Astra Microwave Prod

₹700.7 64.9 | 10.2%

WEBSITE BSE:532493 NSE : ASTRA MICRO 10 May, 16:01

Market Cap ₹6652 Cr.

Stock P/E 81.6

P/B 7.3

Current Price ₹700.7

Book Value ₹ 95.9

Face Value 2

52W High ₹729.6

Dividend Yield 0.23%

52W Low ₹ 315.6

Edit Ratio

Astra Microwave Prod Research see more...

Overview Inc. Year: 1991Industry: Defence

Astra Microwave Products Ltd is engaged in designing and manufacturing of radio frequency (RF) and microwave super components and sub-structures finding applications in defense, space, telecom, meteorology and civil communication systems. The Company's essential activity is to carry on the enterprise to manufacture, produce, gather, restore, preserve, import, export, buy, sell or in any other case deal in all varieties of digital items and components, including numerous types of filters, power dividers, directional couplers amplifiers, circulators, isolators, power combiners, antennae, assets, voltage managed oscillators, terminations and loads, among others; systems and subsystems, and very high frequency (VHF), extremely excessive frequency (UHF) and microwave bands for various types of applications. Its merchandise comprises radar, telemetry, ground- based and surveillance, RF and optical cellular jammers, tower mounted amplifiers, tower mounted boosters and tower mounted amplifiers, among others.

Astra Microwave Prod Share Price

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Peer Comparison

Astra Microwave Prod Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	180	202	239	162	175	220	258	134	190	231
Other Income	3	1	2	1	2	2	1	2	3	4
Total Income	182	203	241	163	177	222	259	136	194	235
Total Expenditure	168	176	214	139	135	169	224	131	148	165
Operating Profit	15	27	27	24	41	53	35	5	45	70
Interest	5	6	5	6	7	8	10	7	6	8
Depreciation	5	6	6	6	6	6	6	6	6	7
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	4	16	17	13	29	38	19	-8	33	55
Provision for Tax	0	4	5	4	8	10	4	-1	8	14
Profit After Tax	4	11	12	9	21	28	15	-7	24	41
Adjustments	-0	0	-1	-1	-0	-0	-1	-0	6	3
Profit After Adjustments	3	11	11	8	21	28	14	-7	30	43
Adjusted Earnings Per Share	0.4	1.3	1.3	0.9	2.4	3.2	1.6	-0.7	3.2	4.6

Astra Microwave Prod Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	227	531	634	419	390	362	293	467	641	750	816	813
Other Income	7	8	6	9	6	9	25	12	11	6	5	10
Total Income	234	539	640	427	396	371	318	479	652	757	821	824
Total Expenditure	163	442	518	318	287	249	261	378	561	661	667	668
Operating Profit	71	97	122	109	109	122	57	101	91	96	154	155
Interest	7	12	15	14	15	15	13	15	26	21	31	31
Depreciation	13	15	22	24	24	27	29	26	24	22	24	25
Exceptional Income / Expenses	-0	-0	-0	0	0	0	0	0	0	0	0	0
Profit Before Tax	50	70	85	71	70	80	13	59	39	50	96	99
Provision for Tax	13	19	22	15	12	19	4	15	10	12	26	25
Profit After Tax	37	51	63	56	58	61	10	44	29	38	70	73
Adjustments	0	0	-0	-0	-0	0	0	0	0	0	0	8
Profit After Adjustments	37	51	63	56	57	62	10	44	29	38	70	80
Adjusted Earnings Per Share	4.5	6.2	7.7	6.5	6.6	7.1	1.1	5.1	3.3	4.4	8.1	8.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	9%	20%	18%	14%
Operating Profit CAGR	60%	15%	5%	8%
PAT CAGR	84%	17%	3%	7%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	119%	80%	53%	25%
ROE Average	11%	8%	7%	13%
ROCE Average	17%	13%	11%	18%

Astra Microwave Prod Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	201	241	292	399	450	501	500	540	559	586	643
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	14	26	33	56	67	14	5	0	0	3	3
Other Non-Current Liabilities	8	11	14	16	4	5	8	7	1	53	82
Total Current Liabilities	277	287	157	81	143	171	107	369	393	337	360
Total Liabilities	499	565	495	551	664	691	620	916	953	979	1088
Fixed Assets	108	126	142	137	150	194	178	161	153	160	167
Other Non-Current Assets	3	9	2	4	65	18	41	49	30	46	47
Total Current Assets	388	430	351	410	449	478	401	706	770	773	874
Total Assets	499	565	495	551	664	691	620	916	953	979	1088

Astra Microwave Prod Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	21	64	25	3	65	2	21	10	9	7	17
Cash Flow from Operating Activities	114	-26	-5	59	14	179	1	-7	-25	115	-25
Cash Flow from Investing Activities	-47	-14	-28	-18	-123	-94	85	-30	-1	-26	-28
Cash Flow from Financing Activities	-24	0	11	21	46	-65	-98	37	34	-79	75
Net Cash Inflow / Outflow	43	-39	-22	62	-63	20	-12	-1	8	10	21
Closing Cash & Cash Equivalent	64	25	3	65	2	21	10	9	18	17	38

