Company’s credit rating from CRISIL in
Long term – CRISIL A/Stable
Short term – CRISIL A1
MD&A analysis –
Astra is engaged in Design, development, manufacture & supply of high value added RF &
microwave super components, sub-systems and systems findings for defense, Space, Telecom,
Metrology and civil communications
Products of the company are majorly radars electronics, radar systems, electronics for space &
warfare ships. The company has proven expertise in radar & electronics warfare systems
Operational performance states that the company could achieve 25% top line for the year.
Corresponding growth would also be seen in PBT & PAT
The company has a diversified order book, it has deep domain expertise, huge growth expected by
capturing bigger pie in defense sector (because of initiatives like IDDM, MAKE-II)
Company has future plans to stabilize top line performance as business is project driven & hence
lumpy in nature
The company works on a project driven business model
Business – Supplying RF & microwave components subsystems & systems of defense, space &
Communication Meteorology & Hydrology
Initially the company was working in subsystems and now it has increased to high value-added
products
Product line -
1. Radars – Can develop all kinds of radar subsystems like power amplifiers, receivers and exciters,
filters, synthesizers, converters
2. Radar systems like Ship Borne Radars, Coastal Surveillance Radars, Anti Drone Radars, Ground
Penetration Radars, Telemetry Radars, and Instrumentation Radars
3. The company has joint IP rights with DRDO labs for MMIC products for radar & other
communication systems
4. Electronic warfare – Clients are Indian Air Force, Navy and Army
5. Telemetry - S-Band FM transmitter, Airborne RF Trans Receiver, Ground Up Down Converters, C
and S Band Switch Antenna Systems, Telemetry Tracking Systems
6. Wind Profile Radars, Doppler Radars, Automatic Weather Stations to IMD
Call Trascript data –
Company Data –
Space & Metrology contribution to revenue 7%
Last 5 year CAGR 20%
Diversified order book which is executable in INR 1663 Cr
the upcoming 12 to 13 months
Order received in Q1 FY23 INR 253 Cr
Standalone Revenue Growth to INR 161 Cr in Q1 FY23, which is 34%
growth Y-o-Y
Gross margin saw a small reduction of 39% to Reason being increase in material cost
35%
EBITDA is at 25 Cr Growth of 15.4%
PAT is INR 11.4 Cr Growth of 18% Y-o-Y
Domestic Market 61%
Export 39%
Long term debt 18 Cr
Working Capital 100 Cr
Cash at bank 51 Cr
Gross Margins expected in the future 35% to 40%
Information -
Defense sector growth is very positive in the upcoming years
Business potential is 14,500 Cr till FY28
Distribution of 100% order book of 8000 Cr, from Radars = 5000 Cr, from electronic warfare = 1000
Cr, from missile & telemetry = 1000 Cr from space & metrology = 1000 Cr
Gross Margin problem as occurred because of change in Product mix, not to worry about it much
Order book data -
We will be spending INR 12 Cr for Capex
Formation of New JV -
Company’s current infrastructure is sufficient to handle order book of INR 2000 Cr
The gross margin from Export would be close to 8 to 10%
10 to 12 projects of the company can give INR 5,000 Cr of order inflows
