Following the release of FY24 financial results, which showed a growth in the net profit by 302.4 percent YoY, the share price of this small-cap defence stock jumped by 14.2 percent on BSE to hit a new 52-week high at Rs. 914 in Monday’s trading session.
With a market capitalisation of Rs. 8,354.21 crore, at 01:53 p.m., the shares of Astra Microwave Products Limited were trading in the green at Rs. 880.65, up by 10.09 percent.
The fluctuations in the share prices were observed after the company announced the financial results for Q4 FY23-24 and FY24, through the recent filings with the stock exchanges on Friday post-market hours.
The consolidated revenue from operations stood at Rs. 354 crore in Q4 FY23-24, indicating a growth of 37 percent YoY from Rs. 258 crore in Q4 FY22-23, while on a quarter-on-quarter basis, it jumped by 53.2 percent from Rs. 231 crore in Q3 FY23-24.
Astra Microwave Products witnessed a rise in the net profit by 25.3 percent QoQ from Rs. 43.4 crore in Q3 FY23-24 to Rs. 54.4 crore in Q4 FY23-24, and gained by 302.4 percent YoY from Rs. 13.52 crore in Q4 FY22-23 to Rs. 54 crore in Q4 FY23-24.
On a year-on-year basis, the company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA stood at Rs. 81 crore in Q4 FY23-24, as against Rs. 34 crore in Q4 FY22-23, registering a growth of 135.5 percent.
Earlier on 10th May, the company entered into a collaboration agreement with Teledyne e2v HiRel to provide semiconductor services to support the aerospace, defence, and reliability electronics markets.
As of 31st March 2024, the company’s consolidated order book was Rs. 2,299 crores, which includes Rs. 105 crore pertaining to service orders.
“For the coming year, we are targeting order booking to the tune of Rs. 1,300 crore and a topline in the range of Rs. 1,000 to 1,100 crore while maintaining our profit margins,” the company’s Managing Director commented.
Further, the company’s Board has recommended a dividend of Rs. 2 per equity share of the face value of Rs. 2 each for FY23-24, subject to the approval of the members.
As per the shareholding pattern of March 2024, the promoters hold a 6.54 percent stake in the company, Foreign Institutional Investors hold a 3.17 percent stake, while retail investors and Domestic Institutional Investors hold 76.7 percent and 13.6 percent stake in the company, respectively.
The stock has delivered nearly 59 percent of positive returns in six months, while 159 percent of multibagger returns in the last one year. So far in 2024, the company has given 45.3 percent of positive returns.
Incorporated in 1991, Astra Microwave Products Limited is engaged in the business of designing, developing and manufacturing of Defence, Aerospace & Space Electronics systems, sub-systems and components.
It is one of the few private sector companies in India that: (i) designs & develops Radar, EW, Strategic & Space Electronics Systems & sub-systems, and (ii) has in-house capabilities of design, engineering, simulation, manufacturing, functional testing, environmental qualification of Defence, critical microwave and radio frequency-based equipment.
Written by Shivani Singh
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