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AXISCADES delivers strong Q3 FY20 results - Bagging new contracts and renewals

Posted On: 2020-01-23 08:51:39

AXISCADES Engineering Technologies Ltd., (AXISCADES), India's leading technology solutions company has announced the financial results for the third (3rd) quarter of FY 2020.

The company announced its strong performance in Q3FY20 with significant improvements in its PAT, EBITDA margins and Revenues. This is coming on the back of the Company's FY20 objectives to consolidate, expand customer base, enhance capabilities specifically in areas of digital and automation to address the entire engineering lifecycle and cross-sell to existing customers by offering a broader range of solutions.

Financial Highlights:

- 8.3% growth in total revenues y-o-y
- Highest ever EBITDA margins of 16% for Q3 FY20
- 75% growth in Q3 PAT to Rs 82Mn over immediate previous quarter;
- Rs 139Mn PAT for 9M period ended 31st Dec 2019

The Company's EBITDA margins got a significant boost through operational productivity measures and closer alignment to customers with enhanced service lines. In the 3rd quarter, company renewed two multi-year contracts; first a major European Aerospace customer renewed their contract with increased scope of delivery and additional areas of business. The second, Company renewed its multi-year contract with global Heavy Engineering customer with increased scope and geographic coverage. The Company also signed a new contract with Heavy Engineering customer in North America. Amongst other wins, the company also received orders from a European OEM bearing testament to AXISCADES' defence prowess and expertise.

Mr. David Bradley, Chairman of AXISCADES said: "We have done some intensive groundwork to enhance our go-to-market approach and strengthen our relationship with existing clients for repeat business. Considerable steps have been taken to continue fostering high performance and agile work culture that is well suited to meet the stringent demands of the industries we operate in. With a good quarter in the bag, we are looking to end the financial year on a strong note with increased focus on our key strategies."

Shares of AXISCADES Engineering Technologies Ltd was last trading in BSE at Rs.62.65 as compared to the previous close of Rs. 62.1. The total number of shares traded during the day was 64642 in over 1067 trades.

The stock hit an intraday high of Rs. 64.5 and intraday low of 60.55. The net turnover during the day was Rs. 4071315.

Source: Equity Bulls

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