This Tata Stock Ended 9% Higher on Wednesday; Gains 19% in 13 Sessions

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This Tata Stock Ended 9% Higher on Wednesday; Gains 19% in 13 Sessions
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the product design arm of Tata Group, Tata Elxsi (NS: TTEX ) ended Wednesday’s session surging 9.4% to Rs 6,977.25 apiece, after zooming 12.6% to record a fresh high of Rs 7171 apiece on the BSE, backed by strong growth in earnings results for the quarter ending December 2021. This surge happened despite the broader index Nifty declining by almost 1% in today's trade.

The company’s PAT grew 43.5% in Q3 to Rs 151 crore YoY and 20.4% on a QoQ basis. At the same time, its revenue grew 33.2% YoY to Rs 635.4 crore in Q3, and 6.7% sequentially. 

Tata Elxsi’s EBITDA rose 46.8% YoY to Rs 210.8 crore, rising 14.8% on a QoQ basis in Q3, while its EBITDA margin came out to be 33.2% in the quarter under review, compared to 30.1% last year and 30.8% in Q2 FY22.

The company’s management attributed its growth to its largest division, Embedded Product Design, which grew 36% YoY in Q3 and 9.9% on a QoQ basis.

In 13 sessions, the stock has risen 18.5% and 159% in a year.

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