Tata Elxsi's transportation vertical witnesses 26% YoY growth

This is on the back of robust demand for software defined vehicles (SDVs).

By Autocar Professional Bureau

17 Oct 2023

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Tata Elxsi's transportation vertical witnesses 26% YoY growth

Tata Elxsi on Tuesday reported a net profit of Rs 200 crore in Q2 FY24, which is a 14.8% jump year-on-year (YoY) over the year ago period.

Tata Elxsi is a technology-led solutions provider to auto and other industries.

The company's revenues from operations stood at Rs 881.7 crore during the same period, translating to a15.5% spike on a year on year basis.

The transportation sector which forms a major pillar of Tata Elxsi's growth, contributed 26.1% growth YoY, aided by large deals and strong traction in software defined vehicle (SDV) engagements, the company said.

Manoj Raghavan, CEO and Managing Director, Tata Elxsi commenting on the company’s performance in the second quarter of FY24, said: “Our Transportation business, which accounts for 46.2% of the revenue coming from three verticals, witnessed strong growth of 7.1% QoQ and 26.1% YoY. During the quarter, we also won a landmark multi-year large deal for SDVs from one of the leading Automotive OEMs".