Astra Microwave Products Ltd - Stock Valuation and Financial Performance

BSE: 532493 | NSE: ASTRAMICRO | Defence | Small Cap

Astra Microwave Prod Share Price

595.70 51.25 9.41%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Astra Microwave Prod

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Astra Microwave Products stock performance -

mw4me loader
P/E Ratio (SA):
75.45
Market Cap:
5,655.9 Cr.
52-wk low:
213.2
52-wk high:
690

Is Astra Microwave Products Ltd an attractive stock to invest in?

1. Is Astra Microwave Products Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Astra Microwave Products Ltd is a below average quality company.

2. Is Astra Microwave Products Ltd undervalued or overvalued?

The key valuation ratios of Astra Microwave Products Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Astra Microwave Products Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Astra Microwave Products Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Astra Microwave Prod:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Astra Microwave Products Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 24.7%21.6%15.2%13.7%12.1%3.5%9.6%7.1%8.6%13.1%-
Value Creation
Index
0.80.50.10.0-0.1-0.8-0.3-0.5-0.4-0.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 531634420391357286462589735807808
Sales YoY Gr.-19.4%-33.9%-6.9%-8.6%-19.8%61.3%27.6%24.8%9.8%-
Adj EPS 7.37.76.37.17.11.35.13.34.98.77.9
YoY Gr.-6.3%-18.4%12.2%-0.4%-82.1%300.8%-35.6%49.5%79.6%-
BVPS (₹) 29.535.445.952.157.958.163.164.768.175.496.8
Adj Net
Profit
59.563.354.661.36110.943.828.242.175.675
Cash Flow from Ops. -29-259.621.41741.6-4.8-10.3101-21.8-
Debt/CF from Ops. -2.1-44.91.16.10.59-10.9-9.70.6-7.8-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 4.8%17.7%20.5%9.8%
Adj EPS 2.1%4.4%20%79.6%
BVPS11%5.4%6.1%10.8%
Share Price 28.1% 43.4% 65% 168.8%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
26.923.815.914.512.82.28.35.17.312.29.2
Op. Profit
Mgn %
1918.22427.431.511.719.512.312.218.617.9
Net Profit
Mgn %
11.2101315.717.13.89.54.85.79.49.3
Debt to
Equity
0.30.30.20.30.200.10.20.10.3-
Working Cap
Days
210194265320378450392404344333183
Cash Conv.
Cycle
-2548166243299365284290260263127

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 9.20%

Sales growth is growing at healthy rate in last 3 years 20.48%

Net Profit is growing at healthy rate in last 3 years 20.02%

Sales growth is not so good in last 4 quarters at 1.34%

Latest Financials - Astra Microwave Products Ltd.

Standalone Consolidated
TTM EPS (₹) 7.9 8.5
TTM Sales (₹ Cr.) 808 813
BVPS (₹.) 96.8 95.9
Reserves (₹ Cr.) 900 891
P/BV 6.15 6.21
PE 75.45 70.53
From the Market
52 Week Low / High (₹) 213.15 / 690.00
All Time Low / High (₹) 3.53 / 690.00
Market Cap (₹ Cr.) 5,656
Equity (₹ Cr.) 19
Face Value (₹) 2
Industry PE 40.5

Management X-Ray of Astra Microwave Prod:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Astra Microwave Prod

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales531634420391357286462589735807
Operating Expenses 442523319285245253372523648657
Manufacturing Costs10111013101011131719
Material Costs348433220191148159267418524519
Employee Cost 32344654666164627184
Other Costs 51444327202230293636
Operating Profit 8911110010511233906687150
Operating Profit Margin (%) 16.7%17.6%23.9%26.9%31.4%11.6%19.5%11.3%11.9%18.6%
Other Income 8686824121276
Interest 12151415151314242029
Depreciation 15222424272925232223
Exceptional Items 0000000000
Profit Before Tax 708171737917633153103
Tax 192115121841571226
Profit After Tax 51615660611347244077
PAT Margin (%) 9.6%9.6%13.4%15.4%17.0%4.4%10.3%4.1%5.5%9.5%
Adjusted EPS (₹)6.27.46.57.07.01.55.52.84.78.9
Dividend Payout Ratio (%)18%16%18%14%17%17%22%43%30%18%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 241290398451502503547561590653
Share Capital 16161717171717171717
Reserves 225274380434484486530543572636
Minority Interest0000000000
Debt5279551253454710049154
Long Term Debt263255671450033
Short Term Debt26480572004710045151
Trade Payables221674019142238355344
Others Liabilities 4745546513988247226276227
Total Liabilities 5614815476606896188799229681,078

Fixed Assets

Gross Block231266285172243255262277306336
Accumulated Depreciation106127150245079104127148171
Net Fixed Assets126139135148193176158151158165
CWIP 001371212002
Investments 203631314437503737
Inventories146134119127104130226291402396
Trade Receivables131112177219188190247254202282
Cash Equivalents 61288512925513870104
Others Assets9468266544501481399992
Total Assets 5614815476606896188799229681,078

