The share price of Tata Elxsi hit a 52-week high, gaining nearly 11 percent on Wednesday after the IT firm reported robust earnings for the December quarter.

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The firm reported a 39.5 percent rise in profit at Rs 105 crore in Q3 versus Rs 75.4 crore in the year-ago period. Its revenue from operations rose 12.7 percent to Rs 477.1 crore for the said quarter from Rs 423.4 crore in the corresponding period last fiscal, it added.

The stock jumped as much as 10.7 percent to its 52-week high of Rs 2,299.9 per share on the BSE.

In constant currency terms, revenue grew 10 percent QoQ mainly led by growth in transportation, broadcast & communication and healthcare segment.

The management said the company is seeing a sustained recovery in the automotive market for the second consecutive quarter.

"We continue to execute strongly on both top line and bottom line, with double-digit quarter-on-quarter revenue growth and industry-leading operating margins. Our Healthcare business continues to accelerate, while Media and Communications reported another strong quarter of sustained growth," he said.

This quarter has also seen OEMs reinitiating key R&D programs, leading to the resumption of projects as well as deals with Tier1 suppliers.