DCX Systems revenue rises 24% yoy to Rs387 crore in H1FY23 driven by increase in high margin projects

24 Nov 2022 , 11:08 AM

DCX Systems Limited has released the un-audited financial results for the second quarter and half year ended September 30, 2022.

For the quarter comparative from July to September FY23 viz FY22:

• Operational Revenue stood at Rs 173.88 crore in Q2 FY23, decreased by 7.58% from Rs188.14 crore in Q2 FY22. Seasonal decline in demand in Kitting vertical offset the growth in System Integration and Cable - Wire Harness verticals, impacting revenue growth during the quarter.
• EBITDA (excluding other income & forex loss) stood at Rs17.72 crore in Q2 FY23, up from Rs9.22 crore in Q2 FY22, Y-o-Y growth of 92.19%
• EBITDA Margin for the quarter stood at 10.19%, increase of 529 bps as compared to 4.90% in Q2 FY22. Rise in share of high-margin projects executed during this quarter helped reduce raw material expenses, benefiting overall EBITDA margins.
• Profit After Tax (PAT) for the quarter is Rs7.87 crore compared to Rs11.64 crore in the same period of last financial year

For the half year comparative from April to September FY23 viz FY22:

• Operational Revenue stood at Rs387.13 crore in H1 FY23, up by 24.46% from Rs311.06 crore in H1 FY22. During the half year, Company undertook a higher sales of System Integration projects, leading to year-on-year increase in revenue.
• EBITDA (excluding other income & forex loss) stood at Rs35.27 crore in H1 FY23, up from Rs16.29 crore in H1 FY22; YoY increase of 116.51%
• EBITDA Margin for the half year stood at 9.11%, rise of 387 bps as compared to 5.24% in H1 FY22
• Profit After Tax (PAT) for the half year is Rs13.64 crore compared to Rs14.99 crore in the same period of last financial year
• Order Book (as on September 30, 2022) is over Rs2,550 crore.

Commenting on the company’s performance, Dr. H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said, “Our Q2 & H1 FY23 performance has been in line with expectations. Despite slight headwinds, our Company has performed well during this period.

The demand for kitting is seasonal in nature, which led to lower sales in that vertical during the second quarter. However, revenue from our System Integration and Wire Harness verticals grew well during this period.

At around 11:04 AM, DCX Systems was trading at Rs255.50 per share higher by 1.05% on the BSE.

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