Subsidiary of Axiscades Technologies acquires 94% stake in add solution GmbH, also reports strong quarterly results

Axiscades Technologies’ wholly owned subsidiary — Axiscades GmbH acquired a 94% stake in add Solution GmbH on August 17, 2023, upon payment of Phase I consideration of Euro 5 million, in accordance with the Definitive Agreements. Subsequently, add solution GmbH has become a subsidiary of Axiscades GmbH and a step-down subsidiary of the company.

The acquisition will provide a strategic foothold to Axiscades in the Automotive space, besides the opportunity for firm contracts with marquee automotive OEMs. This will lead to significant offshoring opportunities and enhanced business for Axiscades in the automotive space, both in India and globally.

Axiscades Technologies Limited has announced its financial results for the first quarter ending on June 30, 2023 (Q1FY24). During this period, the company generated revenue of Rs 213.64 crore, reflecting a growth of 16.56% compared to the previous year. The operational profit for Q1FY24 was Rs 35.66 crore, marking a significant increase of 35.3% year-on-year. Additionally, the company’s net profit after tax (PAT) also demonstrated strong growth, reaching Rs 5.71 crore, from a loss of Rs 31.64 crore in Q1FY23.

Axiscades Technologies is a holistic technology and engineering solutions provider, with a footprint across the entire product lifecycle management needs of global OEMs and core engineering firms. The company’s present business profile comprises providing engineering design services and has been serving various verticals, viz., aerospace, defence, heavy engineering, automobile, and industrial products. The revenues of the company are well diversified across Europe, North America, and Asia Pacific.

Today, the stock opened at Rs 575, with a high and low of Rs 576.50 and Rs 555. The stock closed trading at Rs 562.05, down by 0.72%. The stock has a 52-week high of Rs 602 and a 52-week low of Rs 128.10. The shares of the company have gained over 60% in the last six months.

Investors should keep a close eye on this stock.

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