Transportation and industrial business help drive Tata Elxsi’s profit to Rs 200 crore in Q2 FY2024
Bengaluru-based technology and design company Tata Elxsi has reported improvement in financial performance in Q2 FY2024. The company reported revenue of Rs 881.7 crore, up 15.5 percent YoY and net profit of Rs 200 crore, up 14.8 percent YoY.
The robust growth can be attributed to the improvement in performance in transportation business and industrial design division.
Tata Elxsi’s Transportation business, which accounts for 46.2 percent of the revenue coming from three verticals, witnessed strong growth of 7.1 percent QoQ and 26.1 percent YoY. During the quarter it landed a multi-year large deal for SDV (software defined vehicles) from one of the leading automotive OEMs.
The Healthcare & Lifesciences business registered a growth of 8.5 percent YoY.
“OurDesign-Digitalstrategy is playing out well and has helped our Industrial Design division to cross Rs 100 crore revenue mark for the first time in company history. The division grew by 4.1 percent QoQ and 35.4 percent on a YoY basis, driven by strong demand fordesign-ledengineering services.”
The company says it added 585 employees in the quarter and also focussed on employee retention strategies that helped it improve attrition to 13.7 percent.