TATAELXSI

Feb 12 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• TATA ELXSI AND GARUDA AEROSPACE SIGN MOU

• PARTNERSHIP TO DEVELOP INDIGENOUS UAV SYSTEMS FOR MULTIPLE APPLICATIONS

Source text: ID:nBSE7kShCC

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Feb 5 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• TATA ELXSI - GETS TAX ORDER WITH PENALTY OF 4.3 MILLION RUPEES

Source text: ID:nNSE5SXsy8

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Jan 23 (Reuters) - Indian engineering and technology firm Cyient CYIE.NS reported a third-quarter profit below analysts' expectations on Thursday, hurt by slower growth in its biggest segment and higher costs.

Its profit declined to 1.22 billion rupees ($14.12 million) for the three months ended Dec. 31, from 1.47 billion rupees a year ago. Analysts had expected 1.71 billion rupees, according to data compiled by LSEG.

Growth in Cyient's transportation division — which contributes 30% to the company's biggest unit, digital, engineering and technology — has eased over the past few quarters due to delays in project starts in the aerospace segment and slowdown in the rail segment.

The downbeat results also echo those of peer engineering, research and design companies (ER&D) Tata Elxsi TTEX.NS and L&T Technology Services LTEH.NS.

ER&D services, which include providing technology support to industries such as aerospace, telecom and automotive, contribute a sixth of the revenue to India's $254-billion technology sector.

Cyient's total expenses rose 9% during the quarter, led by a 26% jump in its cost of materials consumed and a 6% rise in employee expenses.

Revenue from the company's digital, engineering and technology segment, which contributes more than 76% to its total revenue — fell 1%.

Its smaller design-led manufacturing business, Cyient DLM CYIT.NS, posted a 38% rise in revenue.

Cyient's total revenue rose 5.7% to 19.26 billion rupees, beating analysts' estimates.

($1 = 86.4040 Indian rupees)

(Reporting by Aleef Jahan)

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Jan 21 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• TATA ELXSI AND MINESPIDER PARTNER TO LAUNCH MOBIUS+

• MOBIUS+ IS ADVANCED BATTERY LIFECYCLE MANAGEMENT PLATFORM

Source text: [ID:]

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** Shares of Tata Elxsi TTEX.NS fall 7.6% to 5,950.00 rupees, set to fall for third straight session

** Engineering and technology services firm's Q3 revenue up 2.7% y/y at 9.39 bln rupees ($109.36 mln), misses analysts' estimate of 9.69 bln rupees

** Q3 net profit was in line with analysts' expectations, fell 3.6% y/y to 1.99 bln rupees

** Trading vols at 501,279 shares, 2.3x 30-day average

** Relative strength index falls to 19.4, suggesting that stock might be oversold - LSEG

** TTEX fell 22.4% in 2024 vs 39.3% gains in 2023

($1 = 85.8640 Indian rupees)

(Reporting by Vijay Malkar)

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Jan 9 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• TATA ELXSI Q3 NET PROFIT 1.99 BILLION RUPEES; IBES EST. 2 BILLION RUPEES

• TATA ELXSI Q3 REVENUE FROM OPERATIONS 9.39 BILLION RUPEES; IBES EST. 9.69 BILLION RUPEES

Source text: [ID:]

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Jan 7 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• CO, NATIONAL AEROSPACE LABORATORIES SIGN STRATEGIC PARTNERSHIP FOR ADVANCED AIR MOBILITY

Source text: ID:nBSE3hMJq4

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Nov 18 (Reuters) - Singha Estate PCL S.BK:

• TATA ELXSI LTD - SUZUKI AND TATA ELXSI INAUGURATE OFFSHORE DEVELOPMENT CENTER IN PUNE

Source text: ID:nBSE4Fbd64

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Oct 16 (Reuters) - Indian engineering and technology services firm L&T Technology Services LTEH.NS on Wednesday reported second-quarter revenue that edged past estimates, boosted by large deals signed in the previous quarters, and maintained its full-year revenue forecast.

