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
Astra Microwave Products announced Q4FY22 results: FY22: Revenue stood at Rs 735 crore for FY22 as against Rs 589 crore for FY21; growth of 25% YoY EBITDA stood at Rs 87 crore for FY22 as against Rs 64 crore for FY21. EBITDA margin for FY22 stood at 11.8% vs 10.9% in FY21 The company reported Profit after Tax of Rs 40 crores in FY22 as against profit of Rs 24 crore in FY21 The Board has recommended a dividend of Rs 1.40 per share on the face value of Rs 2.00 per equity share for FY22 Geographical Spread for FY22 as % of total revenue stands as follows: India – 53%; Exports – 47% Q4FY22: Revenue stood at Rs 239 crore for Q4FY22 as against Rs 238 crore for Q4FY21 EBITDA stood at Rs 29 crore for Q4FY22 as against Rs 45 crore for Q4FY21. EBITDA margin for Q4FY22 stood at 12.1%. The company reported Profit after Tax of Rs 16 crores in Q4FY22 as against Rs 25 crore in Q4FY21 Orderbook Update: Order book of Rs 1,551 crore as on March 31, 2022, which is executable in the next 12 to 30 months period. Orders booked during the year till 31st March 2022 are worth Rs 760 crore. Commenting on the performance Mr. S G Reddy, Managing Director, Astra Microwave Products Limited said, “With the Government’s thrust on indigenizing the defense industry and fast paced growth on the back of various government initiatives like IDDM, MAKE-II, we see a lot of opportunities coming MoD, especially in radar and electronic warfare systems and the forthcoming year promises to be an exciting one. With the Department of Space budgets increasing at a CAGR of 8%-9% and the Indian Space equipment market growing at a similar CAGR, the company is well positioned to capitalize on this growth momentum. In FY22 on a standalone basis, the company reported Rs. 735 crores of sales, marking growth of 25% on YoY basis; EBITDA of Rs. 87 crores with margin of 11.8%. During the year, we received orders worth Rs. 760 Cr and executed orders worth Rs. 771 crores. Our order book as on 31st March 2022 stood at Rs. 1,551 crores which is executable in the next 12 to 30 months period. Astra has been on the working on the diversification front and exploring areas in the anti-drone, EW, satellites, SDRs and electro-optics through JVs with the conviction that they’ll add significantly to the orderbook and incrementally focusing more on System integration and aggressively bidding for the complete radar system – for both DRDO and for future MoD requirements. With this focused approach we shall keep contributing towards the growth of Indian Defense System and strengthen our portfolio, thereby utilizing our unique capabilities and establishing our position as a Systems provider.” Result PDF