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -29-260211742-5-10101-22
PBT 708271737917633153103
Adjustment 071530312527404251
Changes in Working Capital -99-90-27-6578-29-76-7426-150
Tax Paid 000-16-14-11-18-7-20-26
Cash Flow From Investing Activity -12-27-21-126-9584-27-4-27-28
Capex -39-33-21-72-34-13-17-3-28-33
Net Investments 212-3-55-6397-120150
Others 64312-11-1-145
Cash Flow From Financing Activity 092241-59-993221-6776
Net Proceeds from Shares 00650000000
Net Proceeds from Borrowing 00061-60-10-5154
Interest Paid -6-9-7-11-12-7-3-16-16-19
Dividend Paid -7-9-10-10-9-10-2-10-10-12
Others 1327-2655-39-224753-55104
Net Cash Flow -40-2061-6421-1407726
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)23.0422.8616.3914.1812.742.59.024.327.0112.34
ROCE (%)29.7228.1820.1416.6915.885.2613.738.7211.1317.98
Asset Turnover Ratio1.031.240.850.690.530.440.620.650.780.79
PAT to CFO Conversion(x)-0.57-0.031.070.352.850.15-0.11-0.422.53-0.29
Working Capital Days
Receivable Days9269121173206241173155113109
Inventory Days7479106108117149141160172180
Payable Days2311218957414241323134

Astra Microwave Products Ltd Stock News

Astra Microwave Products Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Astra Microwave Prod on 28-Mar-2024 16:01 is ₹595.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Astra Microwave Prod stood at ₹5,655.9.
The latest P/E ratio of Astra Microwave Prod as of 28-Mar-2024 16:01 is 75.45.
The latest P/B ratio of Astra Microwave Prod as of 28-Mar-2024 16:01 is 6.15.
The 52-week high of Astra Microwave Prod is ₹690.0 and the 52-week low is ₹213.2.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Astra Microwave Prod is ₹808.0 ( Cr.) .

About Astra Microwave Products Ltd

Astra Microwave Products Limited (AMPL) was incorporated in 1991 by a team of distinguished scientists with experience in RF/Microwave/Digital electronics and management of projects with high technology content. The three promoters had back then sensed a need for a sound, technically powerful private company that can design, develop and produce highly end RF and Microwave subsystems and systems for strategic applications.

AMPL thus came into existence with a handful of highly motivated individuals, the path of progress being clear from the beginning. Starting operations from what is now called Unit I, the company has grown substantially with continuous investment in infrastructure, captive test facilities and other resources.

Being a company with a strong R&D Back ground, AMPL has undertaken production of equipment from R&D labs to reduce the production lead times. The company has also demonstrated its capability to provide complete solutions from concept to product realization using in house engineering. Starting with a diverse range of microwave products like filters, transmitters, receivers, antennas etc., the achievement in producing actual space-borne hardware that has flown on Indian satellites was a dream come true for the promoters and for the company and an endeavor to be proud of for the entire AMPL team.

Business area of the company

The company is engaged in designing and manufacturing of high value added RF and microwave super components and sub-systems finding applications in Defense, Space, Telecom, Meteorology and Civil communication systems.

Products of the company

Defense

  • Radar Electronics
  • Electronic Warfare
  • Strategic Electronics
  • Telemetry

Space

  • Ground Based
  • Flight Model

Meteorology

Homeland Security

  • Perimeter Intrusion Detection Radar

Systems

  • Multi-Function Radar Systems
  • Instrumentation Radar & Telemetry Systems
  • Perimeter Intrusion Detection Radar
  • Meteorology Radar Systems
  • Air Traffic Management Radar Systems

Milestones

  • 1991: Though Astra Microwave was founded with an interest to work on Defense opportunities, the telecom revolution in India coinciding with the company’s inception meant the early years was marked by a lot of requirements coming in from the customers who needed products for setting up their telecom base stations. It helped the company get a head start and also provided it with required time to make its mark in the tough defense electronics market.
  • 1993: Components and sub-systems for Radars were always a focus area for the company and the first few components that were built by Astra found their way into sub-systems of Radars developed by DRDO.
  • 1993: While addressing the requirements of the telecom industry, the promoters were also working with DRDO to get opportunities to design products for military applications. The first opportunities were received by the company to build products for Telemetry / Missile application.
  • 1995: Good orders from Telecom combined with fact that potential opportunities were already being generated in the defense area meant that there was an immediate need for Astra to invest in infrastructure, people and test facilities. This was the reason the company went public quite early. Astra Microwave was listed in the stock exchange in India in 1995.
  • 1997: 1997 marked the first deliveries of modules that found application in Telemetry/Missile Electronics for a Surface to Air Missile program of the DRDO.
  • 2000: Astra Microwave started working in the complex field of EW in the year 2000. From a nominal start, Astra Microwave today has grown to be one of the important partners for DRDO, having supplied many critical and wide band products for EW application, especially in the Naval domain.
  • 2003: The invitation from ISRO for the Indian Private Industry to enter into the Space business in 2004 provided the right impetus for Astra Microwave to take up challenging work for components and sub-systems for Satellite Application. Astra Microwave is proud to have associated with all the major satellite launches in India since 2008.
  • 2005: In 2005, Astra Microwave decided to have a fabless design team in-house in order to design and develop critical MMIC’s for getting advantages of cost, design flexibility to help miniaturize modules and the ability to control production requirements of critical devices in house.
  • 2007: Thanks to the offset rule introduced by DPP 2006, many foreign OEM’s showed interest to work with Astra Microwave for discharging their offset requirements. The process of audits and vendor capability mapping starting in the year 2007.
  • 2010: Astra Microwave became one of the first beneficiaries of an offset contract having bagged the contract to manufacture receiver side modules in the year 2009 for radar application. The first products under this contract were delivered to the customer in 2010.
  • 2013: On the basis of domestic and offset work in the ratio of 50-50%, Astra Microwave crossed an annual turnover of 500 crore for the first time.
  • 2018: With an objective to be closer to its customers and to help them with higher level hardware integration, Astra Microwave developed its latest facility in Bengaluru
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