The company's revenue rose 7.8% to 25.73 billion rupees ($306.34 million) for the quarter ended Sept. 30. Analysts had expected 25.67 billion rupees, according to data compiled by LSEG.

The Larsen and Toubro LART.NS group firm reaffirmed its full-year 2025 revenue growth forecast of 8-10% .

Net profit rose 1.3% to 3.2 billion rupees in the quarter, lower than analysts' estimate of 3.33 billion rupees.

Shares of the company closed 0.7% higher, ahead of the results.

KEY CONTEXT

Engineering, research, and design (ER&D) services, which include technology support to industries such as automotive and communications, contribute a sixth of the revenue to India's $254 billion technology sector.

Companies such as L&T Technology Services and peer Tata Elxsi TTEX.NS are likely to benefit from growth in the ER&D sector, which, according to the National Association of Software and Service Companies, is expected to quadruple to as much as $170 billion between 2023 and 2030.

L&T Technology has bagged large deals from auto parts maker Forvia FRVIA.PA and energy giant Shell SHEL.L in the last few quarters, aiding its revenue growth.

Last week, Tata Elxsi reported an increase in its second-quarter profit, with revenue in line with street expectations, fuelled by healthy demand in its transportation unit.

PEER COMPARISON

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JULY-SEPTEMBER STOCK PERFORMANCE

-- All data from LSEG

($1 = 83.9920 Indian rupees)

(Reporting by Sai Ishwarbharath B; Editing by Abinaya Vijayaraghavan)

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** Shares of Tata Elxsi TTEX.NS rise as much as 2.9% at 7,985 rupees; stock currently up 0.5%

** Design tech services co's Q2 profit rose 14.7% y/y, beating analysts' estimates, helped by healthy demand in its transportation division
** Rev rose 8.3% to 9.55 bln rupees ($113.7 mln)

** Stock eyes fourth straight session of gains

** Analysts, on avg, rate TTEX "sell"; median PT 6,600 rupees - LSEG data

** Stock down ~10% YTD, while IT index .NIFTYIT is up ~19%

($1 = 83.9720 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

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Oct 10 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• Q2 NET PROFIT 2.29 BILLION RUPEES; IBES EST 2.05 BILLION RUPEES

• Q2 REVENUE FROM OPERATIONS 9.55 BILLION RUPEES; IBES EST 9.56 BILLION RUPEES

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Oct 9 (Reuters) -

• CHAIRMAN EMERITUS OF INDIA'S TATA GROUP RATAN TATA IN CRITICAL CONDITION IN INTENSIVE CARE IN MUMBAI HOSPITAL- SOURCES

Source text for Eikon: [ID:]

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Sept 24 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• DELIVERS RDK-B INTEGRATION ON QUALCOMM 5G FIXED WIRELESS ACCESS PLATFORM

• LOOKING AHEAD, CO WILL UPGRADE PLATFORM TO INCLUDE NEXT-GEN FEATURES

Source text for Eikon: ID:nBSE5VXCzX

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** Shares of technology services co Tata Elxsi TTEX.NS up 14% at 8,752 rupees, its steepest climb since May 13, 2022

** About 293,800 shares traded in block deals at a premium of 2%-14.6% over last close of 7,683.05 rupees - LSEG data

** Shares see busiest day since June 2022, with more than 3.6 mln shares traded

** Avg rating of 9 analysts covering the stock is "sell;" their median PT is 6,470 rupees - LSEG

** Stock is flat YTD, while the Nifty IT index .NIFTYIT is up 17.5%

(Reporting by Aleef Jahan in Bengaluru)

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July 23 (Reuters) - Nidec Corp 6594.T:

