Axiscades back in black with consolidated net profit of Rs 5.70 cr in Q1

Engineering solutions provider Axiscades Technologies has returned to black posting a consolidated net profit of Rs 5.70 crore during the quarter ended June 30, backed by higher income.

It had clocked a net loss of Rs 31.69 crore during the April-June period of the preceding 2022-23 fiscal, the company said in a regulatory filing on Friday.

The company's total income surged to Rs 216.33 crore from Rs 186.92 crore in the year-ago quarter.

In a separate statement, David Bradley, Chairman of Axiscades, said: "We have started fiscal year 2024 on firm footing, recording a revenue growth of 17 per cent and EBITDA growth by 45 per cent year on year. The recent acquisition of add solution GmbH will give us access to global OEMs (original equipment manufacturers) and help us expand our product offerings to the automotive industry."

These acquisitions have been accretive to company's earnings and have helped to achieve its long-term growth goals, he added.

Bengaluru based Axiscades is a leading end-to-end engineering and technology solutions provider, catering to sectors like aerospace, defence, heavy engineering, automotive and energy, among others.

The company has an active order to provide engineering services for product design for all aircraft programmes of global aerospace leader Airbus.