Axiscades Engineering zooms on strong order offtake

The shares of Axiscades Engineering Technologies Ltd jumped as high as 14 per cent in the early trade on Thursday. The share price appreciation was mostly due to the latest company update about new orders secured during the preceding quarter.

The company released a press note today which mentions its strong operational gains owing to a renewal of multiyear contracts in Europe and North America.

During the third quarter, the company successfully renewed two multiyear contracts in European Aerospace division and Heavy Engineering division, having a large geographic coverage. The Aerospace customer has renewed contract with an increase scope of delivery and additional areas of business. The company also signed a new contract with Heavy Engineering customer in North America. Besides these, the company also received orders from a European Original Equipment Manufacturer (OEM) bearing a testament to Axiscades’ defence prowess and expertise.

On the back of a strong operational performance, the company reported a strong set of numbers for the quarter ended on December 31. The company reported 8.3 per cent YoY top-line growth, 16 per cent EBITDA margin, which doubled more on YoY basis.

At 10.20 am, the stock is trading at Rs 72.20, higher by 15 per cent on BSE.