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Ladies and gentlemen, good day, and welcome to the Q2 FY23 Earnings Conference Call of Astra Microwave Products Limited. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance of the company and involve risks and uncertainties that are difficult to predict. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. S.G. Reddy, Managing Director. Thank you, and over to you, sir.
Thank you, and good afternoon to everyone. A warm welcome to all the participants to the post results earnings call of our company. I'm with my colleague, Miss Maram Reddy; and GA, our Investor Relations [ Divisions ]. The results of the company and investors presentation for Q2 FY23 are uploaded on our company website and stock exchange. I hope you have a chance to look at it. I'm happy to inform you that we have reported a very good performance for Q2 and H1 FY23, and our margins have improved substantially. Before we discuss further about the performance and tech developments, let me give you an update on ongoing projects and activities.
[ Few ] results like EBITDA for DRDO is at an advanced stage of completion. We expect to deliver this in the last quarter of the current financial year. In the previous quarter, we had completed the first contract of 10 members [ of bottle ] with the radar for R&D. We have participated for tenders for the next requirement for, see an example [indiscernible] DWS for R&D, and we're pleased to inform you that we have emerged a successful bidder in C-band case. Orders for first [indiscernible] field acceptance stage as of now. We have taken new development work with the DRDO on submarine and on our front end. The time line for this is 12 months, and we should be able to complete this development portion. The size of this radar is about INR 9 crores for one system. And we have completed supplier subsystems for DRDO's long-range radar that is LRR. As far as the subsystems are concerned, we have been working in various programs. A few of them are in the development stage and we are in the production phase.
Regarding the performance in this quarter, I'm happy to update you that we have reported an excellent performance throughout Q2 and H1 with our margin profit improving substantially, which was driven mainly by domestic business. Due to our efforts, our business mix is evolving, and we have been focusing on increasing our domestic business. [indiscernible] reliance in defense has been the foundation of India's new defense production policy. Atma Nirbhar Bharat [ and beyond ] has created good origins for the Indian defense companies, and this is giving a clear push to our domestic business. Further, we will continue our focus on builder-specification, that is a BTS opportunities for our domestic as well as global customers -- and we believe that with a higher focus on BTS, we can sustain our healthy margins.
Orderbook operates INR 1,850 crores as of 30th September 2022, record these trends. Of the total orderbook, 68% of the orders are domestic orders, and the rest 32% are export orders. Major part of our orderbook is executable in the next 12 to 38 months period. In the quarter gone by, we have successfully executed sales for about INR 178 crores. Defense contributing for about 63% and the rest from the exports, space and meteorology. Within the defense, radar and EW segments are the major contributors. Coming to specific numbers in the stand-alone performance for Q2 FY23. The revenue stood at about INR 179 crores, INR 170.49 crores for Q2 as against INR 176.8 crores for Q1. That is a degrowth of 3.4% year-on-year. For half year, year-on-year growth is about 12%.
Gross margins have almost doubled from 20.6% to about 40.4%. This shift is largely due to an account of lower exports and higher contribution of domestic sales. For half year, the year-on-year growth is about 51%. EBITDA margins has multiple increased from INR 10.6 crores to about INR 40.5 crores with margins improving from 6% to 24%. For the half year, the margins have moved up to 20% from 11%. The company reported profit after tax of about INR 22.6 crores as against INR 2.9 crores with margin going up to 13% from 2%. For the half year, it has improved to 10% from 4%. In terms of the exports and domestic, domestic is about 72% and exports is about 28%. And for the half year, our respective numbers are 77% and 33%. Capital expenditure incurred during the period is about INR 9.5 crores. It is largely for new equipment like testing equipment, et cetera. Our net debt as of 30th of September stood at about INR 80 crores. For the coming quarters, we expect to do sales of about INR 200-plus crores. Within the defense is likely to contribute above 17% and the rest will be from export base and metrology sectors. Before I open the floor for Q&A, I would like to emphasize that over the next 5 to 8 years, the business outlook is very strong, and we see close to about INR 15,000 crores to INR 18,000 crores of prospects in the area for domain expertise. We have adequate infrastructure and capital equipment to do annual revenues close to about INR 2,000 crores.
With this, I open the floor for question and answers. Thank you.
[Operator Instructions] Our first question is from the line of Ketan Gandhi from Gandhi Securities.
