Astra Microwave Products Q1 Results Review - Fundamentals In Place; Exciting Prospects Ahead: ICICI Securities

ICICI Securities Report

Astra Microwave Products Ltd. Q1 FY25 performance was stable.

Key points:

1. Standalone Ebitda growth of 7.8 times YoY on better product mix.

2. Order book stood at Rs 20.9 billion to be executed in next 12-36 months period.

3. Order inflow, in Q1 FY25, was at Rs 3.02 billion, of which bulk was towards domestic defence.

4. Contribution from JVs also improved YoY.

5. Expanded skilled workforce to in line with the firm focus on R&D.

We expect Astra Microwave Products focus on IPbased products/solutions through a collaborative approach and harnessing in-house expertise, foray into anti-drone systems and participation in various domestic defence programs will likely help maintain earnings growth momentum. Besides, Astra Microwave has facilities in place and is augmenting the team strength to capture growth opportunities.

We maintain 'Buy' on Astra Microwave stock with an unchanged target price of Rs 935 based on discounted cash flow based methodology.

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