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ICICI Securities Report
Astra Microwave Products Ltd. has reported better than expected Q1 FY23 numbers. Revenue was up 25.8% YoY. Ebitda margin improved QoQ to 14.3% (scope of significant improvement as domestic execution moves to 70% of the mix).
Order book outstanding (standalone) was Rs 16.63 billion, to be executed in next 12-30 months – order inflow being Rs 2.53 billion during Q1 FY23.
In Q2 FY23, Astra Mircowave is expecting orders worth Rs 4 billion (domestic Rs 3.8 billion plus export Rs 0.2 billion) and in Q3 FY23 and Q4 FY23, the company is expecting orders worth Rs 2.5 billion each.
Astra Microwave expects to convert Rs 70-80 billion out of Rs 145 billion potential inflow till FY28E into confirmed orders and delineated key strategic focus areas to capture the same.
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