AXISCADES Technologies LtdAxiscades Technologies Limited is a technology solutions company focussing on engineering solutions and services.
Service Offerings
The company offers Product Engineering Solutions in the following areas:
1. Embedded Software and Hardware
2. Digitization and Automation
3. Mechanical Engineering
4. System Integration
5. Test Solutions
6. Manufacturing Engineering
7. Technical Publications
8. Aftermarket Solutions.
Award for R&D
On July 23, 2024, Mistral Solutions, the subsidiary company was awarded the prestigious Defennovation Award 2024, for Excellence in Research and Development (SME) by ELCINA for the design and development of Radar Processing Systems for the Arudhra Medium Powered Radar.
The company also recently received a production order worth Rs 90 Cr for the delivery of these systems.
Verticals revenue (FY24) and Key Updates
1) Aerospace (30%): The company secured a large OEM deal of $ 18 Mn to be executed in the next 5 years. It commenced a strategic partnership with a leading independent aircraft engineering and maintenance group with the potential to grow to a large size account. It is also in discussions with leading helicopter manufacturers for engineering and design support.
2) Automotive (11%): Completed acquisition of Add-solution, Germany with EDS, HMI test, and automation capabilities. It commenced the execution of advanced work packages with large OEMs on cyber security. The company expects softness in revenue in H1 FY25 due to a demand slowdown in large OEMs.
3) Defense (27%): The company offers Avionics, Radar, Sonar, Telemetry, Software, Electronics, etc. It delivered 40 Man Portable Counter Drone Systems in FY24, and a balance of 60 Nos are under production. It expects new opportunities in the counter-drone systems for the next 5 years with an addressable market of 3,000 Cr +.
4) Energy (4%): Acquired EPCOGEN, specialized in Oil & Gas, Refineries, Petrochemicals, and Renewable Power for Rs. ~26 Cr. Through this acquisition, the company aims to strengthen its position in the energy markets of the Middle East and North America.
5) Semiconductors (13%): The company onboarded a large phone and consumer electronic manufacturer as a customer.
6) Heavy Engineering (16%): The company is restructuring this business from a low-margin mechanical engineering work to a more embedded and digital side.
Geographical Split
APAC: 31% in FY24 vs 24% in FY22
Europe: 38% in FY24 vs 32% in FY22
USA: 27% in FY24 vs 37% in FY22
Canada: 4% in FY24 vs 6% in FY22
Between FY22 to FY24, Europe and APAC regions have shown higher growth while growth in the USA and Canada was muted resulting in a drop in the revenue share of the USA and Canada.
Network
The company has delivery centers in Hyderabad, Chennai, and Bengaluru. It also has a presence in America and Europe through its overseas subsidiaries.
Order Book
As of FY24, the company has an order book of Rs. 749 Cr. The defense vertical comprises Rs. 272 Cr of its executable order book.
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