Design and technology services company Tata Elxsi on April 23 reported a net profit of Rs 196.93 crore for the quarter ended March 31, declining both sequentially and annually, according to an exchange filing.
The company also announced a dividend of Rs 70 per share for the financial year 2023-24, it said.
“Further, we are pleased to inform you that the Board of Directors has recommended a dividend of 700% at Rs 70 per equity share of Rs 10 each, for the financial year 2023-24, subject to tax, which shall be paid/dispatched on or after the seventh day from the conclusion of the 35th Annual General Meeting, subject to the approval of the shareholders of the Company,” the firm announced.
The net profit was down 4.6 percent quarter-on-quarter compared to Rs 206.4 crore reported in the October to December period of FY24 and lower by 2.32 percent against Rs 201.5 crore in the March quarter of FY23, the filing showed.
The company’s total revenue from operations stood at Rs 905.9 crore in the March quarter, which was lower compared to Rs 914.23 crore in Q3FY24, but higher than Rs 837.91 crore recorded in Q4FY23.
For the full year, the company reported a profit after tax of Rs 792.2 crore in FY24, jumping 4.9 percent YoY and a revenue of Rs 3,552.1 crore, gaining 13 percent YoY.
"I am pleased with our overall performance and resilience in revenues, margins, and customer additions through the year in a volatile macroeconomic environment. We are entering the new financial year with a
strong commitment for growth, and continued confidence in our differentiated design-led engineering capabilities. This is backed by strong customer relationships, addition of marquee logos, large deal wins,
especially in SDV, investments in AI and GenAI, and a strong deal pipeline for the year ahead,” said company's CEO and MD Manoj Raghavan.
In terms of sectors, the company's transportation segment recorded a growth of 20.4 percent YoY in CC terms, It was supported by large deals and
sustained traction in software defined vehicles, the company said.
Healthcare and media & communications segments also posted growths of 7.6 percent and 2.6 percent YoY respectively.
The company also added 178 employees compared to the previous quarter, taking the total headcount to 13,399 at the end of the March quarter. The attrition rate for the said quarter was at 12.4 percent, down from 12.9 percent in the December quarter, the company said.
The Bengaluru-based company’s stock price ended marginally lower by 0.57 percent at Rs 7,393.85 on BSE on April 23.
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