Tata Elxsi added 37% this year
Even as inflation concerns hurt the sector globally, strong demand for specialized design services used in the production of electric vehicles has helped shares in one Indian tech business climb by more than a third this year.
The company may increase headcount by up to 50% this year
Tata Elxsi Ltd. shares increased 37 percent in 2022, outpacing Indian tech companies, which dropped 28 percent, with all but two stocks trading in the negative.
Major deals in cloud platforms and artificial intelligence, which are used to enhance products and customer experiences, helped the company’s sales and earnings. According to CEO Raghavan, Tata Elxsi’s orders are still steady despite warning signs from the world economy.
The $6.3 billion Indian company intends to grow even as electric vehicle leader Tesla Inc. reduces some operations due to increased material costs and a gloomy market outlook.
Bloomberg claims that the firm’s clients are Tata Motors Ltd. and China’s Great Wall Motor Co. Sales growth of 30% was the primary factor in the second quarter’s net income increase of 64% over the prior year.