Healthy Revenue Growth with Impressive Operating Margin Tata Elxsi (TEL) has posted an impressive performance in 1QFY19 with revenue rising by 1.8% QoQ (+18.2% YoY) to Rs3.82bn. While revenue from SDS business grew by 2.5% QoQ (+19.6% YoY) to Rs3.69bn, revenue from SIS business fell by 16.4% QoQ (-12.2% YoY), as TEL continued to focus more on higher-margin SDS business. This was the highest YoY growth achieved by the SDS business in 2 years (since 1QFY17). Led by operating leverage and cost control, EBITDA crossed Rs1bn-mark for the first time ever (12% QoQ and 45% YoY to Rs1.07bn). Net profit rose 0.3% QoQ on lower other income, while YoY growth was robust at 41.7%....