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Hold Tata Elxsi; target of Rs 8190: Sharekhan appeared on www.moneycontrol.com by .
Hold
Sharekhan’s research report on Tata Elxsi
Tata Elxsi reported revenue growth of 3.4% q-o-q and +10.1% y-o-y on constant currency basis beating our estimates of 2.8% q-o-q growth led by the Transportation and Healthcare verticals, up 6.9%/3.2 q-o-q in constant currency respectively. EBIT margin was flat at 27.1% but better than our estimate of 26.7% while EBITDA margin improved 31bps q-o-q to 29.9 % driven by a strong focus on delivery and operational excellence, key account management and differentiated offerings. The company won a landmark multi-year large deal for SDV from one of the leading Automotive OEMs For Q2FY24. Revenue from Top 5 and Top 10 clients grew 9.3% and 5.8% q-o-q respectively. The company saw healthy growth and traction in transportation and healthcare verticals with large deal wins adding to revenue visibility. However, Media and communication vertical continues to see challenges in both US and Europe.
Outlook
Hence, we maintain Hold with revised price target (PT) of Rs. 8,190 (increase in PT reflects the roll forward to FY26 E EPS). At CMP, the stock trades at 47.8/40x its FY25/FY26E EPS.
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