Axiscades Technologies net profit grows 55% YoY to Rs 16 cr in Q4

Engineering solutions provider Axiscades Technologies has posted a 55 per cent jump in its consolidated net profit to Rs 16.05 crore in the fourth quarter ended March 2023, backed by higher income.

It had clocked a net profit of Rs 10.64 crore during the January-March quarter of the preceding 2021-22 fiscal, the company said in a regulatory filing on Thursday.

The company's total income rose to Rs 222.07 crore in the March 2023 quarter from Rs 195.55 crore in the year-ago period.

In a statement, the company said it has also signed a strategic partnership with auto components maker Mangal Industries Ltd, a part of the Amara Raja Group, to provide engineering services.

Its CEO and MD Arun Krishnamurthi said: "The quarter & year under review mark a significant achievement 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".

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.

In December 2022, the Bengaluru-based company bagged an order to provide engineering services for product design for all aircraft programmes of global aerospace leader Airbus.