Friday, September 22, 2023
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: | LinkedIn:

Cision View original content:

More News by PR Newswire India

Huawei Releases White Paper "Striding Towards an Intelligent World" for the Financial Industry

ACX wins Environmental Finance's Best Carbon Exchange award for third consecutive year

iQIYI Unveils 282 New Titles at 2023 iJOY Conference, Prioritizing Relatable Content for Ordinary People

NHN Corporation Steps into Web3 with Sui

Pixalate Q2 2023 Ad Fraud Benchmarks for Web Traffic: North America Reports Highest Desktop Invalid Traffic Rate at 13%, Followed by Asia-Pacific

Leading Industry Experts Set to Convene for Bahrain's Fintech Forward 2023

Innokin Wins "Golden Leaf Award for Innovation" at GTNF 2023 for World's First Metal-free Conductive Ceramic Coil

Glenmark Pharma announces Proposed Divestment of Majority Stake in Glenmark Life Sciences

The First Competition of the Asian Games held in Ningbo, Zhejiang


Huawei Launches Intelligent Architecture and Intelligent E&P Solution for Oil and Gas Industry

Zefr Expands TikTok Product to Provide Advertisers With Suitability Exclusions, in Collaboration with TikTok's Inventory Filter

Black Box strengthens India presence with new Center of Excellence

Bharti AXA Life Insurance launches Wealth Maximizer -- a return of all charges ULIP plan -- exclusively available on PolicyBazaar

Lacework Announces That It Has Been Selected by TSB Bank to Secure Its Cloud Infrastructure

#PlumeStrong Cycling Challenge 2023 Raises €550,000 to Benefit Children Affected by the Turkey-Syria Earthquake

Caretta Research: 'Super Aggregation' will be Key to MVPDs' Success in Next Decade

Huawei's David Wang: Accelerate Intelligence with Custom-built AI Models for All Industries

Bushmills Glassware Named the Official Celebration Partner of IndianOil Grand Prix of India

Adidas and Geek+ Inaugurate a New State-of-the-Art Automated Distribution Center

Huawei Releases the White Paper on Architecture for Intelligent Transformation of Public Services

HUAWEI eKit Joins Hands with Distribution Partners to Explore Unlimited Opportunities in the SME Market

Xinhua Silk Road: Suzhou, Revitalize the ancient city with industrial upgrade

Bitget Wallet Quick Buy Expands Fiat Support to Include EUR/RUB/JPY Currencies

Chief Executives of Hundreds of Cities Jointly Kick Off Smart City Innovation Program Powered by Huawei Pangu Government Model

PayU India to power Seamless & Native Payment Experience on WhatsApp Business Platform

Newly inaugurated Yashobhoomi (IICC Dwarka) to host Trescon's DATE 2023 with Finance Minister Smt. Nirmala Sitharaman amongst the dignitaries

The International Gas Union (IGU) today releases its 2023 Global Wholesale Gas Price Survey report

India-focused private equity and VC funds raised $8.5bn in 2022, the highest ever annual fundraising value - Preqin reports

Uniken Selected as Strategic Mobile and Cybersecurity Partner for Indian Government Initiative

UST Vision Checkout AI-Enabled Autonomous Retail Solution Implemented at Jackson Hole Airport Restaurant

CoinScan Emerges from Stealth with $6.3 Million in Funding

Vestinda Bridges Web3 and Traditional Finance with Support for 100,000 Asset Pairs

Satma CE announces partnership with Refillable to revolutionize Inventory and Refill Management

NMIMS MPSTME Hosts India Automation Games 2023, Inspires the Future of Automation

RateGain shares Pulse Report for India; Global events drive domestic demand higher by 60%

A Star-Studded Affair: Illusion Aligners Honours its Brand Ambassador Kareena Kapoor Khan in Glittering Bollywood Style

Additional story DLC for Resident Evil 4 out now, offers new exhilarating action and different play feel

Introducing VM Social: The Future of Smart Trading

4i Apps Achieves Remarkable Milestone: Wins Oracle Cloud Partner Award 2023 at Oracle Cloud World 2023

VNOAI proposal for increasing BSNL revenues and market share

'No evidence that any Indian government ...
Fight for representation of OBC women to...
'Modi Hai Toh Mumkin Hai not a mere sayi...
Where there is a will there is a way: ...
'Will bring much-needed change to modern...
'Could not have been better start to new...
 Top Stories
West Bengal: Governor CV Ananda Bos... 
UP: Man killed and two arrested in ... 
BJP MP Sushil Modi hails passage of... 
“Strongly oppose idea of Khalistan ... 
JPMorgan to add India to its emergi... 
Ganesh Chaturthi: 51 kg Modak offer... 
G4 nations call for UNSC expansion;... 
IAF air show at Air Force Station J...