Astra Microwave Products has an order booking of Rs. 1,380 crore of which Rs. 700 crore was booked in FY 2019-20.
The company has vastly improved its performance over the previous year and has recorded more than 60% growth in sales and over 270% in profitability on a standalone basis. Despite losing 10 days of financial year due to COVID-19 lockdown, the board of directors have recommended a dividend equity dividend @60% (Rs. 1.20 per share of Rs. 2 each).
The company has touched new business areas in the form of: Ka band sub-systems for High Throughput Satellites; sizeable medical business with an Indian medical OEM; and NavIC partnership with a start-up that fetched business from a government initiative for promoting NAVIC.
Astra Rafael is a joint venture with Rafael Defence Systems, Israel and carries order of close to Rs. 140 crore whose production schedule got delayed due to COVID-19 reasons. It is expected to go for production during the last year of this year and may still be in the red in the first year of full operations before turning profitable in the final phase of execution of present order.