Astra Microwave Products (532493) Q2 24/25 earnings summary

Executive summary

• Consolidated Q2 FY25 revenue reached INR 230 crores, marking a 21% year-on-year growth, in line with expectations.

• Standalone and consolidated unaudited financial results for Q2 and H1 FY25 were approved on November 12, 2024.

• The company operates in the Radio Frequency & Microwave products segment, with a significant order book and ongoing growth in bookings.

• 80% of sales came from domestic defense, 12% from exports, and the remainder from space and meteorology.

• Strategic MoUs and JVs signed with Premier Explosives and Manjeera Digital Systems to expand product offerings, including NavIC chips and anti-drone systems.

Financial highlights

• Q2 FY25 consolidated revenue: INR 230 crores, up 21% year-over-year.

• Standalone Q2 FY25 revenue: ₹22,883.08 lakhs, up from ₹19,255.37 lakhs in Q2 FY24; H1 FY25 revenue: ₹38,730.46 lakhs.

• Consolidated Q2 FY25 net profit: ₹2,539.23 lakhs, up from ₹2,328.63 lakhs in Q2 FY24; H1 FY25 net profit: ₹5,779.89 lakhs.

• Joint venture company recorded INR 100 crores in sales for the quarter and INR 162 crores for H1 FY25, with PBT of INR 8 crores.

• Inventory stood at INR 534 crores, with 50% in work-in-progress, expected to normalize by year-end.

Outlook and guidance

• FY25 order inflow guidance maintained at INR 1,200-1,300 crores; revenue guidance at INR 1,000-1,100 crores; PBT margin expected at 17-18%.

• Consolidated order book (including joint venture): ₹2,268.87 crores, with ₹116.84 crores in service orders; new orders in H1 FY25: ₹510.75 crores.

• Additional INR 550-600 crores in orders anticipated in H2 FY25, mainly from radar, EW, telemetry, and meteorology segments.

• Sustainable growth visibility supported by robust order book and emerging opportunities.