Rs 3,000 crore designs under development and Rs 322 crore defence product order book: This company reports almost 194 per cent YoY profit growth
Strong Quarterly Growth and Strategic Wins Highlight Robust Start to FY25 for Leading Technology Solutions Provider
AXISCADES Technologies Ltd, a leading end-to-end technology and engineering solutions provider, catering to Aerospace, Defence, Heavy Engineering, Automotive, Energy, and Semiconductor industries serving Global OEMs, today announced results for the quarter ended June 30, 2024
In the Quarterly Results, the company's revenue stood at Rs 223 crore, marking a 4.21 per cent increase from June 2023 but a decrease of 12.89 per cent from March 2024. Net profit rose significantly to Rs 17 crore, reflecting a year-on-year growth of 194 per cent and a quarter-on-quarter increase of 86 per cent. For the fiscal year 2024, revenue grew by 16.18 per cent to Rs 955 crore compared to FY23, while net profit improved from a loss of Rs 5 crore in FY23 to a profit of Rs 33 crore.
Talking on business highlights the company said, Mistral Solutions has received an order worth Rs 90 crores from BEL for Radar Processing Systems. The company is increasing its aerospace activities with a European OEM, focusing on production and plant migration. They are also expanding their high-end cybersecurity solutions with a UK automotive manufacturer. Investments in digital initiatives from FY24 are beginning to contribute to higher revenue and profitability. Additionally, Mistral has secured a long-term contract with a major EPC customer from the Middle East and has completed the second tranche of delivery for the Man Portable Counter Drone System (MPCDS) to the Indian Army.
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Commenting on the results and outlook, Mr. Arun Krishnamurthi, CEO & MD of AXISCADES said,
“We are pleased to report a strong start to FY25, highlighted by noteworthy business performance in Q1FY25, in the face of macro challenges in certain verticals and lumpiness in Defence. The Company’s YOY revenue grew by 4.5 per cent to Rs 223 crores with EBITDA of Rs 31 crores and PAT of Rs 17 crores. The revenue growth was driven by a 15 per cent YoY increase in Engineering Services, led by Aerospace, Automotive, and Energy Verticals. Defence production revenues grew 73 per cent YOY, with a strong order book for execution in FY25. Overall, the company performed well in Q1, across most verticals, with the exception of Heavy Engineering and PES, where macroeconomic challenges persist.
We are focused on overcoming the challenges in certain verticals and are confident of delivering to our company’s plan for the full year FY25 and will continue to strengthen the business for sustainable growth and profitability.”
Axiscades Technologies Limited is a technology solutions company focussing on engineering solutions and services.
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Disclaimer: The article is for informational purposes only and not investment advice.