• JAPAN'S NIDEC CORP - EXECUTED MOU WITH INDIA'S TATA ELXSI, A DESIGN AND TECHNOLOGY SERVICE PROVIDER

Source text for Eikon: ID:nTSsw871b3

Further company coverage: 6594.T

Corrects spelling of Elxsi in headline

** Shares of Tata Elxsi TTEX.NS down 2.4% at 6,931 rupees, lowest since June 6

** Design tech services co's Q1 profit fell 2.6%, hurt by higher expenses, while rev rose about 9%

** FY25 growth is expected to be limited given weak FY24 exit, Axis Capital said, keeping "sell" rating

** At least seven analysts out of 10 tracking stk rate it at "sell" or below; median PT 6,525 rupees

** Stk down ~19% YTD, while IT index .NIFTYIT is up ~5%

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

July 10 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• JUNE-QUARTER NET PROFIT 1.84 BILLION RUPEES

• JUNE-QUARTER TOTAL INCOME FROM OPERATIONS 9.59 BILLION RUPEES

Source text for Eikon: ID:nBSE6PRVBq

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June 14 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• TATA ELXSI LTD - COLLABORATES WITH RED HAT

• TATA ELXSI LTD - COLLABORATES WITH RED HAT TO MONETISE APPLICATIONS AND REDUCE OPERATIONAL EXPENDITURES

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June 12 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• TATA ELXSI LTD- DEFENDER RALLY SERIES AND TATA ELXSI EXTEND THEIR PARTNERSHIP

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April 29 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• TATA POWER AND NIEPID UNVEILED A PHYGITAL NEURODIVERSITY PLATFORM POWERED BY TATA ELXSI'S DTX SOLUTION, TECARE

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Corrects headline to say revenue met, and not beat, analysts expectations

BENGALURU, April 25 (Reuters) - Indian engineering research and development services provider L&T Technology Services LTEH.NS reported a 7% rise in its fourth-quarter revenue on Thursday, in line with street expectations, aided by strong deal wins.

WHY IT'S IMPORTANT

Global carmakers and other transport manufacturers are increasingly pivoting to electric and self-driving models, boosting engineering R&D companies such as L&T Technology Services, which work in areas like software-defined vehicles and cybersecurity.

However, the country's broader $254 billion information technology sector has been struggling in recent quarters as clients cut spending amid inflationary pressures.

Earlier this month, peers Tata Consultancy Services TCS.NS and Infosys INFY.NS reported smaller-than-expected quarterly revenues.

Rival Tata Elxsi TTEX.NS had reported a smaller-than-expected quarterly profit on Tuesday due to tepid demand in its media and communications vertical.

BY THE NUMBERS

The company's consolidated revenue from operations rose to 25.38 billion rupees ($304.63 million) for the three months ended March 31, against analysts' expectations of 25.39 billion rupees.

Its consolidated net profit rose marginally to 3.41 billion rupees.

The company also forecast revenue growth between 8%-10% for the fiscal year ending March 2025.

For more details on L&T Technology's results, click here.

GRAPHIC

-- All data from LSEG

KEY QUOTES

"We are now embarking on the next stage of growth with a 'Go Deeper to Scale' strategy under which we will streamline our organization into three segments – Mobility, Sustainability and HiTech," CEO Amit Chadha said.

($1 = 83.3143 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman )

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** Tata Elxsi TTEX.NS down as much as 5.3% at 7,000 rupees, second-biggest loser on Nifty mid-cap 100 index .NIFMDCP100

** Engineering and tech firm's Q4 profit falls 2.3% y/y, missing analysts' estimate

** Stock on track to decline for fifth straight session, if losses hold

** More than 382,600 shares trade in stock's second-busiest session so far this month

** Analysts, on avg, rate TTEX "sell", median PT of 6,655 rupees - LSEG data

** Stock down 18.7% YTD vs mid-cap index's 8% rise

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))

April 23 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• TATA ELXSI Q4 NET PROFIT 1.97 BILLION RUPEES

• TATA ELXSI Q4 REVENUE FROM OPERATIONS 9.06 BILLION RUPEES

• TATA ELXSI YEAR AGO Q4 NET PROFIT 2.02 BILLION RUPEES, REVENUE 8.38 BILLION RUPEES

• TATA ELXSI LTD - DIVIDEND 70 RUPEES PER SHARE

Source text for Eikon: [ID:]

