AXISCADES Reports 4.5% YoY Revenue Growth for Q1 FY 2025

On August 6, 2024, AXISCADES Technologies Limited released its financial results for the quarter ended June 30, 2024.

For Q1 FY 2025, the company reported a Revenue from Operations of ₹223 crore, reflecting a 4.5% year-on-year (YoY) increase. In U.S. dollar terms, revenue for the quarter stood at $26.9 million, up 2.5% YoY. The company’s total order book reached $83.2 million.

EBITDA for the quarter was ₹31 crore, a decrease from ₹33 crore in Q1 FY24. However, EBITDA margins improved to 13.9%, compared to 12.6% in Q4 FY24. Profit After Tax (PAT) was ₹17 crore, with a PAT margin of 7.2%, a significant increase from ₹6 crores and a 2.6% margin in Q1 FY24.

During this quarter, Mistral Solutions, a subsidiary, secured an order worth ₹90 crore from Bharat Electronics Limited (BEL) for Radar Processing Systems. The company stated that it is also seeing progress in its aerospace sector with European OEMs, focusing on production and plant migration. Additionally, AXISCADES is expanding its high-end cybersecurity solutions with a UK automotive manufacturer.

The company’s digital investments from FY24 are beginning to yield higher revenue and profitability. AXISCADES has onboarded a major EPC client from the Middle East with a long-term contract and has completed the second tranche of deliveries for the Man Portable Counter Drone System (MPCDS) to the Indian Army. These developments highlight the company’s strong operational performance and growth in key areas.

Sharing his thoughts on the performance for the quarter, the CEO and MD of AXISCADES, Mr Arun Krishnamurthi, said, “We are pleased to report a strong start to FY25, highlighted by noteworthy business performance in Q1FY25, in the face of macro challenges in certain verticals and lumpiness in Defence. The Company’s YOY revenue grew by 4.5% to ₹223 crores with EBITDA of ₹31 crores and PAT of ₹17 crores. The revenue growth was driven by a 15% YoY increase in Engineering Services, led by Aerospace, Automotive, and Energy Verticals. Defence production revenues grew 73% YOY, with a strong order book for execution in FY25.”

He further added, “Overall, the company performed well in Q1, across most verticals, with the exception of Heavy Engineering and PES, where macroeconomic challenges persist. We are focused on overcoming the challenges in certain verticals and are confident of delivering to our company’s plan for the full year FY25 and will continue to strengthen the business for sustainable growth and profitability.”

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