- 14 Aug 2024
- ICICI Securities
Strong performance led by execution of higher-margin domestic contracts
ASTRAMICRO - 872 Change: 0.70 (0.08 %)News: Revenue increased by 16% YoY (-56.2% QoQ) to Rs 155.2 crore. EBITDA margin expanded substantially by 1317 bps YoY to Rs 15.5% led by favourable business mix. Subsequently, EBITDA came in at Rs 24 crore as against Rs 3.1 crore in Q1FY24. PAT stood at Rs 7.2 crore (vs loss of Rs 6.7 crore in Q1FY24).
Views: Operational performance has improved significantly on YoY basis, primarily led by execution of higher-margin domestic contracts. Order inflows during the quarter remained healthy at Rs 302 crore with order backlog stands at Rs 2099 crores (2.2x TTM revenues). Going ahead, operational performance is expected to improve further, led by changing contract mix (~88% of order backlog is domestic with higher margins). Moreover, increasing usage of indigenised electronics in defence & space presents a huge order pipeline for the company. Management guides Rs 1200-1300 crore worth of order inflow in FY25E and sees opportunity worth Rs 24000-25000 crore for the company over FY25-28E.
Impact: PositIve