Astra Microwave Products Ltd shares rose sharply by 14.23% on Thursday after receiving orders worth ₹385.6 crore from Bharat Electronics Limited (BEL) in Ghaziabad.
The stock traded 11% higher at ₹604.4 per piece on the BSE towards the day’s close at 3 pm.
The microwave wireless technologies provider announced that BEL has awarded it orders worth ₹385.6 crore for the supply of Medium Power Radar (MPR) sub-systems.
The domestic order is slated to be executed within 36 months, the company said in an exchange filing on Thursday.
Astra Microwave Products designs and manufactures high-value-added radio frequency and microwave super components and sub-systems that find application in defence, space and civil communication systems.
The company’s shares recorded a 52-week high of ₹690 per piece on the BSE earlier this year on February 9, 2024. The stock has given stellar returns of 175% to its investors over the last year, and is up 350% in a period of three years.
Astra Microwave Products’ consolidated net profit made a double-digit growth of 56.7% on a year-on-year (YoY) basis to ₹43.38 crore in the quarter ended December 31, 2023, compared to ₹27.68 crore reported in the same period last year.
Its net sales climbed 5% to ₹231.02 crore in the third quarter of FY24 versus ₹220.3 crore in the corresponding period of the previous fiscal year.
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) of ₹69.7 crore in Q3FY24 increased by 33% YoY in comparison to ₹52.57 crore in the year-ago period.
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