Astra Microwave’s (AMW) Q4FY23 EBITDA was up 34% YoY to Rs343mn. Key highlights: i) higher proportion of exports at 54.6% (Q3FY23: 31.5%) led to QoQ decline in EBITDA margin due to low-margin nature of exports; 2) order inflow during the quarter stood at Rs1.2bn, including Rs722mn from defence sector.