Defence company Astra Microwave Products announced Q1FY24 results: The Revenue stood at Rs 132.9 crore for Q1FY24 as against Rs 161.2 crore for Q1FY23 Gross margins were down to 27.5% for Q1FY24 as against 35.1% in Q1FY23; the decline in gross margins is mainly due to higher contributions from the exports business EBIDTA was Rs 4.6 crore for Q1FY24 in contrast to the EBIDTA of Rs 24.9 crore in Q1FY23 Geographical spread of total revenue for Q1FY24 stands as follows: India – 40% and Exports – 60% which was completely the other way around in FY23, i.e., India - 60% and Exports - 40% Order book of Rs 1,580 crore as on June 30, 2023, which is executable in the next 12 to 36 months period Orders booked during Q1FY24 are worth Rs 191 crore Commenting on the performance S G Reddy, Managing Director, Astra Microwave Products said, "The quarter gone by was a relatively soft quarter, topline performance was close to the guidance given during the last quarter. The decline in the bottom line was mainly due to higher export sales (about 60%) which is high volume and low margin, coupled with this even the domestic business carried out during the quarter has a lower margin as compared with general margins earned by the company. Additionally, interest provision on customer advances has contributed to more than Rs 3 crore which is not the actual cost and will get adjusted as the company delivers goods to the customer. Having said that this soft performance does not give a complete picture of where we stand as a company. The road ahead is promising as we continue to have a robust order book of Rs 1,580 crore, which is almost double FY23 Revenue. This orderbook consists of 19% of export orders and the rest 81% are domestic. This order book is a good representation of our long-term prospects. Despite low performance during Q1, we continue to maintain our earlier given year-end guidance of Rs 900+ crore of sales and profit before tax(PBT) of Rs 140 crore to Rs 150 crore. Major domestic orders are expected to get executed in the coming quarters specially in Q3 and Q4 which will help us to achieve the year-end targets mentioned above." Result PDF
Astra Microwave Products announced Q2FY23 results: Q2FY23 (Standalone): The revenue stood at Rs 170.9 crore for Q2FY23 as against Rs 176.8 crore for Q2FY22; a degrowth of 3.4% YoY Gross margins almost doubled from 20.6% in Q2FY22 to 40.4% in Q2FY23. This shift is largely on account of lower exports EBITDA saw a multifold increase from Rs 10.6 crore in Q2FY22 to Rs 40.5 crore in Q2FY23 with margins improving from 6% to 24% The company reported Profit after Tax of Rs 22.6 crore in Q2FY23 as against Rs 2.9 crore in Q2FY22 with margins going up to 13% from 2% Geographical spread of total revenue stands as follows: India – 72% and Exports – 28% H1FY23 (Standalone): The revenue stood at Rs 332.1 crore for H1FY23 as against Rs 297.0 crore for H1FY22; a growth of 12% YoY. Gross profit increased by 51% to Rs 125.7 crore in H1FY23 vs Rs 83.3 crore in H1FY22 H1FY23 EBITDA of Rs 65.4 crore was more than double of H1FY22 EBITDA of Rs 31.7 crore; margins moved up to 20% in H1FY23 vs 11% in H1FY22 The company reported Profit after Tax of Rs 34.0 crore in H1FY23 as against Rs 12.6 crore in H1FY22 with margins soaring to 10% from 4%. Geographical spread of total revenue stands as follows: India – 77% and Exports – 33% Commenting on the performance Mr. S G Reddy, Managing Director, Astra Microwave Products Limited said, “I am happy to inform you that we have reported good performance in Q2FY23 and H1FY23 and our margins have improved substantially. Improvement in margins is largely due to larger domestic sales as compared to previous period and also change in change in mix of products sold during the period. We expect larger share of domestic sales as compared to exports in the coming years. Over the next 5 to 6 years, the business outlook is strong and we see an opportunity of close to Rs.15,000 to Rs. 18,000 crores of orders to come in the area of our domain expertise. Self-reliance in defence has been the foundation of India’s new defence production policy. Atmanirbhar Bharat Abhiyan has created growth horizons for the Indian defence companies. We will continue our focus on Build To Specification (BTS) opportunities for both domestic as well as global customers. We believe that with a higher focus on BTS, we can sustain our healthy margins.” Result PDF