Astra Microwave share price jumps over 7% on bagging ₹158-crore order from ISRO, others
Astra Microwave Products share price jumped more than 7% to hit a fresh 52-week high on Friday after the company won orders worth ₹158 crore for satellite and radar systems. Astra Microwave share price jumped as much as 7.72% to a 52-week high of ₹398.60 apiece on the BSE. Astra Microwave bagged orders for supply of Satellite sub-systems, Airborne Radar and sub-systems of Radar and EW projects, from Defence Research and Development Organisation (DRDO), the Indian Space Research Organisation (ISRO) and Defence Public Sector Undertakings (DPSUs), the company said in an exchange filing.
Astra Microwave designs, develops and manufactures sub-systems for RF and microwave systems used in defense, space, meteorology and telecommunication. Also Read: Bajaj Finance share price gains as Nomura sees 22% upside; believes concerns over Jio Financial Services are overdone The company had reported a net loss of ₹6.74 crore in the quarter ended June 2023 as compared to a profit of ₹8.10 crore in the same quarter last year. The company’s revenue in Q1FY24 dropped 17.5% to ₹13.37 crore from ₹16.21 crore, YoY.
The company’s Q1 results were mainly impacted by higher proportion of export sales and low margin domestic sales. Export sales was 60% of overall sales. During Q1FY24, the company received order inflow of ₹1.9 billion, which includes defence orders worth ₹1.6 billion, export orders worth ₹0.13 billion and meteorological orders worth ₹0.12 billion.
Orderbook as on June 2023 end was ₹15.8 billion, of which export orders were around 19% and the rest were domestic orders. The company’s management is expecting order inflow of more than ₹1,000 crore during FY24 and majority of these orders will be awarded in Q3FY24 and Q4FY24. These
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