Tata Elxsi’s net profit down 4.5% QoQ; added 1,500 employees in FY24

economictimes.indiatimes.com:

Tata Elxsi’s net profit declined by 4.5% sequentially at Rs 197 croreore, in the final quarter of FY24. Dragged down by its falling margin that dropped by 100 basis points (bps) on-year and a one-time ramp-down, the tech firm’s net profit was also down by 2.3% on-year. The engineering service provider also saw its Q4 revenue at Rs. 905.9 crore, down by 0.9% QoQ. This the first time after Q1 of FY21, where the company saw a sequential revenue decline. For the full fiscal its revenue grew by 13% on-year at Rs 3,552 croreore. Tata Elxsi said that it was impacted by its media and communication vertical which declined by 4.6% in constant currency terms in Q4 and also saw a one-time ramp-down by a customer.

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Manoj Raghavan, CEO and MD, Tata Elxsi, said, “Financial year 2024 has been a year of consistent operational performance with a revenue growth of 13% despite global macroreoeconomic uncertainties and volatility in the media and communications industry over the last few quarters. We have done well to maintain industry leading EBITDA margins at 29.5% for the year, even while we continued to invest in expanding our talent base through all four quarters, with a net addition of 1,535 Elxsians through the year.”

He added, “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