The engineering service provider also saw its Q4 revenue at Rs. 905.9 crore, down by 0.9% QoQ. This the first time after Q1 of FY21, where the company saw a sequential revenue decline. For the full fiscal its revenue grew by 13% on-year at Rs 3,552 croreore. Tata Elxsi said that it was impacted by its media and communication vertical which declined by 4.6% in constant currency terms in Q4 and also saw a one-time ramp-down by a customer.
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Manoj Raghavan, CEO and MD, Tata Elxsi, said, “Financial year 2024 has been a year of consistent operational performance with a revenue growth of 13% despite global macroreoeconomic uncertainties and volatility in the media and communications industry over the last few quarters. We have done well to maintain industry leading EBITDA margins at 29.5% for the year, even while we continued to invest in expanding our talent base through all four quarters, with a net addition of 1,535 Elxsians through the year.”
He added, “We are entering the new financial year with a strong commitment for growth, and continued confidence in our differentiated design-led engineering capabilities. This is backed by strong customer relationships, addition of marquee logos, large deal wins, especially in SDV (Software Development Services), investments in AI and GenAI, and a strong deal pipeline for the year ahead.”
While attrition fell by 50 bps to 12.4% in Q4 of FY24 from 12.9% in Q3, the company’s headcount incroreeased by 178 to end the year at 13,399. It said that 25% of its entire talent base to be AI ready by Q3 FY25. It has already partnered with Nvidia, AWS, Microreosoft, Google, Intel, and Brainchip. Tata Elxsi’s AI Lab at Indian Institute of Science (IISc) is also equipped with Nvidia GPU infrastructure for advanced research in AI/ML.
