April 24 (Punjab Khabarnama) : After reporting a decline of 2.2% in its Q4 net profit to ₹196.93 crore – it had posted a net profit of ₹201.51 crore in the same period of the previous fiscal – much more positive news is emerging from design-led technology services provider Tata Elxsi, which caters to the requirements of automotive, healthcare, broadcast, transportation and communications sectors. The company is reportedly going on a big hiring drive and this was revealed in its conference call. Notably, Tata Elxsi had announced its fourth quarter results on Tuesday.
Tata Elxsi has revealed its intentions to hire anywhere between 1,500-2,000 engineering freshers in FY25. The company also added that lateral hiring will be decided as per requirements as and when they arise. “We will meter hirings based on how the deals shape up and how the revenue keeps up in the year,” MoneyControl quoted Tata Elxsi management as saying. Notably, Tata Elxsi had hired 2,135 freshers in the FY23 period.
Tata Elxsi Q4 results details
The company said its net profit for the fiscal ended March 31, 2024, was ₹792.23 crore over ₹755.19 crore reported in FY23. Also, its FY24 revenue from operations came in at ₹3,552.14 crore from ₹3,144.72 crore a year ago.
The company had reported revenue from operations at ₹905.94 crore as against ₹837.91 crore in the year-ago period, and indicated that its total expenses increased to ₹677.21 crore from ₹613.39 crore a year ago.
Tata Elxsi recommends 700% dividend
The company’s board has recommended a final dividend of 700 per cent for the financial year ended March 31, 2024! That works out to ₹70 per equity share. Shareholder approval is expected to happen at the annual general meeting.
Summarising the highlights of the performance was CEO and MD Manoj Raghavan, who said, “Financial year 2024 has been a year of consistent operational performance with a revenue growth of 13 per cent despite global macroeconomic uncertainties, and volatility in the media and communications industry….”
Tata Elxsi outlook
Raghavan revealed what may be expected going forward by adding, “We are entering the new financial year with a commitment for growth, and the continued confidence in our differentiated design-led engineering capabilities.”