AXISCADES registers highest-ever quarterly Revenue and completes acquisition of Mistral Solutions

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Bangalore, February 13, 2023AXISCADES Technologies Ltd, a leading end-to-end engineering and technology solutions provider, catering to Aerospace, Defence, Heavy Engineering, Automotive, Energy, Medical & Healthcare sectors, serving Global OEMs, today announced results for the quarter that ended Dec 31, 2022.

Performance Highlights

(All Numbers in INR Millions except % data)

Particulars Q3 FY23 Q3 FY22 Q2 FY23 YoY QoQ 9M FY23 9M FY22 YoY
Operating Revenue 2,134 1,693 1,937 26% 10% 5,904 4,165 42%
EBITDA 296 192 374 54% -21% 936 407 130%
EBITDA Margin 13.9% 11.4% 19.3% +250 bps -540 bps 15.8% 9.8% +600 bps
PAT -102 79 211 NA NA -208 120 NA
Adjusted PAT* 134 79 211 70% 37% 472 120 293%

*In Q3 and 9M FY23, the consolidated P&L statement recognizes an ‘exceptional item’, with a net negative impact of INR (236)Mn and INR (680) Mn respectively on account of additional consideration and interest cost on acquisition awarded by the Arbitration Tribunal for the Mistral acquisition, which was not part of earlier purchase consideration and interest on Optionally Convertible Debentures relating to Mistral acquisition.

 Key Operational Highlights:

  • The company was awarded an enhanced contract by Airbus for the fourth time, continuing the long-standing relationship with Airbus for niche engineering services in the aerospace sector
  • Completed the acquisition of Mistral Solutions Private Ltd., a leader in Semiconductor, Embedded Electronics, Defence, and Product Engineering capabilities. The acquisition, which was initiated in the year 2017, was executed over 4 phases at an aggregate acquisition cost of INR 296 crores

Commenting on the performance, Mr. David Bradley, Chairman of AXISCADES said:  “We are delighted by the momentum built in the business, quarter on quarter, and are happy to report highest ever quarterly revenue in this quarter. We continue to execute and strengthen our strategic positioning. As underlined in our key objectives, we have concluded the acquisition of Mistral Solutions in this quarter. This is a value-accretive asset for the Company, which will help us expand our capabilities and offerings in semiconductors, defense, and homeland security. We are also happy to announce additional contract wins in our new focus areas and the extension of our long-standing relationship with Airbus for the fourth time.”

Commenting on the results and outlook, Mr. Arun Krishnamurthi, CEO & MD of AXISCADES said As I complete my first year in AXISCADES, I  am pleased to report that the journey that we have undertaken in AXISCADES to transform and de-risk the business has translated to vastly improved business and financial performance. Our three-pronged strategy of vertical diversification, customer diversification, and digital-first is well on course. We have achieved the highest-ever quarterly revenue in 3rd quarter and continue to record healthy operating margins. The conclusion of the acquisition of Mistral Solutions brings forth opportunities to deliver an enhanced bouquet of services to our Global client base, thereby enhancing revenue and profitability, going forward”.

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