Tuesday, July 23, 2024
AXISCADES Technologies net profit grows 50.7% YoY to Rs 16 cr in Q4
  SocialTwist Tell-a-Friend  

Financial Highlights FY 2023

  • Revenue up 33.7% to Rs. 8,136 Mn
  • EBITDA up 100.1% to Rs. 1,375 Mn
  • EBITDA Margin up 561 bps to 6.9%

Financial Highlights Q4 FY23 (Y-o-Y)

  • Revenue up 16.3% to Rs. 2,232 Mn
  • EBITDA up 56.8% to Rs. 440 Mn
  • EBITDA Margin up 508 bps to 19.7%

BANGALORE, India, May 29, 2023 /PRNewswire/ -- AXISCADES Technologies Ltd. (BSE: 532395) (NSE: AXISCADES), a leading end to end engineering and technology solutions provider, catering to Aerospace, Defence, Heavy Engineering, Automotive, Energy, Medical & Healthcare sectors, serving Global OEMs, today announced results for the quarter and financial year ended March 31, 2023.

Performance Highlights

(All Numbers in INR Millions except % data)


Q4 FY23

Q4 FY22

Q3 FY23






Operating Revenue




16.3 %

4.6 %



33.7 %





56.8 %

48.6 %



100.1 %

EBITDA Margin*

19.7 %

14.6 %

13.9 %

508 BPS

584 BPS

16.9 %

11.3 %

561 BPS





50.7 %




(121.2 %)

Adjusted PAT**




30.0 %

20.1 %



159.5 %

*During Q4FY23, the Company received INR 211 Mn from US Government as payroll subsidy for Covid in our US entity. The Company also took an additional
charge of INR 56.5 Mn in consolidated financial results, on account of share warrants to be issued by Mistral Solutions and INR 21.2 Mn as additional ESOP
charge, resulting in a net onetime benefit of INR 133 Mn, which forms part of EBITDA. The impact is INR 133 Mn for Q4FY23 & FY23. Excluding the net onetime
benefit, the EBITDA for Q4FY23 stands at INR 307 Mn (13.7%) and FY23 INR 1,242 Mn (15.3%).

**In Q3 and FY23, consolidated P&L statement recognizes an 'exceptional item', with net negative impact of INR (236) Mn and INR (680) Mn respectively on
account of additional consideration and interest cost with respect to Mistral acquisition, which was not part of original purchase consideration

Key Operational Highlights:

  • Signed a strategic partnership with Mangal Industries Limited, a part of the Amara Raja Group. This strategic collaboration with Mangal Industries will leverages AXISCADES' proven capabilities in engineering services and take it to the next level, with cutting edge product design, manufacturing engineering and Industry 4.0 solutions for our combined clientele
  • Awarded by Bosch as "The Rising Star" in the Embedded Electronics Category during their maiden Enrico Partner day, an exclusive event held for Bosch' strategic partner

Commenting on the performance, Mr. David Bradley, Chairman of AXISCADES said:

"We are proud of closing an eventful year on a high note. AXISCADES scaled new heights with several operational and financial performance milestones achieved in FY23. I am proud of the team's efforts that contributed towards these achievements. We have seen a significant ramp up in revenues from our core segments and our foray in newer segments is scaling up fast. Our focus remains on maintaining domain expertise and providing best in class services to our global clients. The renewal of long-term contracts this year is a testimony to our team's client centric endeavours. The acquisition of Mistral Solutions will go a long way in enhancing our offerings further. As the company progresses on an ambitious path, we are increasingly confident that we can unlock the potential inside our organisation and generate incremental value for stakeholders."

Commenting on the results and outlook, Mr. Arun Krishnamurthi, CEO & MD of AXISCADES said:

"I am delighted to report that our three-pronged strategy of 'vertical diversification, customer diversification and digital first' is showing results. The quarter & year under review marks a significant achievement, with AXISCADES clocking its highest ever quarterly & full year revenue in the history of the company along with significant improvement in profitability. Our integration with Mistral business is progressing as per plan and we continue to synergize our offerings to our current and potential customer base, across the group. We are constantly raising the bar with our digital first strategy and engaging deeply with our clients. Our robust order book and long-term contracts with global majors in aerospace, heavy engineering, aerospace & defence sectors will enable us to grow holistically. In FY24 our focus will be to further consolidate our business, to make it sustainable and profitable."

About AXISCADES Technologies Ltd.

AXISCADES is a leading, end to end technology and engineering solutions provider aiding creation of innovative, sustainable and safer products worldwide. Headquartered in Bangalore with subsidiaries in USA, UK, Canada, Germany, India and China; and offices in Germany, France, Denmark, USA and Canada.

