AXISCADES registers highest ever quarterly Revenue and completes acquisition of Mistral Solutions

Key Highlights Q3 FY23 (Y-o-Y)

  • Revenue at Rs. 2,134 Mn up 26%
  • EBITDA at Rs. 296 Mn up 54%
  • EBITDA Margin at 13.9% up 250bps

BANGALORE, India, Feb. 13, 2023 /PRNewswire/ — AXISCADES Technologies Ltd. (BSE: 532395) (NSE: AXISCADES), a leading end to end engineering and technology solutions provider, catering to Aerospace, Defence, Heavy Engineering, Automotive, Energy, Medical & Healthcare sectors, serving Global OEMs, today announced results for the quarter ended Dec 31, 2022.

Performance Highlights

(All Numbers in INR Millions except % data)


Q3 FY23

Q3 FY22

Q2 FY23



9M FY23

9M FY22


Operating Revenue




26 %

10 %



42 %





54 %

-21 %



130 %


13.9 %

11.4 %

19.3 %

+250 bps

-540 bps

15.8 %

9.8 %

+600 bps










Adjusted PAT*




70 %

37 %



293 %

*In Q3 and 9M FY23, consolidated P&L statement recognizes an ‘exceptional item’, with net negative impact of INR (236)Mn and INR (680) Mn

respectively on account of additional consideration and interest cost on acquisition awarded by the Arbitration Tribunal for the Mistral acquisition,

which was not part of earlier purchase consideration and interest on Optionally Convertible Debentures relating to Mistral acquisition.

Key Operational Highlights:

  • The company was awarded an enhanced contract by Airbus for the fourth time, continuing the long-standing relationship with Airbus for niche engineering services in the aerospace sector
  • Completed the acquisition of Mistral Solutions Private Ltd., a leader in Semiconductor, Embedded Electronics, Defence and Product Engineering capabilities. The acquisition, which was initiated in the year 2017, was executed over 4 phases at an aggregate acquisition cost of INR 296 crores

Commenting on the performance, Mr. David Bradley, Chairman of AXISCADES said: “We are delighted by the momentum built in the business, quarter on quarter, and are happy to report highest ever quarterly revenue in this quarter. We continue to execute and strengthen our strategic positioning. As underlined in our key objectives, we have concluded the acquisition of Mistral Solutions in this quarter. This is a value accretive asset for the Company, which will help us expand our capabilities and offerings in semiconductor, defense and homeland security. We are also happy to announce additional contract wins in our new focus areas and the extension of our long-standing relationship with Airbus for the fourth time.”

- Advertisement -

Commenting on the results and outlook, Mr. Arun Krishnamurthi, CEO & MD of AXISCADES said, “As I complete my first year in AXISCADES, I  am pleased to report that the journey that we have undertaken in AXISCADES to transform and de-risk the business has translated to vastly improved business and financial performance. Our three-pronged strategy of vertical diversification, customer diversification and digital first is well on course. We have achieved the highest ever quarterly revenue in 3rd quarter and continue to record healthy operating margins. The conclusion of acquisition of Mistral Solutions brings forth opportunities to deliver an enhanced bouquet of services to our Global client base, thereby enhancing revenue and profitability, going forward.”

About AXISCADES Technologies Ltd.

AXISCADES (is a leading, end to end technology and engineering solutions provider aiding creation of innovative, sustainable and safer products worldwide. Headquartered in Bangalore with subsidiaries in USA, UK, Canada, Germany, India and China; and offices in Germany, France, Denmark, USA and Canada.

AXISCADES has a diverse team of over 2200 professionals working across 17 locations across North America, Europe, UK and Asia-Pacific, striving to reduce the program risk and time to market. The company offers Product Engineering Solutions across Embedded Software and Hardware, Digitisation and Automation, Mechanical Engineering, System Integration, Test Solutions, Manufacturing Engineering, Technical Publications, and Aftermarket Solutions.

The solutions comprehensive portfolio covers the complete product development lifecycle from concept evaluation to manufacturing support and certification for Fortune 500 Companies in the Aerospace, Defense, Heavy Engineering, Automotive, Medical Devices & Industrial Product industries. The company is known for its robust system of certifications and best practices that address customer requirements and domain expertise.

More information: | LinkedIn:

Cision View original content:

Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Auto Excelsior takes no editorial responsibility for the same.