Bangalore. 21 May 2024. AXISCADES Technologies Ltd.  announced their results for the quarter and year ended March 31, 2024.

                                                               Key Financial Highlights: FY24

Revenue from Operation                      EBITDA                 Profit after Tax

Rs.952 crores                                           Rs.130 crores             Rs. 33crores 

                                                               Key Financial Highlights: Q4 FY24

Revenue from Operation                       EBITDA                      Profit after Tax

Rs.256 crores                                            Rs. 32 crores                 Rs. 9 crores


Key Consolidated Financial Highlights                                                                                                                                                                                                          

Particulars (Rs. Crs.) Q4 FY24 Q4 FY23 Y-o-Y Q3 FY24 Q-o-Q FY24 FY23 Y-o-Y
Revenues 256 223 14% 231 10% 952 814 17%
EBITDA 32 44 -26% 29 11% 130 138 -5%
EBITDA Margins (%) 13% 20% 13% 14% 17%
Profit After Tax 9 16 -44% 8 19% 33 (5)
PAT Margins (%) 3% 7% 3% 3% -1%

                                                                          Financial Highlights


  • Revenue from Operations of Rs. 256 crores for the quarter; grew by 14% YoY
  • Revenue in $ terms for the quarter stood at $ 31 Mn;growth of 11% YoY
  • EBITDA for the quarter at Rs. 32 crores; grew by 3% YoY, grew by 11% QoQ
  • EBIDTA Margins stood at 12.7%;as against 12.6% in Q3FY24 and 13.9% in Q4FY23
  • PAT stood at Rs.9 crores with PAT margin of 3.4% in the quarter,   as against Rs.8 crores  in Q3FY24 (3.2%) and Rs.16.04 crores in Q4FY23 (7.1%) 


  • Revenue from Operations of Rs. 952 crores for the year; grew by 17% YoY
  • Revenue in $ terms for the year stood at $ 116 Mn;growth of 14% YoY
  • EBITDA for the year at Rs. 130 crores as against normalizedEBITDA of Rs. 124 crores in FY23 grew by 5% YoY.
  • EBITDA Margins stood at 13.7%;as against normalized EBITDA margin of 15.3% in FY23
  • Profit after Tax at Rs. 33 crores,as against PAT Loss of Rs.4.8 crores in FY23
  • PAT Margins for the year stood at 3% as compared to -0.6% in FY23

       Business Highlights

  • Engineering services revenue grew 21% to Rs.694 crores with robust growth in Aerospace, Automotive and Energy, despite softness in Heavy Engineering and Product Engineering Services
  • Revenue from new customer logos grows to Rs.69 crores, a growth of 5 Times over the previous year
  • Deal win with Aerospace OEM with TCV of $ 18 Mn in the areas of in-service repair and manufacturing support
  • Defense Production Revenues in Mistral triples from Rs.39 crores to Rs.112 crores, with Rs.272 crores in executable production orders
  • Commencement of delayed delivery of Man Portable Counter Drone System (MPCDS) to the Indian Army, with significant addressable market in Indian Defense and Global Markets
  • Design and prototype wins in several defense programssuch as HISAR, next generation ERP for combat aircrafts, Intel based SBC, DEAL satellite terminal design, DF for Naval program, adding to the production order pipeline
  • Digital Team ramped to 75+ FTEs with deep competencies in automation, AI/ML and robotics, with complete digital project execution capabilities
  • Acquisition of add solution GmbH and Epcogen, opens new vistas in Automotive and Energy Space, adding strategic logos and competencies
  • Increase in confirmed order book by 27% at Rs. 749 crores, as against INR 589 crores at the beginning of the year
  • Successful closure of QIP for Rs.220 crores with marquee Institutional Investors
  • Reduction in Net Borrowingsby 60% from INR 214 crores to INR 85 crores, which will significantly reduce Finance Cost
  • Net Billable Resource addition of 500+, Reduction in attrition rate to 16% from 21%
  • Strengthening of Board Positions and Corporate Governance Process

Commenting on the performance, Mr. Abidali Neemuchwala, Chairman of AXISCADES said,

“FY2024 was another landmark year for the Company, in its journey to be at the forefront of best-in-class engineering and technology solutions, and at the same time, deliver a sustainable and profitable business performance to all its stakeholders. I am pleased to report that, at the end of FY2024, the Company stands much stronger, with its foray into new verticals, new acquisitions, new competencies, and a much stronger customer base. Our defense business is gaining strength, and our production revenues from defense reached record run in FY24  and will continue to accelerate in the coming years.  The equity base stands enhanced, borrowings significantly reduced and the robust balance sheet and cash reserves, allows us much head-room to invest in people, technology, competencies, R&D labs and business growth. While we are conscious of the global macroeconomic challenges and uncertainties, we are entering the new financial year, with renewed vigor, confidence and commitment for growth, and are well positioned to navigate the exciting pipeline of opportunities, ahead of us.”

Commenting on the results and outlook, Mr. Arun Krishnamurthi, CEO & MD of AXISCADES said,

“The financial year 2024 was a momentous year for the Company, in which we successfully concluded a qualified institutional placement, made two acquisitions, acquired new logos, strengthened our strategic relationship with several OEMs and strategic customers, had several deal wins, retired high-cost debt and strengthened our balance sheet.

I am pleased to report noteworthy operational performance in FY2024, despite global macroeconomic volatility and challenges in two verticals, namely Heavy Engineering and Product Engineering Services. The Company grew by 17% in sales revenue to INR 952 crores with an EBITDA of INR 130 crores and PAT of INR 33 crores.

The revenue growth was driven by Engineering Services, which grew by 21%, led by Aerospace, Automotive and Energy Verticals. The Defence production revenues tripled, while the order pipeline and confirmed order book from certified prototypes continues to grow. We see our Defence production continuing to ramp up in the coming year too, with our digital and embedded revenue keeping a healthy pace of growth.

Looking ahead, we remain committed to deliver a strong performance in FY25, leveraging our diverse capabilities to drive long-term growth and value creation for our stakeholders.”