Shares of this smallcap company jumped around 1 percent after receiving an order from BEL worth Rs. 90 crores for the supply of Radar Processing Systems. In one year, the stock has delivered more than a 30 percent return to its shareholders.
With a market capitalization of Rs. 2,155 crores, the shares of AXISCADES Technologies Limited started Monday’s trading session on a higher note at Rs. 527.70, gaining around 1 percent compared to its previous close of Rs. 511.70 and are currently trading at Rs. 512.65 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that one of its subsidiaries Mistral Solutions had secured a large order from Bharat Electronics Limited (BEL), a premier Aerospace and Defense electronics company in Bangalore owned by the Government of India.
The order entails designing, developing, and supplying eight Radar Processing Systems for the Arudhra Medium Powered Radar (MPR). With a gross order value of Rs. 90 crores, the systems will be delivered over four years.
Coming onto the company’s financial statements, the revenue increased by 10 percent from Rs. 231.48 crores during the December quarter to Rs. 255.65 crores in the March quarter. In addition, the net profits zoomed by 19 percent from Rs. 7.54 crores to Rs. 8.99 crores during the same period.
Furthermore, the Engineering services revenue grew 21 percent to Rs.694 crores with robust growth in Aerospace, Automotive and Energy, despite softness in Heavy Engineering and Product Engineering Services. On the other hand, the confirmed order book grew by 27 percent, reaching Rs. 749 crores, compared to Rs. 589 crores at the beginning of the year.
Moreover, the company commenced the execution of advanced work packages with large OEMs on cyber security and made inroads with newer areas of engagement with various customers.
Additionally, the company plans to achieve above-industry-average growth in the energy vertical by enhancing contract values from customers and new customer acquisitions.
Headquartered in Noida, AXISCADES Technologies is a leading, end-to-end engineering solutions and product company that provides expertise in digital, engineering, and smart manufacturing to large enterprises.
Written By Vaibhav Patil
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