AXISCADES Q2 net profit jumps manifold to Rs 21 cr

     New Delhi, Nov 10 (PTI) Engineering solutions provider AXISCADES Technologies has posted a multifold jump in its consolidated net profit at Rs 21.08 crore during the quarter ended September 30, helped by increase in revenues.
     It had clocked Rs 2.77 crore net profit in the July-September period of preceding 2021-22 fiscal, the company said in a statement on Thursday.
     The company's total income also rose to around Rs 200 crore, from Rs 138.84 crore in the year-ago quarter.
     "We are happy to consistently raise the bar with our performance in FY23. Our focus remains on generating growth while also driving profitability," said David Bradley, Chairman of AXISCADES.
     Arun Krishnamurthi, CEO & MD of AXISCADES said despite market conditions, the company has delivered positive numbers. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the second quarter was at Rs 193.7 crore.
     Bengaluru-based AXISCADES is a leading end-to-end engineering and technology solutions provider catering to sectors like aerospace, defence, heavy engineering, automotive, energy among others.
     During the quarter, the company said its board also approved a proposal to acquire 100 per cent stake in add solution GMBH, Germany, specializing in automotive solutions to Global OEMs (original equipment manufacturer).
     The proposed acquisition will provide a strategic foothold to AXISCADES in the automotive space. PTI ABI DRR

(This story has not been edited by THE WEEK and is auto-generated from PTI)