Yes. Sir, what did you say in the last comment, next quarter turnover or next half turnover? Did you mention anything?
Sorry, I didn't get your question.
Next half year turnover.
Next half year. Now what I have stated is for the next quarter, that is for Q3, we're likely to do about INR 200-plus crores.
Okay. Okay. Yes, sir, can you speak something about a TRU for ASP, where we are in terms of the development and when we can see the product coming into the production?
Yes, we have already a lot of this is ready here, and we have delivered the array TRU for the first order. And those [ 80 areas ] are being fitted in the aircraft. I think it's going on the flight test. And the second order is under execution. In fact, we are going to deliver first unit by end of December.
And sir, this will be fitted into LCA Mark 1, Mark 2 or all the LCA and other [indiscernible]
On LCA Mark 1 and as well as Mark 2.
Okay. Sir, any development on the main portable SDR from our JV, because I believe we had received a total order of 36 or 32 units and there's a lot going on. So any update on that?
Yes. We are almost nearing completion stage. I think we -- in the next couple of months, we'll be able to demonstrate this. I think we are getting ready for the [ NCNC ].
Okay. And sir, how many players are in the list for this apart from us?
Exact number, I don't know, but I think more than 10 numbers, 10 companies are there.
More than 10 companies, okay. Sir, can you explain the [indiscernible] proximity sensor -- is it in the deep end and where we are in terms of the development?
Yes, it's in development. I think mostly by December, we should be in a position to deliver prototypes.
It is in the late deep end, right?
Yes. That's right.
Okay. And sir, which in the presentation, you have mentioned about the bidding for the whole [ rural piston ]. Is it double radar or defense-related radar?
We have both a double weather radar as well as the military radar. The one which we have mentioned this double weather radar, we have executed in our X-band, and we completed the first order. And in the next gender, we bid for both C as well as X-band. And we are successfully like we become L1 in C-band. And unfortunately, we are not in expanding this second order we were L2. So we are getting C-band order in the second tender.
And as well as the other military radar, which in fact, we mentioned in the PPT for DRDO, that is getting ready, most probably by March, we can supply this and commission India.
Right... And sir, my last question is next year, can we expect a turnover in the north of INR 1,000 crores?
Yes, that's what we are targeting.
Our next question is from the line of Raj Rishi, an individual investor.
Yes. Hello?
Yes, Mr. Rishi, please go ahead.
Am I audible?
Yes, sir, you are.
Yes. Just wanted to kind of what's your competitive edge because with the kind of opportunity which is perceived, a lot of players are coming in late Indian and foreigners also. So what's the edge which [ has the micro hand? ]
Yes. Basically, if you look at you can tell the way we operate. We are first ones to enter into this, and we have the maximum technology in control. For example, you take in actives were radar, wherein it is not only the TR model. Today, there are many companies entered into this business. But no company has the main components of the TR model. Like we have our own MMICs, which is being used in the TR module. And with that, we can play around with TR module and then we can offer a multifunctional chipset and also we can offer an advanced version of their margin with a different power range, and that is how actually we have a competitive edge over others. And apart from that, yes, we do have RF technology in other areas. With that, we could successfully design these systems, which are more RF-intensive days.
[Operator Instructions] The next question is from the line of Riya Varma from MR Securities.
I have 2 questions. Firstly, you mentioned about BTS opportunity in domestic and international market. I'm curious to understand more on this front, especially for the export market. Can you throw some light on that part?
Well, we are discussing with some U.S. companies as well as Israeli companies for BTS market. We are in the field of subsystems. And also recently, we have won discussions with one of the major U.S. company to develop system that is -- I don't want to give more details as it's yet to take final shape. But these are not something which -- these are opportunities coming our way. And basing our technological strength, they have been giving us this design services to us to develop jointly in a few cases and then to develop based on their spec so that we can have a contract for global market.
Right. And secondly, for the new orders that you received this quarter, how much of those orders are BTS versus BTP orders? Can you give some broad estimates?
Yes. With that input, BTS because only in domestic, we don't have any BTP orders as such. Only the exports orders only we take under BTP category. So if you see the orderbook in Q2, whatever we book, overall, INR 342 crores, we have booked in this. I think it's only about INR 6 crores only we have booked for the export front, but the return are domestic. But of course, in this one case, where we booked from B, that is, of course, it is BPT category. That is about INR 200 crores. The rest all are in BTS.
