Tata Elxsi doubles Q1 hiring on push from EVs and software focus in vehicles
The company added 771 employees during April-June. This is more than double the previous quarter.
Tata Elxsi, a leading provider of design led technology services including to the auto sector, added 771 employees during April-June (Q1FY23) period. This is more than double from the previous quarter (Q4FY22) taking its total staff strength to over 10,000, partly on back of impressive gains from large deals and engagements in electric vehicles and ssoftware-definedvehicles.
Tata Elxsi reported a net profit of Rs184.7 crore during Q1FY23, a jump of nearly 63 percent YoY. On the revenue front, the company logged Rs 726 crore during the same period, registering close to 30 percent YoY. Significantly, a bulk of the revenues came from the transportation division which witnessed a spike of 42 percent YoY.
The development should be seen in the context of Tata Elxsi's transportation vertical, which posted strong growth of 29 percent YoY during FY22, generating Rs. 887 crores which is 36 percent of Tata Elxsi’s operating revenue. The transportation vertical has a diversified business strategy with focus on adjacencies in the off-road including agriculture, construction equipment mining and rail industries. The company claims to be actively engaged with leading car manufacturers and suppliers to design and develop software and solutions for powertrain, infotainment, AD (Autonomous Driving) and ADAS (Advanced Driver Assistance Systems) and other related areas
Manoj Raghavan, CEO and Managing Director, Tata Elxsi said, " We are entering the second quarter with a strong order book and a healthy deal pipeline across key markets and industries''. He added that the growth is driven by focussed effort in reinforcing the employer brand proposition and employee engagement that have helped reduce our attrition rate in the quarter. "We are also expanding our delivery presence with a new center in Kozhikode. We are taking a seminal role in fostering future design thinkers and innovators for sustainability, with the launch of iGNITE – a global design and innovation contest for sustainable design" Raghavan continued.
The company had in April announced the inauguration of its new technology development centre in Thiruvananthapuram. This new centre is a LEED-certified green building and has labs for EV, connected Car, OTT, 5G, and digital technologies, and seating for over 2000 employees, the company added. The company had earlier recruited over 2000 odd engineers last year including 1000 for the transportation segment alone. The company opened an office in Hyderabad last year to address the needs of the company's transportation customers.
Apart from its existing customers, Tata Elxsi is increasingly looking to target those enterprises which do not have financial strength or engineering capabilities to develop their own platforms and are therefore looking to outsource it.
Tata Elxsi on hiring spree
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