Astra Microwave Products Limited — Results, 22-05-2025: Integrated Filing- Financial

Astra Microwave Products has announced a board meeting on May 29, 2025, to consider the financial results for the quarter and half-year.

1) Revenue Performance: Consolidated revenue for FY 2024-25 rose ~16% YoY to Rs. 1,068.7 Cr, led by strong demand in its core Radio Frequency & Microwave products segment. A robust order book of Rs. 2,303.9 Cr supports this growth, including Rs. 149.9 Cr in service orders.

2) Profitability and EPS: Net profit increased ~27% YoY to Rs. 153.5 Cr with EPS rising to Rs. 16.17 from Rs. 12.86. Profit before tax grew ~28%, driven by operational leverage and tighter cost management, resulting in margin expansion despite rising expenses.

3) Operational Costs: Material costs increased in line with revenue to Rs. 626.3 Cr. Employee expenses rose to Rs. 141.8 Cr, reflecting manpower expansion. Finance costs jumped due to higher borrowings for capex and working capital. Other expenses rose proportionately, keeping cost efficiencies stable overall.

4) Key Metrics: Depreciation rose to Rs. 35 Cr, indicating ongoing investment in fixed assets. Share of profit from joint ventures dipped marginally. The expanding order backlog signals sustained demand and growth visibility.

5) Balance Sheet / Cash Flow: Borrowings climbed to Rs. 384.1 Cr, driven by elevated capex of Rs. 72.3 Cr and higher working capital needs. Operating cash flows were negative at Rs. 90.15 Cr due to inventory and receivables buildup. Cash reserves halved to Rs. 20 Cr but remain adequate for near-term needs.

6) Management Outlook: The company plans to raise Rs. 174 Cr via convertible warrants to fund further growth and expansion. Focus continues on scaling manufacturing capacity to capitalize on defense and aerospace opportunities.

7) Final Takeaway: Astra Microwave exhibits strong revenue and profit momentum, underpinned by a healthy order book and margin expansion. The ongoing capex and higher debt signal aggressive growth positioning, which could enhance returns for retail investors willing to monitor working capital and leverage trends. The proposed dividend adds to shareholder value, reinforcing its quality growth story in defense electronics.