Orica CEO Sanjeev Ghandi says technology adoption in mining is expected to help improve margins in FY23 after the company booked a A$60.1 million net profit on 36% higher FY22 revenue of $7.096 billion. “In May [2023] we will be giving you the P&L for the digital vertical and hopefully that will be a very positive surprise for all of you,” he told analysts today.
Orica’s Digital Solutions (ODS) business includes legacy products and now the Axis Mining acquisition that has been under the Orica roof for about a month. ODS will independently report financials next year.
“It’s very, very exciting,” Ghandi said of the Axis integration.
“We are now able to open up the books and accounts, look at their order book, look at the pipeline of contracts, and everything that we see is positive, in line with our expectations and even pleasantly surprising in terms of upside.
