End-to-end engineering and technology solutions provider AXISCADES posted a net loss of ₹4.8 crore in FY23 against a profit of ₹22.7 crore in the previous year. In FY23, its operational income climbed by 33.7 per cent to ₹8,13.6 crore.
During the fourth quarter of FY23, operating revenues grew by 16.3 per cent to ₹223.2 crore, compared to ₹191.9 crore in Q4 FY22, while PAT grew 50.7 per cent to ₹16 crore against ₹10.6 crore in Q4 of FY22.
Robust order book
“The integration with Mistral’s business is progressing as per plan, and we continue to synergise our offerings with our current and potential customer base, across the group. 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 FY24, our focus will be to further consolidate our business, to make it sustainable and profitable,” said Arun Krishnamurthi, CEO and MD of AXISCADES.
According to the company, the acquisition of Mistral Solutions will go a long way towards enhancing its offerings. David Bradley, Chairman of AXISCADES, said the company has seen a significant ramp-up in revenues from its core segments, and its foray into newer segments is scaling up fast.
The Bengaluru-based company caters to the aerospace, defence, heavy engineering, automotive, energy, medical, and healthcare sectors, and serves global OEMs.