Company Update : Astra Microwave Products Ltd by Motilal Oswal Financial Services Ltd
Strong beat on profitability
* AMPL’s revenue was in line, while EBITDA and PAT beat our estimates.
* Revenue was broadly flat YoY at INR2.6b, in line with our estimate.
* Gross margin expanded 730bp YoY to 55.3%, above our estimate of 47.0%.
* This led to an EBITDA beat of 34% at INR825m (+8% YoY), while margin expanded 220bp YoY to 31.7% vs. our estimate of 23.5%.
* However, a higher tax rate compared to last year led to a 1% YoY dip in PAT to INR468m. This was still much better than our expectation of INR305m (54% beat).
* For 9MFY26, revenue/EBITDA/PAT increased 5%/15%/9% YoY, while EBITDA margin expanded 220bp YoY to 25.4%.
* The company received orders worth INR6.6b during the quarter, taking the consolidated order book to INR25.7b.
Segmental performance
* Defense: Revenue declined 3% YoY to INR2.1b. Order inflows stood at INR2.9b, taking the segment’s order book to INR14.8b.
* Space: Revenue declined 21% YoY to INR68m. Order inflows stood at INR174m, taking the segment’s order book to INR2.5b.
* Meteorological: Revenue increased 27% YoY to INR88m. Order inflows stood at INR1.5b, taking the segment’s order book to INR3.7b.
* Exports: Revenue increased 38% YoY to INR299m. Order inflows stood at INR204m, taking the segment’s order book to INR1.3b.
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