Astra Microwave Prod Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	4.54	6.21	7.67	6.5	6.62	7.11	1.13	5.08	3.33	4.37	8.06
CEPS(Rs)	6.18	8.02	10.37	9.28	9.48	10.22	4.46	8.06	6.05	6.92	10.79
DPS(Rs)	0.8	1.1	1.2	1.2	1	1.2	0.25	1.2	1.2	1.4	1.6
Book NAV/Share(Rs)	24.55	29.48	35.66	46.1	51.95	57.85	57.68	62.36	64.51	67.61	74.2
Core EBITDA Margin(%)	27.03	16.3	17.99	23.08	24.55	31.03	11.03	19	12.44	11.94	18.16
EBIT Margin(%)	24.27	14.97	15.52	19.53	20.23	25.86	8.93	15.82	10.02	9.55	15.56
Pre Tax Margin(%)	21.17	12.79	13.17	16.3	16.6	21.8	4.55	12.66	6.01	6.69	11.77
PAT Margin (%)	15.61	9.34	9.76	12.91	13.71	16.7	3.33	9.43	4.5	5.05	8.56
Cash Profit Margin (%)	21.21	12.06	13.18	18.41	19.54	24.19	13.17	14.94	8.17	7.98	11.46
ROA(%)	9.68	9.56	11.84	10.77	9.48	9.02	1.49	5.74	3.09	3.92	6.76
ROE(%)	21.45	23	23.55	16.31	13.56	12.85	1.95	8.47	5.25	6.62	11.37
ROCE(%)	26.96	29.68	29.12	20	16.08	15.98	4.71	13.24	10.03	10.72	17.1
Receivable days	172.71	92.11	68.98	120.86	172.49	204.5	237.88	172.45	146.98	114.76	109.37
Inventory Days	99.29	77.9	94.08	123.53	109.49	118.09	153.56	165.35	174.6	182.13	187.62
Payable days	434.02	232.67	129.02	98.11	56.57	40.04	44.19	58.97	40.46	32.23	35.63
PER(x)	8.8	8.18	19.23	16.28	16.81	10.78	87.21	10.23	38.9	51.36	27.86
Price/Book(x)	1.63	1.72	4.14	2.29	2.14	1.33	1.7	0.83	2.01	3.32	3.03
Dividend Yield(%)	2	2.17	0.81	1.13	0.9	1.57	0.25	2.31	0.93	0.62	0.71
EV/Net Sales(x)	1.14	0.78	2	2.14	2.82	2.01	2.86	0.98	1.87	2.58	2.48
EV/Core EBITDA(x)	3.65	4.28	10.41	8.22	10.04	5.98	14.77	4.52	13.26	20.2	13.16
Net Sales Growth(%)	39.82	133.51	19.28	-33.89	-6.93	-7.08	-18.97	59.19	37.17	17.09	8.67
EBIT Growth(%)	83.4	40.88	22.58	-14.62	-0.37	11.37	-72.29	181.82	-13.12	11.6	77.13
PAT Growth(%)	99.77	36.71	23.48	-10.2	2.14	6.11	-84.02	351.15	-34.49	31.26	84.39
EPS Growth(%)	99.78	36.71	23.45	-15.31	1.94	7.38	-84.15	351.15	-34.49	31.26	84.39
Debt/Equity(x)	0.23	0.25	0.32	0.17	0.31	0.19	0.03	0.11	0.22	0.12	0.29
Current Ratio(x)	1.4	1.5	2.24	5.09	3.15	2.8	3.75	1.91	1.96	2.29	2.43
Quick Ratio(x)	1.13	0.95	1.14	3.57	2.24	2.18	2.44	1.14	1.12	1.05	1.26
Interest Cover(x)	7.81	6.87	6.59	6.05	5.57	6.36	2.04	5.01	2.5	3.34	4.1
Total Debt/Mcap(x)	0.14	0.15	0.08	0.08	0.14	0.14	0.02	0.13	0.11	0.04	0.1

Astra Microwave Prod Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	8.71	8.71	8.46	8.28	8.27	7.17	6.54	6.54	6.54	6.54
FII	1.43	1.82	2.17	3.13	2.32	2.32	3.03	1.73	2.94	3.17
DII	0.58	0.29	0.16	0.07	0.07	0.07	9.86	15.25	14.79	13.59
Public	89.28	89.18	89.2	88.52	89.34	90.44	80.58	76.48	75.73	76.7
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	0.75	0.75	0.73	0.72	0.72	0.62	0.62	0.62	0.62	0.62
FII	0.12	0.16	0.19	0.27	0.2	0.2	0.29	0.16	0.28	0.3
DII	0.05	0.03	0.01	0.01	0.01	0.01	0.94	1.45	1.4	1.29
Public	7.73	7.72	7.73	7.67	7.74	7.83	7.65	7.26	7.19	7.28
Others	0	0	0	0	0	0	0	0	0	0
Total	8.66	8.66	8.66	8.66	8.66	8.66	9.49	9.49	9.49	9.49

Pros

Company is almost debt free.

Cons

Promoter holding is low: 6.54%.
Company has a low return on equity of 8% over the last 3 years.
Debtor days have increased from 32.23 to 35.63days.
Stock is trading at 7.3 times its book value.
The company has delivered a poor profit growth of 2% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.