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ICICI Securities Report
Astra Microwave Products Ltd. is poised for a significant scale-up in operations, with management expecting Rs 30 billion of order inflow over next three years.
70-80% of sales will be driven by domestic orders and hence will be at higher margin.
Significant capability has been built over the years; hence, management doesn't expect much capex to be incurred.
FY22 standalone order inflow was Rs 7.6 billion (against Rs 7.5 billion expected). FY22 standalone revenues of Rs 7.35 billion also tracked guidance.
Significant pick up in execution in H2 FY22 allowed for 68% YoY increase in FY22 profit for Astra Microwave Products.
Management has highlighted ~Rs 146.5 billion of business opportunities till FY26E and delineated key strategic focus areas to capture the same
exploring the areas in the anti-drone, EW, satellites, SDRs and electro optics through joint ventures and
incrementally focus more on system integration.
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