AXISCADES has a diverse team of over 2,700 professionals working across 17 locations across North America, Europe, UK and Asia-Pacific, striving to reduce the program risk and time to market. The company offers Product Engineering Solutions across Embedded Software and Hardware, Digitisation and Automation, Mechanical Engineering, System Integration, Test Solutions, Manufacturing Engineering, Technical Publications, and Aftermarket Solutions.

The solutions comprehensive portfolio covers the complete product development lifecycle from concept evaluation to manufacturing support and certification for Fortune 500 Companies in the Aerospace, Defense, Heavy Engineering, Automotive, Medical Devices & Industrial Product industries. The company is known for its robust system of certifications and best practices that address customer requirements and domain expertise.

More information: www.axiscades.com | LinkedIn: https://www.linkedin.com/company/axiscades/

Cision View original content:https://www.prnewswire.com/in/news-releases/axiscades-technologies-net-profit-grows-50-7-yoy-to-rs-16-cr-in-q4--301836401.html

More News by PR Newswire India


Kushal's Fashion Jewellery Festive Collection, adorned by Tara Sutaria, beautifully combines glamour and elegance

Unilumin Group Signed an Agreement with Saudi Arabia in the Third Belt and Road Forum for International Cooperation

Transport Corporation of India Ltd. (TCI Group) has been recognized as a Maritime Excellence Achiever at GMIS 2023 by The Ministry of Ports, Shipping & Waterways on 19th October 2023

Bitget Introduces 'Futures Quant' With AI Features

Bitget's Q3 Growth: Second-Highest Market Share Surge and Record High for BGB Holders

HarperCollins Publishers India is proud to announce the publication of SPREADING JOY: How Joyalukkas Became the World's Favourite Jeweller by Joy Alukkas with Thomas Scaria and Nidhi Jain

Go Global or Go Home: New Report Reveals Companies Lacking Global Presence Will Lose Growth Opportunities

MOVIN rolls out the second phase of Electric Vehicles in Bengaluru paving the way for greener deliveries in logistics

Motilal Oswal Financial Services Ltd. (MOFSL) launches #CorporateMushaira, an audio-first campaign for the World Investor Week

UBBF 2023 Intelligent IP Network Summit in Dubai an Impressive Success

Placing Them Right: IBS Path to MBA Career Success

HDFC ERGO reiterates its commitment on making health insurance Accessible, Affordable and Convenient with launch of 6 new products and 2 service upgrades

capSpire expands its global footprint with entry into the Singapore market

GTPL Hathway records its highest quarterly revenues from operation

CCTV+: International reporters experience the romance and vitality of Hangzhou, China

STL expands its Enterprise Networking solution portfolio with Estelan

Mantittude: Skincare for Men encourages men to unleash their inner 'Pataka' this Diwali

The 134th Canton Fair Opened with Optimized Structure and Upgraded Scale


Ugreen unveils power solutions and personal data storage at the Gitex Trade Show in United Arab Emirates.

Meridean Overseas Education Consultants Announces Half-Day Leave to Celebrate India vs. Pakistan Cricket Match

Xinhua Silk Road: Huai'an, UNESCO creative city of gastronomy, explores innovative dev. of food industry via premier regional food expo

Xinhua Silk Road: Fengxin County in E. China's Jiangxi celebrates bountiful harvest of kiwifruit

Casio to Release G-SHOCK Watches with Shining Metallic-Colored Dials

UEG Week 2023 : Babies with a low birthweight four times more likely to develop fatty liver disease in later life

CGTN: Diffusion of tea and its culture along the Silk Road

NEOM announces Leyja, its latest sustainable tourism destination

Expand North Star 2023 kicks off in Dubai gathering game-changing start-ups to accelerate on global stage

World Health Summit kicks off in Berlin

Hexaware Technologies announces new office in Dehradun to bolster its global delivery network

Chinese automotive industry has overtaken to supercars

Participants of the Made in Russia business mission to India held more than 150 negotiations with local importers and distributors

Rummy Passion Raises the Bar: Instant Withdrawals Now Available for All Tiers

Closure of Sterlite copper smelter plant...
'State government has failed on all fron...
Delhi HC Judge recuse himself from heari...
Three newly elected members take oath as...
Students believe Indian education system...
Samsung Galaxy A06 receives bluetooth ce...
 Top Stories
Kartik Aaryan, Anil Kapoor arrive t... 
Sara Ali Khan oozes oomph in pink m... 
PM Modi, Luxembourg counterpart rei... 
iQOO Z9S series set to debut in Ind... 
'Iron Man' writers Mark Fergus, Haw... 
"BJP government does not take decis... 
Camila Mendez, Madelyn Cline join c... 
Coldplay honours Taylor Swift with ...