Astra Microwave Products (532493) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 began positively, with strong order inflows and a robust order book exceeding INR 2,099 crore as of June 2024, more than twice FY24 revenue.

• Domestic defense contributed 65–68% of revenue, exports 21%, and space 11.5%, with the remainder from metrology and other sectors.

• PAT surged 680% YoY in Q1 FY25 to ₹24 Cr; FY24 PAT rose 73% YoY to ₹121 Cr.

• Strategic focus remains on high-margin, complex system projects, expanding IP-driven product offerings, and leveraging R&D and JV strategies.

• Standalone and consolidated unaudited financial results for Q1 FY25 were approved by the Board on August 13, 2024.

Financial highlights

• Consolidated revenue grew 16% YoY in Q1 FY25 to ₹155 Cr; standalone revenue was ₹15,394.88 lakhs.

• Gross margin improved to 41.8% in Q1 FY25; FY24 consolidated gross profit margin was 39.9%.

• Q1 FY25 standalone net profit was ₹522.90 lakhs, reversing a loss of ₹430.38 lakhs in Q1 FY24.

• Consolidated Q1 FY25 net profit was ₹720.43 lakhs, compared to a net loss of ₹673.57 lakhs in Q1 FY24.

• EPS increased to ₹12.80 in FY24 from ₹8.06 in FY23.

Outlook and guidance

• FY25 order intake guidance is INR 1,200–1,300 crore, with revenue expected at INR 1,000–1,100 crore and profit margins of 16–18% on a standalone basis.

• Organic growth guidance remains at 18–22%, with upside from the LEAP strategy and collaborative IP initiatives.

• Targeting 70% domestic and 30% export revenue mix in 2–3 years, with domestic business carrying higher gross margins.

• Standalone order book as of June 30, 2024: Rs. 2,099.32 crores; consolidated and JV order book: Rs. 2,364.59 crores.