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

Executive summary

• Consolidated Q2 FY25 revenue reached INR 230 crores (₹22,961.17 lakhs), marking a 21% year-on-year growth, in line with expectations.

• EBITDA margin sustained at 21%, driven by a favorable product mix skewed toward domestic defense.

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

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

• Joint venture company recorded INR 100 crores in Q2 sales and INR 162 crores for H1, with a PBT of INR 8 crores.

Financial highlights

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

• Standalone Q2 FY25 net profit: ₹2,444.92 lakhs, up from ₹2,055.36 lakhs in Q2 FY24; H1 FY25 net profit: ₹5,453.66 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.

• Order inflow in Q2: INR 232 crores, with 85% from domestic segment.

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

Outlook and guidance

• FY25 guidance maintained: order book target INR 1,200-1,300 crores, revenue INR 1,000-1,100 crores, PBT margin 17%-18%.

• Standalone order book at September 30, 2024: ₹2,097.34 crores, including ₹118.91 crores in service orders; new orders booked in H1 FY25: ₹534.23 crores.

• 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.

• Expecting additional INR 550-600 crores in orders in H2 FY25, mainly from radar, EW, telemetry, and meteorology.

• Joint venture expected to reach INR 275 crores in sales for FY25, with 8% PBT margin.