Top Mutual Funds
- 01 Nov 2022
- ICICIdirect Research
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DATA PATTERNS REPORTS STRONGER THAN EXPECTED Q2FY23 PERFORMANCE
News:
Revenue increased 48.8% YoY (+28.9% QoQ) to Rs 88.2 crore. H1FY23 revenue growth was at 62.3% YoY. EBITDA margin contracted 131 bps YoY to 34.2%, primarily on account of higher than expected others cost, which increased 26.4% YoY. However, margins improved 313 bps on a sequential basis. EBITDA increased 43.3% YoY to Rs 30.2 crore primarily on account of better revenue growth. PAT increased 63.2% YoY (+47.8% QoQ) to Rs 21.1 crore. H1FY23 PAT was up 52.5% led by strong revenue growth
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The Q2FY23 performance was better than estimates on account of strong execution. Order book was at Rs 836.5 crore as of September 2022 end (2.25x TTM revenues) of which 59% was development orders. Order backlog as on date was Rs 1012 crore including orders received in October 2022 and those finalised and yet to be received. Orders received during H1FY23 were at Rs 517 crore (77% development orders). Higher share of development orders will benefit the company since these get converted into production orders. Electronic warfare, radars, avionics, automated test equipments, which are key orders in the company’s order book, are expected to contribute significantly in future also considering the huge opportunities for these equipment. The company expects Rs 2000-3000 crore worth of additional orders in the next three to four years
Impact:
Positive.