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March 27 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• TATA ELXSI LTD - TATA ELXSI AND DRÄGER ESTABLISH PARTNERSHIP

• TATA ELXSI LTD - PARTNERSHIP TO DRIVE CRITICAL CARE INNOVATION IN INDIA

• TATA ELXSI - DRÄGER IS ESTABLISHING A NEW OFFSHORE DEVELOPMENT CENTER AT TATA ELXSI'S FACILITY IN PUNE

• TATA ELXSI - OFFSHORE DEVELOPMENT CENTER WILL FOCUS ON DEVELOPING INNOVATIVE CRITICAL CARE MEDICAL DEVICES FOR BOTH LOCAL, INTERNATIONAL MARKETS

Source text for Eikon: ID:nBSE60K3Hj

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Jan 23 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• DEC-QUARTER NET PROFIT 2.06 BILLION RUPEES VERSUS 1.95 BILLION RUPEES

• DEC-QUARTER REVENUE FROM OPERATIONS 9.14 BILLION RUPEES VERSUS 8.18 BILLION RUPEES

Source text for Eikon: [ID:]

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** Tata Elxsi TTEX.NS shares up 4.8% to 8,850 rupees, highest since Sept. 23, 2022

** Shares mark steepest climb since Dec. 26, 2022; on track for its third straight session of gains

** TTEX sees its most active session since Oct. 19, 2022, with 761,000 shares traded

** TTEX is trading 37% higher than the median PT (6,480 rupees) of 8 analysts covering the stock; their avg rating is "sell" - LSEG

** Session's spike pushes YTD gains to ~41%, outperforming a 17% rise in the benchmark Nifty IT Index .NIFTYIT during the year

(Reporting by Aleef Jahan in Bengaluru)

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Updates with closing levels in paragraph 1, 4

By Rama Venkat

BENGALURU, Nov 30 (Reuters) - Shares of India's Tata Technologies TATE.NS settled nearly three-fold higher on their trading debut on Thursday, valuing the first Tata Group company to go public in nearly two decades at 532.64 billion rupees ($6.4 billion).

The Tata Motors' TAMO.NS unit, which provides engineering and technology services to auto, aero and heavy machinery makers, beat the valuation of its peers like KPIT Technologies KPIE.NS and L&T Technology Services LTEH.NS.

Tata Technologies' listing-day gains were also among the best since 2021-end, according to LSEG data and analysts.

The shares surged past the initial public offer price of 500 rupees to debut at 1,200 rupees before hitting the day's high of 1,400 rupees and ending 163% higher at 1,313 rupees.

"The listing was beyond imagination... and post that, the rally to 1,400 rupees was even more unexpected," Arun Kejriwal, founder of Kejriwal Research and Investment Services, said, adding that short-term investors could book profits.

The company's future earnings through a part of financial year ending March 2025 appear to have been discounted at the current valuation, Kejriwal added.

Tata Technologies' valuation has topped that of its peers KPIT Technologies, L&T Technology Services and sister Tata Group company Tata Elxsi TTEX.NS, which are valued between 409 billion rupees and 514 billion rupees.

IT services provider Tata Consultancy Services TCS.NS, which listed in 2004, was the last Tata Group company to go public.

India has seen a record 201 IPOs so far this year, while share benchmarks have scaled record highs on improving economic growth prospects.

Shares of the other stock market debutantes on Thursday, Fedbank Financial Services FEDB.NS and Gandhar Oil Refinery GADH.NS, closed 0.2% and 78.3% higher, respectively.

Pharmaceutical company Sigachi Industries SIGC.NS and Paras Defence & Space PRAF.NS had climbed as high as 270% and 171%, respectively, on listing in 2021, Aditya Kondawar, Vice President of Complete Circle Capital, said.

($1 = 83.3520 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected]; https://twitter.com/ramavenkat0607; +91 8095218099;))

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. Refiles to fix typo in second paragraph.

