Bengaluru-headquartered technology and engineering solutions company Axiscades has reported its financial results for FY2023 with revenue of Rs 813 crore, up 33.7 percent compared to Rs 608 crore a year ago. The EBITDA came at 137 crore, compared to Rs 68 crore a year ago, and a net loss of Rs 48 crore on account of a one-time impact from its acquisition of Mistral Solutions, compared to a profit of Rs 22 crore year ago.
During Q4FY23, it received Rs 21.1 crore from the US Government as payroll subsidy for Covid for its US entity. The company also took an additional charge of Rs 5.6 crore in consolidated financial results, on account of share warrants to be issued by Mistral Solutions and Rs 2.1 crore as additional ESOP charge, resulting in a net onetime benefit of Rs 13.3 crore, which forms part of EBITDA.
During the year the company signed a strategic partnership with Mangal Industries, part of the Amara Raja Group, where they would leverages Axiscades’ capabilities in engineering services.
David Bradley, Chairman, Axiscades said, “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.”
Arun Krishnamurthi, CEO & MD, 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 synergise 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 and defence sectors will enable us to grow holistically. In FY2024 our focus will be to further consolidate our business, to make it sustainable and profitable.”