[Operator Instructions] Our next question is from the line of [ Abhishek Devi from Bright Securities. ]
Hello. Yes. Am I audible?
Yes, you are, Mr. Devi.
Congratulations on a good set of numbers. I wanted to know more about our state business. Can you give a little brief about it, how it is growing? And are the margins better over year compared to defense business?
The space business, we have order backlog close to INR 200 crores, where margins are reasonably good as compared to defense. And the only thing is that the cycle time gets more as compared to defense, yes. Going forward, as you know, the space in space, the government took initiative to transform to the -- like they introduce the reforms and the clarity we know -- we don't have full clarity of both going forward on the satellite. But at least in the strategic satellites, what we understand that is still going to build this satellite, in that we continue to be part of this growth. And as far as the communications satellites, yes, it all depends on how the other industries and also gear up to meet this particular demand. Even in our case, also, we are looking to build to payloads for the communication as well as for the strategic applications. Just going forward, business wise, yes, it is creative, but the only thing it takes some time for us to get into this.
Our next question is from the line of Akshay Kothari from Envision Capital.
I wanted to know the current working cap so you can see cash flow from operations sector. Any major because inventory of receivables have increased and decrease in contract liabilities. Is it because of execution then?
Yes. See, the major liabilities, which were there earlier for pertaining to the advances received for the export sales. The sales are getting executed. The advances are coming down, and hence, those liabilities are getting reduced. But otherwise, the working capital position as of today, we have a net liability of about INR 80 crores, excluding my cash at bank. Similarly, the working capital or the inventory buildup towards the end of second quarter because we see substantial building happening in the later half of the year. That is one reason. The other reason, specific to this present area is that there is one radar program, which we are executing, where the revenues are likely to happen only in the next year. It is a sphere radar, that is a shipborne radar. So for that, a significant amount of raw material procurement is happening presently. And most of the work that is being done with reference to the project is sitting as a work in progress as an inventory. That is another one. And thirdly, during the second quarter, there was one significant building, which has got slipped into the third quarter, where the entire work in progress and the raw material pertaining to that program is taking care in the risk of accounts. Of course, that was executed in the month of October. So these are the 3 or 4 reasons why the working capital is slightly higher for this balance sheet date.
Okay. Sir, regarding the contract decrease in contract liability since we have received around INR 300-plus crores of new orders, won't we have received some sort of advances from these customers?
No. Generally, for the domestic orders, as explained earlier now, most of the building -- most of the order booking, whatever has happened up to now. either from the domestic front. And we don't get much of advances from the domestic order booking unless it is an R&D work for order. Therefore, we have not received significant advances in the current financial year.
Okay. Sir, secondly, on the -- what was the reason for lower export order execution in this quarter?
That is expected only that is what we are telling slowly, the export revenues will tap off -- but whatever execution that is due as per the purchase are the terms that is going on. But whatever is done is as per the terms of the purchaser.
Okay. So unlike what we have in domestic business, your export business would be quarter-on-quarter flight, it seems, right? Because our export orderbook is increasing.
No, I don't think it is increasing. I don't think we have had much of export orderbook happened in the last 1 year. And this is expected normally.
I'm talking on the quarter-on-quarter basis, of course...
Yes. Actually, the last 2 quarters also, we hardly have any export orders. See, basically, last quarter, because of short shipment of few components, we couldn't do the -- as we expected, we are short of INR 15 crores to INR 20 crores in last quarter.
Okay. And sir, any update on [ Astral plan or COM15 ], which we have. So in fact, what is the orderbook currently? How are you -- are you doing any loss on that front?
Yes. As of today, it is -- there is a book loss because it's production and deliveries are to happen. Probably by the end of this financial year, we should be improving. We have just commenced from the month of October -- confident by the end of the next financial year, it will be contractable...
The order book would be around...
[indiscernible] I don't have that number with me. Probably we will come back to you on that. I don't have that number with me. I will come back -- and apart from this execution of the orders on hand, it is also participating in manpower DR radar, under the NCNC basis that is no cost, no commitment basis. As I told somebody else before you. This product is getting ready for the demonstration by this calendar year-end.
Okay. And any -- your views, any updates on the recently happening export any MOUs, any significant action, which we have received over there?
