India's Tata Elxsi posts Q3 profit rise
Technology
India's Tata Elxsi posts Q3 profit rise
(Reuters) - Indian design and technology services company Tata Elxsi (TTEX.NS), reported a 6% rise in third-quarter profit on Tuesday, helped by healthy demand in its transportation segment.
The company's net profit rose to 2.06 billion rupees ($24.78 million) for the quarter ended Dec. 31 from 1.95 billion rupees a year ago. Revenue from operations rose to 9.14 billion rupees from 8.18 billion rupees a year ago.
The company's transportation segment, which contributes about 47% of its revenue, grew 15.6% year-on-year, boosted by deal wins and sustained traction in the Software Defined Vehicles (SDV) engagements.
KEY CONTEXT
Major Indian IT companies reported mixed quarterly results earlier this month. Their commentary suggested that the demand environment has not deteriorated sequentially, signalling stabilisation and boosted bets of a rebound in the sector.
