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Aksh Optifibre FY23 Results: Revenue Down 9.42% YoY to 286 Cr., Net Loss Swells

Aksh Optifibre logo

Aksh Optifibre Limited [NSE: AKSHOPTFBR, BOM: 532351], an Indian player in Optical Fibre Cables (OFCs) manufacturing space, has announced its financial results for the quarter and year ended 31st March 2023.

Aksh Optifibre’s Standalone FY23 Financials

During the closing quarter of the recently concluded FY-23, Aksh logged a standalone revenue of Rs. 75.88 crore from operations. The company’s Profit After Tax (PAT) for this period stood at Rs. 5.20 crore.

Considering the entire year, Aksh clocked a standalone topline of Rs. 273.71 crore and a PAT of Rs. 15.43 crore during FY-23.

Aksh’s Consolidated FY23 Financial Numbers

YoY Comparison of Aksh Optifibre’s Financials: Q4 FY-23 vs. Q4 FY-22 & FY-23 vs. FY-22

Comparing Aksh’s Q4 consolidated revenue from operations, the company did Rs. 79.57 crore in FY-23, a 9.76% YoY drop against Rs. 88.18 crore in Q4 FY-22.

Comparison of Aksh Optifibre’s Financials: Q4 FY-22 vs. Q4 FY-23 vs. Q3 FY-23

The company, however, reported a loss of Rs. 13.44 crore for Q4 of FY-23. This is in stark contrast to Aksh’s PAT of Rs. 1.68 crore earned during the quarter ended 31st March 2022.

Comparison of Aksh Optifibre’s Financials: FY-22 vs. FY-23

Taking the entire financial year into account, Aksh’s consolidated revenue was Rs. 286.55 crore for FY-23, which reflects a 9.42% slump from its Rs. 316.36 crore revenue for FY-22.

Aksh reported a net loss in FY-23 and FY-22. For the recently concluded fiscal, the company’s net loss was Rs. 13.58 crore, while in FY-22 it was Rs. 0.42 crore. Therefore, Aksh’s net loss grew to over 32 times on a YoY basis.

Aksh’s EPS was negative Rs. 0.84 for both the quarter and year ended 31st March 2023. For the 2021-22 fiscal, the company’s EPS was negative Rs. 0.03.

QoQ Comparison of Aksh’s Financial Figures: Q4 FY-23 vs. Q3 FY-23

On a Quarter-over-Quarter (QoQ) basis, the company’s revenue from operations grew promisingly by 16.47% from Rs. 68.32 crore, which was logged for the quarter ended 31st December 2022.

Further, during Q3 of FY-23, the company earned a PAT of Rs. 0.93 crore, before slipping into net loss for Q4 of FY-23.

Aksh Optifibre’s Segment-wise Consolidated Revenue Comparison FY23 vs FY22

Comparison of Aksh Optifibre’s Segment-wise Revenue: Q4 FY22 vs. Q4 FY23

Manufacturing: The company’s manufacturing portfolio comprises OFCs, Fibre Reinforcement Plastic (FRP) rods, Aramid Reinforcement Plastic (ARP) rods, LEDs and Ophthalmic lenses. Usually, this segment is responsible for the bulk of Aksh’s total revenue.

For the year ended 31st March 2023, the company’s revenue from this segment stood at Rs. 227.15 crore, as compared to Rs. 268.01 crore in FY-22. Therefore, Aksh’s manufacturing business revenue has shrunk by 15.25% YoY.

Services: Aksh’s services business segment caters to the areas of e-governance, Fibre-To-The-Home (FTTH), Voice Over Internet Protocol (VoIP) and Internet Protocol Television (IPTV).

The company’s consolidated services revenue stood at Rs. 59.39 crore in FY-23 against Rs. 48.35 crore in FY-22, thereby portraying a healthy YoY increase of 22.83%.

About Aksh Optifibre Ltd.: Aksh Optifibre Ltd. was set up in 1986. The company has two plants at Bhiwadi for Optical Fibre Cable manufacturing and one plant at Reengus, Rajasthan for Fibre Reinforced Plastic Rods (FRP) manufacturing.