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Aksh Optifibre FY-24 Financials: Revenue Down by 23.07%, Company Reports Net Loss

Aksh Optifibre logo

Aksh Optifibre Limited [NSE: AKSHOPTFBR, BOM: 532351], an Indian manufacturer of Optical Fibre Cables (OFCs), has announced its financial results for Q4 of FY-24 and the entire FY-24.

Aksh Optifibre’s Standalone Financial Results: Q4 of FY-24 & FY-24

Aksh Optifibre Limited has reported a standalone revenue of Rs. 47.78 crore from operations during Q4 of FY-24 and a net loss of Rs. 210.74 crore in fourth quarter of FY-24. The company’s loss per share stood at Rs. 12.95 during Q4 of FY-24.

For the entire FY-24, the company clocked a revenue of Rs. 215.02 crore and recorded a net loss of Rs. 209.53 crore. Further, the Aksh Optifibre’s loss per share was Rs. 12.88 during full financial year 2023-24.

Aksh Optifibre’s Consolidated Financial Figures: Q4 of FY-24 & FY-24

YoY Comparison of Aksh Optifibre’s Financial Numbers: Q4 FY-24 vs. Q4 FY-23 & FY-24 vs. FY-23

Aksh Optifibre Revenue Comparison: Q4 FY-23 vs. Q4 FY-24 & FY-23 vs. FY24

Aksh Optifibre reported a consolidated revenue of Rs. 50.29 crore during Q4 of FY-24, exhibiting a decrease of 36.77% YoY from Rs. 79.54 crore in Q4 of FY-23. Aksh reported a net loss of Rs. 60.37 crore for fourth quarter of FY-24, which is 4.49 times the company’s net loss of Rs. 13.44 crore during Q4 of FY-23.

Aksh Optifibre PAT Comparison: Q4 FY-23 vs. Q4 FY-24 & FY-23 vs. FY24

Considering the full financial year, in FY-24, Aksh Optifibre’s revenue decreased by 23.07% to Rs. 220.28 crore from Rs. 286.34 crore during FY-23. The company recorded a net loss of Rs. 71.31 crore during FY-24 and Rs. 13.58 crore for FY-23. Therefore, the company’s FY-24 net loss is 5.25 times of its FY-23 net loss.

Aksh Optifibre’ loss per share was Rs. 3.71 for Q4 of FY-24 and Rs. 4.38 for FY-24.

Aksh Optifibre Revenue: Q3 FY-24 vs. Q4 FY-24

QoQ Comparison of Aksh Optifibre’s Financials: Q3 of FY-24 vs. Q4 of FY-24

Aksh Optifibre PAT: Q3 FY-24 vs. Q4 FY-24

On a Quarter-over-Quarter (QoQ) basis, Aksh Optifibre’s revenue decreased by 2.76% from Rs. 51.72 crore for Q3 of FY-24. Further, the company’s Q4 FY-24 net loss was 14.37 times of Aksh’s Rs. 4.20 crore net loss during Q3 of FY-24.

Significant Loss due to ‘Exceptional Items’, Aksh Decides to Sell Assets

Aksh Optifibre reported ‘loss before exceptional items and tax’ of Rs. 9.39 crore during Q4 of FY-24 and Rs. 19.45 crore for the entire FY-24. These losses were significantly exacerbated on account of ‘exceptional items’ during the quarter and year ended 31st March 2024.

Aksh Optifibre suffered a loss of Rs. 59.08 crore in Q4 of FY-24 and Rs. 55.63 crore in FY-24 due to ‘exceptional items’. Among other things, these items include ‘miscellaneous balances written back’, ‘dimunition in value of assets’, ‘loss on sale of property, plant and equipment’, ‘impairment loss’, and ‘provision for doubtful debt’.

Company Decides to Sell Non-Operative and Surplus Assets

Aksh Optifibre also disclosed that in order to pay off outstanding debts, the company will be selling its ‘non-operative and surplus’ assets. These include all assets of the company’s lens division, and surplus land at the company’s premises at Reengus, Rajasthan. Apart from this, the company shall also be selling its ‘assets located at Dubai in subsidiaries’.

Aksh Optifibre’s Q4 of FY-24 and FY-24 Segment-Wise Revenue

Aksh Optifibre Segment-wise Revenue: Q4 FY23 vs. Q4 FY24 & FY23 vs. FY24

Manufacturing: Aksh Optifibre’s Manufacturing business bought in Rs. 33.22 crore as revenue during Q4 of FY-24, which reflects a decrease of 44.36% from Rs. 59.70 crore logged during Q4 of FY-23.

For the entire year, Aksh Optifibre’s revenue from Manufacturing segment stood at Rs. 142.90 crore during FY-24, exhibiting a decrease of 37.03% as compared to the Rs. 226.95 crore revenue from this segment during FY-23.

Services: During Q4 of FY-24, the company reported Rs. 17.07 crore as its revenue from this segment. This is 13.96% lower than the company’s Services revenue for Q4 of FY-23 which stood at Rs. 19.84 crore.

For the entire 2023-24 fiscal, Aksh Optifibre’s revenue from this segment was Rs. 77.38 crore, reflecting a decrease of 30.29% from Rs. 59.39 crore during FY-23.

Aksh Optifibre’s Stock Drops 5% After Announcement of Results

One day after the announcement of its FY-24 results, Aksh Optifibre’s stock tanked by 5% from the previous trading day. Further, volume of share trades peaked at 10,94,000 trades after the company announced its FY-24 financials, which is 4.52 times the number of trades on the previous trading day, which stood at 2,42,000 trades.

About Aksh Optifibre Limited: Aksh Optifibre Ltd. was established in 1986, and in 2000, the company diversified into FRP manufacturing. Aksh has two plants at Bhiwadi for Optical Fibre Cable manufacturing and one plant at Reengus, Rajasthan for Fibre Reinforced Plastic Rods (FRP) manufacturing.