Astra Microwave up on bagging Rs 158-crore from ISRO, others

The orders are from ISRO, DRDO and Defence Public Sector Undertakings for supplying satellite sub-systems, airborne radar and sub-systems of radar, the company has said

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Astra Microwave share price rose 3 percent in the early trade on August 25 after the company bagged orders worth Rs 158 crore for satellite and radar systems.

The orders are from the Defence Research and Development Organisation (DRDO), the Indian Space Research Organisation (ISRO) and Defence Public Sector Undertakings (DPSUs) to supply satellite sub-systems, airborne radar and sub-systems of radar and EW projects, the company said.

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ICICI Securities in its report dated August 17 maintained a “buy” call on the stock with an unchanged target price of Rs 425 a share.

The management is expecting an order inflow of more than Rs 10 billion during FY24 (Rs 1.9 billion already received) and the majority of these orders will be awarded in Q3FY24 and Q4FY24. These include an order for naval system, Mk1 engines, anti-drone radars, defence satellite subsystem, development contract for airborne radar etc., the broking house said.

The company had posted a net loss of Rs 6.74 crore in the June quarter of the current fiscal against a profit of Rs 8.10 crore in the same quarter of the previous year.

Astra Microwave specialises in developing and manufacturing sub-systems for radio frequency and microwave systems used in defence, space, meteorology and telecommunication applications.

At 9.25 am, Astra Microwave Products was quoting at Rs 380.30 on the BSE, up 2.78 percent from the previous day.

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