Tata Elxsi shares close nearly 6% higher after fourth quarter earnings

Shares of Tata Elxsi closed with a gain of nearly 6 per cent on Friday after the company’s net profit increased 40.3 per cent in the March 2021 quarter.

The stock, which jumped 9.64 per cent to Rs 3,340 — its 52-week high — on the BSE during the day, later closed at Rs 3,191.95, a gain of 4.78 per cent.

On the NSE, it closed 5.72 per cent higher at Rs 3,222.75 after zooming 9.57 per cent to its 52-week high of Rs 3,340 during the day.

Tata Elxsi on Thursday said its net profit has increased 40.3 per cent to Rs 115.16 crore in the March 2021 quarter.

The company had registered a net profit of Rs 82.08 crore in the year-ago period, Tata Elxsi said in a regulatory filing.

Its revenue from operations rose 18.1 per cent to Rs 518.39 crore for the said quarter, from Rs 438.88 crore in the corresponding period last fiscal, it added.

In the financial year 2021, the company’s net profit increased 43.7 per cent to Rs 368.1 crore, while revenue grew 13.4 per cent to Rs 1,826.2 crore over the previous financial year.

“It was a satisfying quarter with continued growth across offerings, industries, and geographies,” Tata Elxsi Chief Executive Officer and Managing Director Manoj Raghavan said in a statement.

The company continued to execute strongly on its growth aspirations with over 9 per cent quarter-on-quarter revenue growth in constant currency, he added.

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