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Aksh Optifibre’s Q1 FY-24 Results: Revenue Drops 27% YoY, Company Reports Net Loss

Aksh Optifibre logo

Aksh Optifibre Limited [NSE: AKSHOPTFBR, BOM: 532351], an Indian Optical Fibre Cable (OFC) manufacturer, has announced its financial results for Q1 of FY-24.

Aksh Optifibre’s Standalone Financials for Q1 of FY-24

Aksh Optifibre reported a standalone revenue of Rs. 57.40 crore from operations during Q1 of FY-24. The company’s Profit After Tax (PAT) stood at Rs. 2.54 crore during the quarter ended 30th June 2023.

Correspondingly, earnings per Share (EPS) of the company was reported as Rs. 0.16 during Q1 of 2023-24.

Aksh Optifibre’s Consolidated Financial Results for Q1 of FY-24

YoY Comparison of Aksh’s Financial Numbers: Q1 FY-24 vs. Q1 FY-23

Comparison of Aksh Optifibre’s Financials: Q1 FY-23 vs. Q1 FY-24 vs. Q4 FY-23

On a Year over Year (YoY) basis, Aksh’s Q1 revenue from operations plummeted considerably by 26.57% to Rs. 58.69 crore in FY-24 from Rs. 79.93 crore during FY-23.

Further, Aksh Optifibre reported a loss of Rs. 1.80 crore during Q1 of FY-24 against a profit of Rs. 1.61 crore during Q1 of FY-23.

Per share, the company suffered a loss of Rs. 0.11 for Q1 of FY-24 against an EPS of Rs. 0.10 for Q1 of FY-23.

QoQ Comparison of Aksh’s Financials: Q1 FY-24 vs. Q4 FY-23

Comparing Q4 FY-23 to Q1 FY-24, Aksh Optifibre’s revenue fell by 26.24% from Rs. 79.57 crore, clocked during the last quarter of FY-23.

However, the company managed to mitigate its loss by 86.61%, from Rs. 13.44 crore reported for Q4 of FY-23.

Aksh Optifibre’s Segment-Wise Consolidated Revenue Comparison

Comparison of Aksh Optifibre’s Financials: Q1 FY-23 vs. Q1 FY-24

Manufacturing: Some of Aksh’s product offerings in this segment include OFCs, Aramid Reinforcement Plastic (ARP) rods, Fibre Reinforcement Plastic (FRP) rods, LEDs, and Ophthalmic lenses.

The company’s revenue from this segment fell by 35.35% YoY to Rs. 43.95 crore in Q1 of FY-24 from Rs. 67.98 crore which was reported for Q1 of FY-23.

Usually, this business segment brings in most of Aksh’s revenue, and in Q1 of FY-24, Aksh’s revenue from its manufacturing business was responsible for 74.88% of the company’s gross top line (i.e., the sum of segmental revenue without the deduction of inter-segmental revenue).

Services: This segment comprises services offered by Aksh Optifibre in the areas of e-governance, Voice Over Internet Protocol (VoIP), Fibre-To-The-Home (FTTH), and Internet Protocol Television (IPTV).

Aksh’s revenue from this segment exhibited a 23.35% increase YoY to Rs. 14.74 crore in Q1 of FY-24 from Rs. 11.95 crore logged for Q1 of FY-23.

Aksh’s Share Price Tumbles by Over 6% After Posting Results, Volume of Trades Triples

A day after Aksh Optifibre posted its financials for Q1 of FY-24, the company’s share prices fell by 6.45%. Further, the volume of trades increased to 2.95 times on the day after the company released its Q1 FY-24 financials.

About Aksh Optifibre Ltd.: Aksh Optifibre Ltd. was established in 1986. The company has two OFC manufacturing plants at Bhiwadi, and one FRP manufacturing plant at Reengus, Rajasthan.