Nidec Partners with Tata Elxsi to Boost Software Development

Nidec Corporation announced that it signed a memorandum of understanding (MOU) with Tata Elxsi Ltd. on July 22, 2024.

Tata Elxsi, a Tata Group company, specialises in design, technology development, system integration, and software development. It has expertise in areas such as autonomous driving, advanced driver assistance systems, electrification, connected car solutions, and other automobile engineering services.

The MOU aims to help Nidec improve its software development capabilities by leveraging Tata Elxsi’s expertise and resources. This collaboration will focus on developing software for India and other markets, localising Nidec products, and supporting the establishment and operation of a global business base for Nidec’s software development.

Nidec is dedicated to providing solutions using its extensive drive technology for a wide range of products, from small precision motors to ultra-large motors.

Financial Highlights

Tata Elxsi reported a 3% year-on-year decline in net profit for the first quarter ending June 30, 2024, amounting to ₹184.1 crore. In the same quarter last year, the net profit was ₹188 crore, as per the company’s regulatory filing. Compared to the March 2024 quarter, the net profit decreased by 6.5% from ₹196.9 crore to ₹184.1 crore. However, revenue rose by 2.3% sequentially, and the company’s operational revenue increased by 9% to ₹926.5 crore from ₹850 crore in the same period last year.

The transportation sector saw a 5.3% quarter-on-quarter growth in constant currency (QoQ CC), fueled by significant deal wins and the expansion of software-defined vehicle (SDV) projects.

About Tata Elxsi Ltd.

Tata Elxsi Ltd. is a top global provider of design and technology services for various industries, including automotive, broadcast, communications, healthcare, and transportation. Based in Bangalore and part of the Tata group, Tata Elxsi collaborates with leading automotive and transportation companies on R&D, design, and product engineering, from initial planning to product launch and beyond. The company combines expertise in autonomous, electric, and connected vehicle technologies and software-defined vehicles (SDV). Its global network of design studios, development centres, offices, and a team of over 13,000 engineers and specialists supports this.

On July 23, 2024, Tata Elxsi Ltd.’s share price on the NSE opened at ₹6,924.30 and closed at ₹6,985.00.

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