AXISCADES Technologies net profit grows 50.7% YoY to Rs 16 cr in Q4

May 29, 2023 adhigo

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)
Particulars	Q4 FY23	Q4 FY22	Q3 FY23	YoY	QoQ	FY23	FY22	YoY
Operating Revenue	2,232	1,919	2,134	16.3 %	4.6 %	8,136	6,084	33.7 %
EBITDA	440	281	296	56.8 %	48.6 %	1,375	687	100.1 %
EBITDA Margin*	19.7 %	14.6 %	13.9 %	508 BPS	584 BPS	16.9 %	11.3 %	561 BPS
PAT	160	106	(102)	50.7 %	NA	(48)	227	(121.2 %)
Adjusted PAT**	160	123	134	30.0 %	20.1 %	632	244	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/

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