Avantel bags orders from ISRO and Ministry of Defence

Avantel bags orders from ISRO and Ministry of Defence

Avantel today informed the bourses that it has received two orders, amounting to Rs 42.98 crore. It has won one order each from ISRO and the Ministry of Defence.

The company has received one order for an amount of Rs 34.18 crore from Satish Dhawan Space Centre SHAR, ISRO, for supply of subsystems of Wind Profiler Radar. The another order is of an amount of Rs 8.80 crore from the Government of India, Ministry of Defence, for the supply of satellite communication equipment.

Avantel is engaged in the business of manufacturing telecom products and provides related customer support services. The company derives 80 per cent of its revenue from the defence segment.

Looking at the financials for the recently concluded quarter Q2FY20, the company’s consolidated revenue came in at Rs 8.06 crore against Rs 10.08 crore in the Q2FY19, registering a 20 per cent YoY decline. The EBITDA for the quarter in review grew by 103.9 per cent YoY to Rs 3.14 crore as against Rs 1.54 crore in the same quarter last year, with a corresponding margin expansion of 2,368 bps. The EBITDA margin for the quarter stood at 39 per cent. The PAT for the quarter came in at Rs 2.38 crore against Rs 0.62 crore in the corresponding quarter in FY19, registering a YoY increase of 283.9 per cent. The company has given almost 35 per cent return in the last one year.

By: DSIJ