Aksh Optifibre’s Q2 FY23 Revenue Plummets by 20.98% YoY, Reports Loss
Aksh Optifibre Limited [NSE: AKSHOPTFBR, BOM: 532351], an Indian Optical Fibre Cable (OFC) manufacturer, has announced its financial results for the quarter ended 30th September 2022.
Aksh Optifibre’s Standalone Financials
Aksh reported Rs. 57.4 crore as its standalone revenue from operations during the second quarter of the ongoing financial year.
Standalone Profit After Tax (PAT) of the company for Q2 of FY-23 stood at Rs. 0.37 crore.
Aksh’s Consolidated Financial Results
YoY Comparison of Aksh’s Q2 Financials: Q2 FY-23 vs. Q2 FY-22
During the second quarter of FY-23, the company clocked a revenue of Rs. 58.74 crore from its operations as against the Rs. 74.34 crore revenue for the corresponding quarter in FY-22. Therefore, Aksh’s Q2 revenue has fallen by 20.98% on a Year-over-Year (YoY) basis.
Aksh reported a net loss of Rs. 2.67 crore for Q2 of 2022-23. During Q2 of the previous fiscal, the company’s net loss stood at Rs. 1.56 crore. Aksh Optifibre’s Q2 loss has, therefore, increased by 71.15% from FY-22 to FY-23.
QoQ Comparison of Aksh Optifibre’s Financials: Q2 FY-23 vs. Q1 FY-23
On a Quarter-over-Quarter (QoQ) basis, the company’s revenue from operations plummeted by 26.51%, falling from Rs. 79.93 clocked in the first quarter of the ongoing fiscal.
Aksh’s PAT also fell sharply by 265.84% from the Rs. 1.61 crore profit reported by the company for the quarter ended 30th June 2022.
Aksh’s Consolidated Segment-wise Financial Performance
Manufacturing: Aksh Optifibres manufactures not only OFCs, but also Fibre Reinforcement Plastic (FRP) rods, Aramid Reinforcement Plastic (ARP) rods, LEDs and Ophthalmic lenses.
The company’s consolidated revenue from manufacturing operations was Rs. 47.57 crore for Q2 of FY-23, as against Rs. 61.63 crore during the same period of FY-22. This reflects a YoY drop of 22.81%.
QoQ comparison of Aksh’s revenue from this segment exhibited a substantial decrease of 30.02%, from Rs. 67.98 crore earned during Q1 of the current fiscal.
Services: This segment deals in Aksh’s services in the e-governance, Fibre-To-The-Home (FTTH), Voice Over Internet Protocol (VoIP) and Internet Protocol Television (IPTV) sectors.
Aksh Optifibre’s Q2 segmental revenue from its services dropped by 12.05% on a YoY basis, to Rs. 11.17 crore in FY-23 from Rs. 12.70 crore during FY-22.
Comparing the company’s services revenue QoQ, there has been a slight decrease of 6.53% from Rs. 11.95 crore clocked during Q1 of the ongoing fiscal.
About Aksh Optifibre Ltd.: Aksh Optifibre Ltd. was set up in 1986. In 2000, the company diversified into the FRP manufacturing business. Aksh has two plants at Bhiwadi for Optical Fibre Cable manufacturing and one plant at Reengus, Rajasthan for Fibre Reinforced Plastic Rods (FRP) manufacturing. The company reported consolidated revenue of Rs. 316.38 crore during the 2021-22 financial year.