Yes. We have new technology transfer from DRDO [ but don't make things like that ]. Apart from that, we had a fruitful discussion through their Indian sales office, and we are effectively to enter into some kind of a partnership agreement for a few products that I think probably in due course of time, we will reveal that. Otherwise, yes, it was a good show as a fully focused on the Indian companies and deposits. So we had opportunity to interact with all services offices. And then also we discussed about the potential systems, what we can do and also what we can address today at their requirement.
Okay. That's good, sir. Sir, lastly, there was a recent in this quarter that reclassification of promotion. So I just wanted to have more clarity on who is the current promoter? Is there any one or -- and how are things getting managed, whether it's through them more making any decisions? How is it going?
See, the declassification of the promoters is a continuation of the existing, I informed at most of the promoters all taken a back seat in terms of digital operations. Therefore the people who are not active, they would like to get reclassified. That is the reason why the action was taken. But otherwise, the founder, Mr. Chitrakar, he continues to be an active promoter in the company, and that is a status as of today.
Our next question is from the line of [ Prabir from Ratnabali Group. ]
Thank you, sir, for providing me the opportunity.
I'm sorry to interrupt. Please use your handset while asking the question, sir.
Yes. Am I audible right now? Okay. Sir, I have a couple of questions. Like, first of all, the first time it has been mentioned about the [indiscernible] out of the total orderbook. So please tell us something about what is this about?
The service order patterns to our weather metrology products, the metrology products as a part of the purchase terms, they carry a warranty maintenance for a period of 4 years from the date of installation and commissioning. So whatever the orders we have disclosed as a part of [ satellite's radar ], the entire amount pertains to weather-related products.
Okay. Sir, this quarter, you have booked an order inflow of around INR 340 crores. So where defense is roughly INR 330 crores. So can you please tell us from which segment of defense it has come?
Current orderbook from the President [indiscernible]. You mean the orderbook of Q2? Yes.
No order inflow, it has received around 340 out of that defense.
That from Radar segment, we booked close to INR 243 crores. And in EW, that is electronic warfare segment, we booked INR 80 crores worth of orders. and in Metal Electronics, close to INR 5 crores. And in metallurgy and space put together about INR 10 crores we have booked.
Okay. Sir, this long-range multifunction radar that is the shipbound radar. So can you tell us like what is the cost of this kind of radar? And what is the potential of it for the company?
I cannot mention the cost of this, but the potential is definitely we have good potential as the first later what's being built by DRDO. And to be subject to Indian have, once it is successful, definitely, we'll have multiple numbers in next 7 to 8 years' time.
Okay. Recently, government has come out with a make 2 order for Manpack SDR. So how our company will participate or whether participate or not?
We are participating through our JV, that is Astra Rafael Comsys. As I mentioned, we are getting ready for a demonstration.
Okay. And sir, as per your presentation -- latest presentation, you have mentioned that Navy model, which will have an immune scope of application going ahead. So can you give us a sense that how big the opportunity can be for our company?
Yes. The market is very huge, and we are developing this -- we have developed this band chip of [ Navy ] receiver, and we are trying to build this [ Navy ] receiver. Once -- currently, it is in the qualification stage. Once we get qualified, I think we build the total receiver to be supplied for the applications like vehicle tracking unit and many other applications. As far as the market sizes concern, we have a huge market potential for this.
Okay. My last question is what is your current employee strength?
We are about 450 employees we have.
[Operator Instructions] Our next question is from the line of [ Bhavik Shah from MK Ventures. ]
[indiscernible] work set of numbers. Sir, I would just understand first, what is the development of the electro-optics and Anti drone front? Is there any update...?
Yes. Electro-optics, we are addressing through our JV. That is Astra Rafael Comsys. So we just -- in the last quarter itself, we signed this agreement with our partner. And we are trying to address RFPs through this technology being developed by Rafael initially. And going forward, we would like to set up the design house for this electro-optics in our joint venture. And as far as anti-drone is concerned, as I mentioned in previous earnings calls also, we are developing [indiscernible]basic DRDO technology and the refining it to suit to the user requirement. It is getting ready. I think mostly by January or February, I think we should be in a position to demonstrate that.
Okay. And sir, on the LDR front, we have invested around INR 30 crores, if I'm not wrong. So what kind of revenue potential we see there...?
