Axiscades Engg Tech revenues fall due to disruptions caused by pandemic

The company’s Q1FY21 revenue stood at Rs106.3cr against Q1FY20 revenue of Rs 154.4cr down 31%

Sep 16, 2020 04:09 IST India Infoline News Service

AXISCADES
Axiscades Engg Technologies, a technology Company focusing on Product Engineering Solutions, serving Global OEMs announced its Q1 and FY21 financial results. The company’s revenues for the quarter suffered owing to significant disruption caused by the pandemic.
 
The company’s Q1FY21 revenue stood at Rs106.3cr against Q1FY20 revenue of Rs 154.4cr down 31%. EBITDA Margin for Q1FY 21 is 11.7%. Gross Debt including ICD is Rs126.4cr as on June 30, 2020 (Net Debt Rs29.4cr).  Cash generated from operations Rs44.7cr.
  
“However despite a drop in revenue, Axiscades saw several positives in the quarter ‐ All the Company’s large customers continue to be committed and supportive. In addition the maintaining of double digit margins consequent to its thrust on cost rationalisation over the last 18-months augurs well for the future,” company informed the exchanges on Wednesday.
 
The company is recovering from the initial setback caused by the pandemic and apart from on‐boarding new customers has also generated significant cashflows by optimizing its operations to better capitalize on its engagements.
 
Encouraging operating and financial performance in what has been an extremely challenging environment gives Axiscades the confidence that it hasin place a strong platform forsustained growth. Along with its significant capabilities, this platform has been further strengthened on
the several initiatives taken across the business over the last two years.

Related Story