AXISCADES Released Q4 FY2024 Results: Revenue Rose 14% YoY

On May 21, 2024, the technology and engineering solutions provider AXISCADES Technologies Ltd released its results for the quarter (Q4 FY2024) and year (FY 2024) ended March 31, 2024.

Quarterly Performance

During the quarter, the company’s revenue from operations rose 14% YoY to ₹256 crore, and EBITDA for the quarter amounted to ₹32 crore, increasing 3% YoY. PAT for the quarter was ₹9 crore with a 3.4% PAT margin, compared to ₹8 crore (3.2%) in Q3FY24 and ₹16.04 crore (7.1%) in Q4FY23.

Yearly Performance

Operating revenue for the year was ₹952 crore, up 17% year over year. EBITDA increased by 5% year over year to ₹130 crore from the normalised EBITDA of ₹124 crore in FY23. ₹33 crore was the profit after taxes, compared to ₹4.8 crore for the PAT loss in FY23.

Despite weakness in Heavy Engineering and Product Engineering Services, Engineering Services revenue climbed 21% to ₹694 crore, led by strong growth in Aerospace, Automotive, and Energy. The agreement was signed with an aerospace OEM for a total value of $18 million in the fields of manufacturing support and in-service repair; design and prototype wins in multiple defence programmes, including HISAR; next generation ERP for combat aircraft; Intel-based SBC; DEAL satellite terminal design; DF for Naval programme; and augmentation of the production order pipeline.

“FY2024 was another landmark year for the Company in its journey to be at the forefront of best-in-class engineering and technology solutions and, at the same time, deliver a sustainable and profitable business performance to all its stakeholders. I am pleased to report that, at the end of FY2024, the Company stands much stronger, with its foray into new verticals, new acquisitions, new competencies, and a much stronger customer base,” said Mr Abidali Neemuchwala, Chairman of AXISCADES.

He further added, “Our defence business is gaining strength, and our production revenues from defence reached record run in FY24 and will continue to accelerate in the coming years. The equity base stands enhanced, borrowings are significantly reduced, and the robust balance sheet and cash reserves allow us much headroom to invest in people, technology, competencies, R&D labs, and business growth. While we are conscious of the global macroeconomic challenges and uncertainties, we are entering the new financial year with renewed vigour, confidence and commitment for growth, and are well positioned to navigate the exciting pipeline of opportunities ahead of us.”

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