By Pranav Kiran

BENGALURU, Nov 17 (Reuters Breakingviews) - Slowly does it. Unlike many Indian drivers, Tata is not putting its pedal to the metal with the listing of Tata Technologies. The engineering firm, which serves the electric-vehicle industry, is priced well below its peers. That makes sense given the company’s dependence on a handful of clients, Indian stocks’ expensive valuations and a cooling in demand for EVs.

For its first initial public offering in nearly two decades, the salt-to-software conglomerate Tata group is taking a cautious approach. The listing of Tata Technologies will enable existing owners to sell their shares at a price valuing the company at $2.4 billion, or about 28 times its earnings for the 2023 financial year. That’s a discount to peers like KPIT Technologies KPIE.NS and Tata Elxsi TTEX.NS, which trade at much punchier multiples of 66 and 49 times, respectively.

In theory, Tata could have turbocharged the listing above the current $366 million it will fetch if its unit prices at the top of the range. EVs are clearly the future of the road and demand is expected to remain steady in the long run.

Cars are also adding more gadgets and receiving ever-increasing amounts of software. Globally, auto firms are set to spend $515 billion in as little as five years to develop and build battery-powered models, according to consulting firm Zinnov. Tata Technologies counts large makers like Vietnam’s VinFast VFS.O and Japan’s Honda Motor 7267.T among its clients. It helps them make vehicles lighter and manages the rollout of software updates, among other things.

Yet some caution is warranted. Tata Technologies started off as an in-house engineering services provider for Tata Motors TAMO.NS, the group’s $30 billion auto business. As a result, it’s still heavily dependent on a handful of clients. More than 60% of revenue from operations in the financial year ended in March came from just five companies, including Tata Motors, Jaguar Land Rover and VinFast. Widening its client base could take time.

The listing also comes as electric-car makers are cutting prices as demand cools. And the current price is already a premium on the near $2 bln valuation Tata Technologies fetched when private equity firm TPG picked up a 9% stake last month.

Finally, Indian stocks are expensive, making comparisons with peers slightly misleading. The MSCI India Index trades at 19.7 times 12-month forward earnings, above the MSCI Emerging Markets Index’s 11 times.

By picking a conservative price, Tata has increased the chances the IPO will not sputter.

Follow @PranavKiranBV on X

CONTEXT NEWS

Tata Technologies set a price band of 475-500 rupees per share for its initial public offering, per a term sheet and newspaper ad on Nov. 16.

Tata Motors and other shareholders will sell up to 60.9 million shares in the IPO, which will be open for bids from Nov. 21-24. The company will make its trading debut on Nov. 30.

The company was in talks with Morgan Stanley Investment Management, BlackRock and some U.S. hedge funds to invest in its IPO at a $2.5 billion valuation, Reuters reported on Nov. 9 citing two sources with direct knowledge of the matter.

(Editing by Francesco Guerrera and Thomas Shum)

((For previous columns by the author, Reuters customers can click on KIRAN/
[email protected]; Reuters Messaging: [email protected]@reuters.net))

** Shares of Tata Elxsi TTEX.NS up as much as 2.3% to 7,619.40 rupees, their highest since July 18

** Indian design and technology services co posted a ~15% YoY rise in its Sept-qtr net profit; rev from ops up ~16% YoY

** Over 76,000 shares change hands as of 09:25 a.m. IST, 0.9x the 30-day moving average

** One of the seven analysts tracking the stock rates it "strong buy", while six rate it "sell" or "strong sell"; median PT is 6,400 rupees - LSEG data

** Including session's move, stock up ~21% YTD

(Reporting by Kashish Tandon in Bengaluru)

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Oct 17 (Reuters) - Tata Elxsi Ltd TTEX.NS:

• SEPT-QUARTER NET PROFIT 2 BILLION RUPEES VERSUS 1.74 BILLION RUPEES

• SEPT-QUARTER REVENUE FROM OPERATIONS 8.82 BILLION RUPEES VERSUS 7.63 BILLION RUPEES

Further company coverage: TTEX.NS

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