Tata Elxsi's astounding profit growth - Views on News from Equitymaster

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Tata Elxsi's astounding profit growth

Nov 3, 2000

Tata Elxsi Limited, a leading player in systems integration and design & development, has recorded encouraging results for the quarter ended September 2000. The profits have climbed up considerably due to value added services provided by the company to its domestic customers. During the quarter software revenues contributed 38% to total revenues (22% in 2QFY00). Software business of the company has shown more than 100% growth compared to corresponding previous quarter.

(Rs m)2QFY002QFY01Change
Sales 305 325 6.4%
Other Income 2 1 -54.0%
Expenditure 280 269 -3.7%
Operating Profit (EBDIT) 26 56 117.5%
Operating Profit Margin (%)8.4%17.1% 
Interest 8 9 12.1%
Depreciation 11 13 20.6%
Profit before Tax935304.6%
Other Adjustments   
Tax 1 5 261.9%
Profit after Tax/(Loss) 7 30 312.3%
Net profit margin (%)2.4%9.2% 
No. of Shares (eoy) (m) 31.1 31.1  
Diluted Earnings per share*0.93.8 
P/E (at current price) 102 25  
*(annualised)   

The company has received major orders from Japan, and is expanding its business in USA and Europe. It has a wide base of clientele which includes Hitachi, Epson, Intel, Alcatel, Epson and Computer Associates.

At the current market price of Rs 95 Tata Elxsi is trading at a P/E of 25 times its 2QFY01 annualised earnings.

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