AXISCADES Delivers strong Performance; H1 FY20 PAT at Rs. 5.76 Crores

AXISCADES Engineering Technologies Ltd., (AXISCADES), Technology Company focusing on Product Engineering Solutions today announced the financial results for the second (2nd) quarter of FY20.

AXISCADES delivered a strong performance in 2nd Quarter of FY20 and First Half of FY20 on the back of client focused sales strategy, strategic initiatives and growing business potential from existing Fortune 500 clients in addition to three new global logos.

Q2 FY20 Performance

* Q2 EBITDA at Rs. 20.6 Crores.

* 3.1% growth in Total Income as compared to Q1 FY20

* 4.3x growth in Q2 PAT to Rs. 4.67 Crores as compared to Q1 FY20

* Significant expansion in EBITDA margins to a healthy 12.8% from 10.8% in Q1 FY20

H1 FY20 Performance

* 9.5% growth in Total Income year on year

* Multi-fold growth in H1 FY20 EBITDA to Rs 37.4 Crores as compared to a loss of Rs. 4.7 Crores in H1 FY19

* PAT before minority interests at Rs 5.76 Crores as compared to a loss of Rs.

7.85 Crores in H1 FY19

The upswing in its results are an outcome of concrete efforts undertaken by the organization to build new technology solutions, scale its engagement, service offerings and cater to the Industry 4.0 needs of global OEMs and optimize its capabilities to deliver in an evolving market.

The company’s global fortune 500 clientele saw 3 new additions to its roster. AXISCADES’ key marque customers also placed their trust in the company’s abilities to deliver in newer service areas of their business, apart from existing engagements.

David Bradley, Chairman of AXISCADES said: “The company is evolving to cater to the newer demands in the market and our focus over the last couple of quarters has been to build on our key partnerships whilst adding new capabilities. Our key verticals, Aerospace and Defence and the demand for our services has seen a steady increase. We are seeing new opportunities in the market that we can capitalize on, for example Industry 4.0 and newer technologies.”