Tata Elxsi Q2 Review - Multi-Year Tailwind In Embedded Product Design Vertical: KRChoksey
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KRChoksey Research Report
Tata Elxsi Ltd.'s Q2 FY22 performance was slightly higher than with our estimate.
Rupee revenue grew by 6.6% QoQ to Rs 5,953 million (our estimate: Rs 5,929 million).
Reported operating margin witnessed an sharp uptick of 384 basis points to 28.6% QoQ fueled by embedded product design business and industrial design and visualisation.
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.
Reported net profit grew by 10.5% QoQ to Rs 1,253 million (our estimate: Rs 1,248 million) with margin of 21.1% led by higher net operating income.
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