I think our investment in the JV is about INR 20 crores as of today. Overall, the JV has about INR 40 crores as an equity. Presently, the JV is executing the SDR order under the offset requirements for [ us and Israel ]. But going forward, like now it is already -- it is getting a product ready for the Manpack SDR under NCNC program, almost more than 6 to 7 companies are competing for this. In case if there are any [indiscernible], there is a huge potential for this product line. The numbers, sir, the revenue numbers or opportunities are really huge. But otherwise, it's main focus is going to be SDR and the electro-optics business.
Okay. Okay. And sir, on your guidance for INR 210 crores revenue in Q3. So sir, which leaves us around INR 300 crores for Q4, if you go by the previous guidance of INR 850 crores. So sir, is that even like achievable or will it be difficult?
No, I don't think we have given any number in earlier conference. It would take overall INR 850, what we have given originally, in Q3, we are planning to book revenue of INR 200 plus. And in Q4, we are trying to do as much as possible. I think we'll have a better clarity by, I think, next, I think, another couple of months. Most likely, we are trying to touch this figure. But in case if we mess up maybe some 5% kind of a sales probably the main method because of a few components which are expected in last quarter are getting delayed because of that, our production of some kind of 5% may get effect. But today, it's too early to say that. I think maybe another couple of months, we'll be in a position to tell how much we can do in Q4.
Our next question is from the line of Abhijit Mitra from ICICI Securities.
Congratulations on a good set of numbers. I have a couple of questions. The first one is, if I look at your gross margin, it has remained quite increasing meaningfully in this quarter, perhaps because of lower share of exports. However, in subsequent slides, you had quantified that you would like the idea of export to be 30 and 70. So just on what kind of gross margin you are looking at? Because now we are expanding meaningfully, you hinted at INR 1,000 crores of revenue aspiration. So what is the corresponding gross margin aspiration? And if you can let us know what kind of gross margin you make separately between domestic and export.
We said very repeatedly, the export business is a BTP, build to print. Therefore, the gross margins are around 8% to 10%. Whereas the domestic, we cannot really standardize what could be, but you are asking me what is your ideal expectations. Our expectations are about 30% to 40% kind of gross margins we expect as we go forward.
Okay. Wonderful, sir. And the next question is on Slide 31, where you have highlighted the business potential, the long-term business potential till 2028. So I just wanted to understand if category-wise, you can mention whether there's some BSP also involved in there would be something on a nomination basis to PSU. And what is the realistic market share we could expect out of this business potential of INR 14,500-odd crores?
I think we have given that the breakup in last incur. But anyway, in that, as I mentioned, like we have given about INR 8,000 crores with 100% profitability in that INR 14,000 to INR 15,000 crores. major chunk of business, we are expecting from Radar segment is about close to INR 5,000 crores. And EW is around INR 2,000 crores in missile led telemetry and put together INR 1,000 crores. This is what got categorization of whatever we have given we have mentioned in the previous call. For the next 6 years, we have mentioned about INR 8,000 crores, we can book with 100% probability.
Our next question is from the line of [ Vignesh IR from Sequent Investments. ]
I just wanted to know about the H2 that you have an estimate of looking around INR 200 crores for the quarter 3 and around maybe INR 270 crores to INR 280 crores on quarter 4. I just wanted to know what kind of margin profile are you looking for? Will we be seeing something similar to what is in Q2?
More or less, it will be similar to what is achieved in Q2. There may be a slight correction downwards, but more or less, it should be on the same lens.
Okay. And what would be the mix of domestic and export under H2?
In the Q2, the domestic is going to be close to about 80%, 80% to 85% and the balance will be exports.
Change in H2, right?
In Q2... Yes, yes, in H2. -- specifically Q2, I gave the number. And Q3 also Q4 also more or less similar kind of numbers to do there.
Okay. So Q2 is more of 85% and 15%, and we expect it to be more or less similar, right?
Correct, right. Yes.
Our next question is from the line of Alisha Mahawla from Envision Capital. Alisha Mahawla, your line has been unmuted.
My question is also with respect to margins like the earlier participants. So would you see a sustainable gross margin more in the line of 30% to 40%?
Yes.
Okay. So... Okay, sure. And INR 1,000 crore revenue aspirations for FY23 or FY24?
Sorry, what is the number you said?
The INR 1,000 crores revenue aspiration that you called out?
23, 24 is aspirational.
Okay. So in FY24, I'm out of questions for now, thank you.
[Operator Instructions] Our next question is from the line of [ Raj Rishi, private investor. ]
I just wanted to understand, like generally, we don't see this kind of low promoter holding in this size company. So any comments as to how come the promoter stake in the company is so low and any issues with regards to operations or prospects?
