Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessStocks

Tata Elxsi rises after Q3 profit grows 29%; Morgan Stanley still sees 14% downside

Tata Elxsi's net profit for Oct-Dec came in at Rs 194.68 crore, up 28.97 percent from Rs 150.95 crore in December 2021.

January 27, 2023 / 10:22 AM IST
Morgan Stanley has an underweight rating on the stock with target at Rs 5,800 per share

Morgan Stanley has an underweight rating on the stock with target at Rs 5,800 per share

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Tata Elxsi share price edged higher during early trade on January 27 despite weak market conditions. At 09:53 am, the stock quoted Rs 6,657.50, up Rs 60.70, or 0.92 percent.

The company reported its earnings for Oct-Dec wherein net profit came in at Rs 194.68 crore, up 28.97 percent from Rs. 150.95 crore in December 2021. EBITDA came in at Rs. 265.99 crore in the given quarter, up 22.38 percent from Rs 217.35 crore in a year ago.

The company has reported EPS of Rs. 31.26 for the period ended December 31, 2022 as compared to Rs. 27.98 for the period ended September 30, 2022.

It also reported total income of Rs 836.87 crore during the period ended December 31, 2022 as compared to Rs 641.9244 crore during the period ended December 31, 2021.

Catch all the market action on our live blog

However, global research and broking firm Morgan Stanley has an underweight rating on the stock with target at Rs 5,800 per share, a down side of 14 percent from current market price.

"Embedded Product Design (EPD) business slowed for fifth straight quarter affected by furloughs and project deferments while commentary on outlook is balanced. Cost normalisation and ESOP costs should keep margin expectations in check," it said.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.​

Moneycontrol News
first published: Jan 27, 2023 10:20 am

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347