Oct 17 (Reuters) - Indian design and technology services company Tata Elxsi (TTEX.NS) on Tuesday posted a rise in quarterly profit, helped by growth in its transportation segment.
The company's net profit rose 14.8% year-on-year to 2 billion rupees ($24.03 million), while revenue from operations climbed to 8.82 billion rupees.
For further results highlights, click [Full Story]WHY IT MATTERSTata Elxsi's results come after larger peers Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) posted an 8.7% and 3.2% rise in profit for the quarter, respectively, while flagging weak client spending amid inflationary pressures and high interest rates.
The company's transportation business grew 26.1% year-on-year, helped by large deals and strong traction in Software Defined Vehicle engagements.
JULY-SEPTEMBER STOCK PERFORMANCEPEER COMPARISON* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT-- All data from Refinitiv($1 = 83.2207 Indian rupees)Reporting by Aleef Jahan in Bengaluru; Editing by Varun H K and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.
Aleef Jahan, Varun, Sohini
Tata, Tata Consultancy Services, Infosys, Thomson