Multibagger shares rise 10% in early trading as net profit nearly triples in Q1

Shares of Axiscades Technologies rose nearly 10% in early trade on Tuesday after the technology and engineering solutions provider posted its Q1 earnings. Net profit rose 183% to Rs 17 crore in the June quarter as compared to Rs 6 crore in the June quarter of 2023. Sales rose 4.50% to Rs 223.26 crore in the quarter ended June 2024 as compared to Rs 213.64 crore in the quarter ended June 2023.

Shares of the multibagger rose 9.65% to Rs 554.40 from the previous close of Rs 505.60 on the BSE. The company’s market capitalisation rose to Rs 2,214 crore.

A total of 0.55 lakh shares of the company changed hands, leading to a turnover of Rs 2.97 crore. The stock fell to a 52-week low of Rs 433.35 on June 5, 2024 and a 52-week high of Rs 848 on January 11, 2024.

Axiscades Technologies stock is neither in overbought nor oversold zone as indicated by the Relative Strength Index (RSI) of 36.3. Axiscades Technologies stock is trading below its 5-day, 10-day, 20-day, 50-day, 100-day and 200-day moving averages.

Axiscades Technologies shares have returned 310% and 485% over two and three years, respectively. At the end of the June 2024 quarter, the company had total orders of $83.2 million.

However, EBITDA for the quarter was Rs 31 crore, as against Rs 33 crore in Q1 FY24. EBITDA margins improved to 13.9% in Q1 as compared to 12.6% in Q4 FY24.

Axiscades Technologies Limited offers product engineering solutions in software and embedded hardware, digitization and automation, mechanical engineering, systems integration, test solutions, manufacturing engineering, technical publishing and aftermarket solutions.