● Revenue up by 17% to Rs. 2,136 Mn
● EBITDA up by 45% to Rs 330 Mn
● EBITDA Margin up by 15.4% to 300 bps
AXISCADES Technologies Ltd.[AXISCADES (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 ended June 30, 2023.
Key Highlights:
• Q1 FY24 EBITDA at INR 330 Mn, up by 7.4% Q-o-Q on normalized EBITDA of INR 307 Mn in Q4FY23 (adjusted for net one-time benefit of INR 133 Mn in Q4 FY23). EBITDA Margin at 15.4%, compared to EBITDA margin 13.7%; Improved by 170 bps Q-o-Q
• Signed definitive agreement for acquisition of add solution GmbH to gain access to automotive OEMs and enhance footprint in automotive vertical.
• Appointed as Non-Executive & Non-Independent Director: Dr S. Christopher, has served as the Secretary to the Department of Defence, Ministry of Defense, Government of India, Chairman of the Defence Research and Development Organization (DRDO), Director of the Centre for Airborne Systems, Group Director at Electronics and Radar Development Establishment (LRDE) and is presently engaged as a professor of practice in the Department of Electrical Science at the Indian Institute of Technology Madras.
Commenting on the performance, Mr. David Bradley, Chairman of AXISCADES said, “We have started fiscal year 2024 on firm footing, recording a revenue growth of 17% and EBITDA growth by 45% Year on Year. The recent acquisition of add solution GmbH will give us access to global OEMs and help us expand our product offerings to the automotive industry. Over the past few years, 0we have acquired businesses that have helped us to expand into new segments and grow our market share. These acquisitions have been accretive to our earnings and have helped us to achieve our long term growth goals. A strategic refinancing of our long-term debt will allow us to invest more in our growth initiatives and further expand our bottom line. We have a strong, growing team in place that is focused on executing our growth strategy to generate value for all stakeholders.”
Commenting on the results and outlook, Mr. Arun Krishnamurthi, CEO & MD of AXISCADES said, “We are building upon the strong momentum generated in FY23. The fiscal 2024 has started with two key achievements, a cross-border acquisition of add solution GmbH and refinancing of our debt. We believe that the acquisition will be a significant driver of growth for our automotive business. The refinancing will lower our interest costs, and optimize our capital structure, resulting in a robust balance sheet. During the quarter, we saw remarkably higher contribution from Aerospace vertical and we continued to gain wallet share from our clients in the defense sector, adding significantly to our topline. Our new businesses win continue to show positive momentum. We are excited about the opportunities that lie ahead of us and aim to execute our objectives further aided by increased financial flexibility and create value for all stakeholders.”
