Astra Microwave Products’ (AMW) has reported subdued Q1FY24 earnings as performance was mainly impacted by higher proportion of export sales and low margin domestic sales. Key points: 1) Export sales was 60% (vs 40% in Q1FY23) of overall; 2) EBITDA declined 86.7% YoY to INR 31mn as normalised cost could not be mitigated by low margin execution; 3) management expects order inflow of INR 10bn in FY24 and orderbook as on Jun’23 end was INR 15.8bn (export - ~19% and domestic - ~81%).