Astra Microwave Products (532493) Q3 24/25 earnings summary

Executive summary

• Achieved 12% year-over-year revenue growth in Q3 FY25, reaching INR 257 crores standalone and INR 259 crores consolidated, with stable EBITDA margins at 29.1%-29.5%.

• Order execution was strong, with domestic defense contributing 85% of Q3 revenue; consolidated order book at INR 2,332.6 crores as of December 2024.

• Major clients include DRDO, ISRO, Bharat Electronics, and global OEMs, focusing on high-value, complex projects.

• The company operates in the Radio Frequency & Microwave products sector, with over 30 years of experience and a strong track record in radar, EW, and strategic electronics.

• Standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2024, were approved by the Board on February 7, 2025.

Financial highlights

• Standalone Q3 FY25 revenue from operations: Rs. 25,666.46 lakhs; consolidated Q3 FY25 revenue: Rs. 25,853.85 lakhs.

• Q3FY25 consolidated EBITDA increased 15.3% YoY to Rs 76 Cr; 9MFY25 EBITDA up 34.8% to Rs 149 Cr.

• Q3FY25 PAT grew 9.3% YoY to Rs 47 Cr; 9MFY25 PAT up 20.2% to Rs 80 Cr.

• Standalone revenue for nine months reached INR 640 crores; confident of achieving full-year revenue target of INR 1,000 crores.

• Total financial indebtedness as of December 31, 2024: Rs. 430.44 crores; no defaults on loans or debt securities.

Outlook and guidance

• Targeting 15%-20% top-line growth for the coming year, aiming for INR 1,200-1,300 crores in sales.

• Order book as of Dec 2024 stands at Rs 1,960 Cr standalone and Rs 2,332.6 Cr consolidated, providing strong revenue visibility.

• Export revenue expected to contribute 10%-15% of total revenue, focusing on build-to-spec contracts.

• Margins expected to remain stable or improve slightly over the next two years.

• Well positioned to benefit from India's growing defense budget, indigenization policies, and government procurement programs.