communications, healthcare and transportation.
Shares of Tata Elxsi fell 0.62% to Rs 4,459.60 on BSE. It traded in the range of Rs 4,200 and Rs 4,469.80 during the day.
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