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Tata Elxsi Shares Tumble Nearly 10% after Weak June Quarter Results

Representative image (Reuters)

Representative image (Reuters)

Tata Elxsi posted around 31% year-on-year decline in its net profit to Rs 48.79 crore for the quarter ended June. The company’s profit after tax (PAT) had stood at Rs 70.49 in the year-ago period and at Rs 71.29 crore in the previous quarter.

Tata Elxsi Ltd shares tumbled nearly 10% in intraday trade on Wednesday, i.e. 17 July, after the company posted weak earnings for the June quarter.

At 3:30pm, shares of Tata Elxsi were trading at Rs 742, down 8.9%, on BSE after hitting an intra-day low of Rs 735.80. The stock has lost over 42% in the last one year.

Tata Elxsi posted around 31% year-on-year decline in its net profit to Rs 48.79 crore for the quarter ended June. The company’s profit after tax (PAT) had stood at Rs 70.49 in the year-ago period and at Rs 71.29 crore in the previous quarter.

Revenue from operations stood at Rs 361.71 crore during the June quarter, down 5.3% year-on-year from Rs 382.03 crore in the year-ago quarter and 11% sequentially when compared with Rs 405 crore in the previous quarter.

At the operating level, earnings before interest and tax (Ebit) during the June quarter was down by a whopping 42% year-on-year to Rs 58.09 crore, while EBIT margin contracted to 16.1% compared with 26.3% a year ago.

Tata Elxsi’s basic earnings per share (EPS) during the June quarter stood at Rs 7.83 against Rs 11.32 in the year-ago period and Rs 11.45 in the previous quarter.

Tata Elxsi, a Tata Group company, provides design and technology services for product engineering and solution across industries including broadcast, communications and automotive.


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