No, there are no issues regarding operations and prospects. In fact, the low promoters we are seeing for the last 5 years, how the company has grown. But historically, this company has a low promoter state because the company was promoted by [ techno crafts ] with a very low financial asset. Historically, yes, it has the low promoter state.
Our next question is from the line of Akshay Kothari from Envision Capital.
Currently, we have 50 employees. So in order to fulfill our orders would there be an increase with employee count?
Yes, definitely as we grow in the top line additions are required, but we have a significant amount of existing employee force to take care of immediate growth in it.
Our borrowings have increased significantly. I think they are around INR 150-plus crores levels. And so in order to get more orders, would our borrowings keep on increasing? Or what is the plan?
Most of the borrowings are working capital borrowings. Therefore, as we grow, I think the borrowing working capital requirements will be going up. So -- there is the incremental increase will be there in the working capital borrowing. But we don't have significant long-term borrowing.
I understand. But in order to grow on the domestic front as we are entitled so far, of course, the likely funding plan would be through borrowings, right?
Yes. Yes.
Okay. And sir, any specific dividend policy we are having?
Yes. We have a policy of paying 20% to 25% in the range of 20% to 25% of the profit after tax of the company.
And sir, lastly, you mentioned that we have INR 2,000 crores of [ domestic ] capacity to generate revenue of around INR 2,000 crores. So I just wanted to know that since what actually led -- what was the driving factor for this capacity expansion? And post that, what things were -- whether it was something related to markets, which can go eventually the export market to come down. So what exactly was it for the decline in revenues and -- what actually happened in the past?
Yes. See, what we have mentioned is a basic infrastructure available with the company. When we say basic infrastructure, land, buildings and the capital equipment that is required. And to go forward, the incremental addition that is required will be only in terms of adding a little bit more of capital equipment and having the right manpower -- so our intent of making that statement is that we have the basic infrastructure ready to do business up to INR 2,000 crores. Nothing has gone wrong in terms of forecast what was made by the company.
[Operator Instructions] We have a question from the line of [ Santanu Chatterjee from Mount Intra Finance Private Limited. ]
Sir, any guidance on the orderbook can be received during FY23?
Guidance in orderbook for FY23. I think -- yes, as of today, the prospects are like we are likely to book close to INR 1,000 crores. But the details, I think I can share only in the next phone call.
I'm talking about for the rest of the year, sir, for FY23 and FY24 as well?
So this year, yes, for Q3 and Q4, we are likely to book close to INR 300 crores.
INR 300 crores over and ever that INR 1,800 crore plus orderbook, right, sir?
Yes, yes. Yes, yes.
And next year, as we are saying that next year, you are expecting more or less INR 1,000 crores orderbook?
Yes, that's the [ war-tech ] prospects we have to book INR 1,000 crores, but it is, I can share it in the next phone call.
Okay, sir. And what is the total amount of CapEx for FY23, sir?
The CapEx FY23 -- see, overall, we have predicted about INR 50 crores CapEx for the 21, 22 and 22, 23. I think in the previous year, we did about INR 25 crores or so. On the balance, we are doing it in the current financial year.
Our next question is from the line of [ Rakesh Bora from Arihant Capital. ]
I'm sorry I joined late, I just wanted to know that the next year's orderbook that we have of INR 1,000 crores, if I'm not wrong. Sir, the margins for that, how would we see...
We have mentioned, we'll get into the details in the next quarter. Probably at that point of time, we should be able to show some light on the margins also.
[Operator Instructions] Our next question is from the line of [ Raj Rishi, ] individual investor.
Yes. You mentioned that your capacity, you can go to INR 2,000 crores turnover, right?
Yes.
So any sort of vision as to which -- how many years do you think you can target that kind of revenue? Just have an internal beginning with that.
Vision at the earliest, maybe 3 to 4 years from the next financial year. We would like to reach it there.
Ladies and gentlemen, that was the last question. I now hand the conference over to the management for closing comments.
Yes. Thank you for everyone for joining the call. We hope we have been able to answer your queries satisfactorily. For any further information request you can get in touch with the SBA, our Investor Relations Enterprises. Thank you very much, and I hope to see you again at the end of the third quarter. Thank you.
Thank you, members of the management. Ladies and gentlemen, on behalf of Astra Microwave Products Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.