Maintain Buy; target price revised to Rs 684 (earlier 650), based on 1.75 times FY26E embedded value (unchanged)
Given the negative development, we have cut our target multiple on standalone business to 1.5 times from two times earlier
Net profit of the Tata-group unit was down 22.5% YoY at Rs 267.71 crore during the quarter ended March 2024. The company has reported an exceptional loss of Rs 216 crore related to an acquisition.
The net profit of Tata Elxsi fell 4.6% to Rs 196.9 crore in the quarter ended March 31, missing Bloomberg's estimate of Rs 207.37 crore.
