Tata Elxsi hits 52-week low after Q1 net profit drops 31% to Rs 48.79 crore

Shares of Tata Elxsi plunged nearly 10 per cent to hit a 52-week low of Rs 735.30 apiece on the BSE in the intra-day trade on Wednesday after the company reported around 31 per cent year-on-year (YoY) drop in its net profit at Rs 48.79 crore for the quarter ended June 30, 2019. The company had logged PAT of Rs 70.49 in the year-ago period. In the previous quarter, the numbers stood at Rs 71.29 crore. 

Revenue from operations stood at Rs 361.71 crore, down 5.3 per cent YoY. In the corresponding quarter of the previous fiscal, the figures stood at Rs 382.03 crore. Sequentially, the numbers dropped nearly 11 per cent to Rs 405 crore. 

The company reported finance costs of Rs 1.32 crore while depreciation and amortisation expenses rose 71 per cent YoY to Rs 10.44 crore as against Rs 6.10 crore logged in the March quarter of FY19.

Basic earnings per share (EPS) during the period stood at Rs 7.83 against Rs 11.32 in the year-ago period and Rs 11.45 in the previous quarter. 

At 02:08 pm, the stock was trading 9.20 per cent lower at Rs 740 apiece on the BSE. In comparison, the S&P BSE Sensex was ruling 91 points higher at 39,220 levels.