Tata Elxsi share price hits new 52-week high after Q3 profit jumps 39% to Rs 105 crore
The company's revenue from operations rose 12.7 percent to Rs 477.1 crore for the said quarter from Rs 423.4 crore in the corresponding period last fiscal.
January 13, 2021 / 09:53 AM IST
Tata Elxsi | The company reported sharply higher profit at Rs 105 crore in Q3FY21 against Rs 78.8 crore, revenue rose to Rs 477.1 crore from Rs 430.2 crore QoQ.
Tata Elxsi share price jumped over 8 percent in the morning session on January 13 after the company declared its Q3 results.
Tata Elxsi on January 12 said its net profit has increased 39.5 percent to Rs 105.2 crore for the December 2020 quarter. The company had registered a net profit of Rs 75.4 crore in the year-ago period, Tata Elxsi said in a regulatory filing.
Its revenue from operations rose 12.7 percent to Rs 477.1 crore for the said quarter from Rs 423.4 crore in the corresponding period last fiscal, it added.
The stock was trading at Rs 2,251, up Rs 173.90, or 8.37 percent at 09:28 hours. It has touched a 52-week high of Rs 2,299.90. It has touched an intraday high of Rs 2,299.90 and an intraday low of Rs 2,150.
The scrip also witnessed spurt in volume by more than 1.27 times and was trading with volumes of 51,361 shares, compared to its five day average of 43,316 shares, an increase of 18.57 percent.
"We continue to execute strongly on both top line and bottom line, with double-digit quarter-on-quarter revenue growth and industry-leading operating margins. Our Healthcare business continues to accelerate, while Media and Communications reported another strong quarter of sustained growth," said Tata Elxsi CEO and Managing Director Manoj Raghavan.
The company has also closed some large deals, including a multi-million dollar deal with a European Tier 1 supplier for vehicle electronics and software, and with a North American Tier 1 supplier for autonomous driving, Raghavan said.