Apollo Micro Systems gets board approval to raise Rs 200 crore

31 May 2023 , 12:50 PM

Apollo Micro Systems Limited informed that the company is seeking to raise Rs 200 crore to execute its expansion plans via acquisition route.

The board of directors approved the fund-raising plan in its meeting held on Monday.

Further, the company informed that the board has also approved the appointment of Sudarshan Chiluveru, current Chief Financial Officer (CFO), as the Compliance Officer of the company. His appointment will be effective from June 1, 2023.

The company has announced its results for FY23 and posted a total income of Rs 298.80 crore, compared to Rs 243.95 crore in the previous corresponding quarter.

The company’s net sales were Rs 107 crore, down from Rs 826 crore in the previous quarter. It was Rs 105.6 crore in the previous fiscal year’s corresponding quarter.

Apollo Micro Systems’ profit after tax jumped to Rs 7.53 crore in Q4FY23, compared to Rs 6.6 crore in the previous quarter. However, on a y-o-y basis, PAT declined.

AMSL, based in Hyderabad, provides technology-based solutions in industries such as infrastructure, transportation, aerospace, and defence.

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