Tata Elxsi announced its Q4 and full year earnings. The Q4FY24 PAT came in at Rs 196.9 crore, down 4.6% QoQ as compared to the Q3 performance. The revenue in Q4 also came in muted at Rs 905.9 crore, down 0.9% QoQ.
The transportation sector is amongst the top contributors in Q4 with growth coming at 16.4% YoY in aided by sustained traction in Software Defined Vehicles (SDV). The Healthcare vertical’s growth came in at 7.2% YoY driven by new product
engineering and regulatory services. Media and Communications meanwhile declined 4.6% YoY amidst challenging industry environment and one-time ramp-down impact with one customer.
For the full year too, Tata Elxsi, reported FY24 Revenues at Rs. 3,552.1 crore, up 13.0% YoY. The PAT for FY24 came in at Rs 792.2 crore, up 4.9% YoY.
The board recommended a 700% dividend. It essentially means dividend of Rs 70 per share of par value of Rs 10 each for the financial year ending March 31, 2024.
Speaking on the company’s performance in the financial year FY24, Manoj Raghavan, CEO and Managing Director, Tata Elxsi said, “We are transforming our customer base across industries, with a significant shift towards OEMs in the automotive industry, and operators in the media and telecom industry, while we continue to invest in deepening our key customer relationships. This is reflected in the strong growth in our Top 10 and Top 25 customers across the company.
We are continuing to invest ahead in building our talent pipeline, and are expanding our presence across locations in India and overseas. Our employee retention continues to be the best amongst our peers and industry at large.”
He added that, “We are entering the new financial year with a commitment for growth, and the continued confidence in our
differentiated design-led engineering capabilities. This is backed by strategic relationships we have built over
years with key customers, the qualitative change in revenues towards OEMs and SDV programs, entries into
new operators and marquee healthcare logos, investments in strategic technology areas and AI, and the
strong deal pipeline we carry into the new financial year.”
