Astra Microwave Products Limited
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BSE Code:
532493
NSE Code:
ASTRAMICRO
Business Profile
Business Profile
Astra Microwave Products (ASTRAMIC) was incorporated as a private company in 1991 and got converted into a public company in 1993. The company uses microwave technology to offer a range of innovative products in the field of defense, space and civil telecom applications. The chairman of ASTRAMIC is R.P. Shenoy and B. Malla Reddy, the managing director and CEO.
Astra Microwave Products focuses on defense with the supply of sub-systems for radar electronics, missile electronics, EW applications apart from telemetry components. In the missile product range ,the company is working on sub-systems for Astra, Pichora and Brahmos. It is working on LNAs, seeker components, telemetry products, power amplifiers etc. ASTRAMIC recently ventured into avionic programs. Specific product developments include T/R modules for phased array radars in S, C and KU bands. Space applications comprise of satellite modules for ISRO and all weather stations for disaster management programs. Within the telecom segment, the company supplies cellular repeaters, cellular jammers, CDMA filters apart from VSAT and other antennas.
ASTRAMIC products meet ITU, MIL and space standards. It has been ISO 9001 certified by KPMG Peatmarwick, USA and accredited by RAB-USA and RVA-Netherlands. Recent programs include the Flight Model T/R modules for RISAT program. The company team is working on tower mounted amplifiers (TMAs) and other products for cellular applications. Astra Microwave Products will complete its fourth manufacturing unit with added production capacity and complete the corporate office. It is in the process of setting up facilities for satellite pay-load fabrication which is expected to cost Rs.300 million over a three-year period.
The registered office of Astra Microwave Products is located at Hyderabad, Andhra Pradesh, India.
Financials
The company announced a phenomenon drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 65.13% to Rs 15.62 million from Rs 44.80 million in the same quarter last year. Net sales declined 25.24% to Rs 198 million, while total income for the quarter fell 24.79% to Rs 200.36 million, when compared with the prior year period. The company reported earnings of Rs 0.29 a share during the quarter, registering 65.06% decline over previous year period.
Recent Developments
26-MAR-09
CRISIL assigned its ratings of A+/Stable/P1+ to the bank facilities of the company.
11-FEB-09
The company inked a memorandum of understanding (MoU) with Bharat Electronics (BEL) to form a joint venture (JV) company to design, develop, prototype, manufacture and market RF and microwave products for use in defense, space and telecommunications.
Future Plans
The government`s focus on private sector participation in defence is expected to be positive for the company. For this purpose, the ministry of defence has introduced the offset policy for defence procurement. It stipulates that all contracts over Rs 3 billion awarded to foreign companies must have a minimum offset of 30% and the offset obligation should be discharged in India concurrently.
Defence segment`s contribution is 60% of the company`s revenues. With the government introducing the offset policy, company is likely to benefit. The company is in talks with certain foreign suppliers to form partnerships in this regard. The company is likely to partner with ELTA, an Israeli defence company. ELTA is likely to receive an order from the ministry of defence for the supply of radars. The company is likely to supply certain subsystems to ELTA for this order to execute their offset obligation. Larsen and Toubro is likely to be ELTA`s offset partner for their hardware requirement.