Axiscades

Axiscades Technologies (Axiscades) on Wednesday said it has acquired 100 per cent stake in Hyderabad-based Epcogen. Epcogen specialises in engineering design and providing solutions for the energy sector, Axiscades said in a statement. Axiscades has acquired Epcogen for Rs 26.25 crore to fortify its position in the energy markets of the Middle East and North America, it said. "This acquisition marks a pivotal moment for both companies. Axiscades acquiring Epcogen at Rs 26.25 crore, with an additional 3-year earn-out of Rs 7 crore based on performance. The move underscores the company's commitment to driving engineering excellence and innovation in the energy sector," the statement said. Axiscades CEO and MD Arun Krishnamurthi said Epcogen has significant operations in the North American and Middle East geographies. "This strategic move not only augments our competency but also propels our expansion as a service provider into the global energy industries," he said. Bengaluru-based

Engineering solutions provider Axiscades Technologies has returned to black posting a consolidated net profit of Rs 5.70 crore during the quarter ended June 30, backed by higher income. It had clocked a net loss of Rs 31.69 crore during the April-June period of the preceding 2022-23 fiscal, the company said in a regulatory filing on Friday. The company's total income surged to Rs 216.33 crore from Rs 186.92 crore in the year-ago quarter. In a separate statement, David Bradley, Chairman of Axiscades, said: "We have started fiscal year 2024 on firm footing, recording a revenue growth of 17 per cent and EBITDA growth by 45 per cent year on year. The recent acquisition of add solution GmbH will give us access to global OEMs (original equipment manufacturers) and help us expand our product offerings to the automotive industry." These acquisitions have been accretive to company's earnings and have helped to achieve its long-term growth goals, he added. Bengaluru based Axiscades is a lea

Shares of Axiscades Technologies continued their northward movement as they froze 10 per cent upper circuit at Rs 282.95 per share in Wednesday's intra-day trade

Since its incubation in 2011, the engagement between the two partners have evolved to cater to increasingly crucial projects with the aerospace major, the release said

Axiscades is owned majorly by Jupiter Capital, an investment company run by Rajeev Chandrasekhar, and entrepreneur and Member of Parliament

He will also join the board as an executive director, subject to approvals