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ICICI Direct Report
Data Patterns India Ltd.'s revenue from operations increased 48.8% YoY to Rs 88.2 crore; better than our estimate of Rs 76.2 crore, primarily on account of strong execution in both development and production contracts.
Moreover, revenue grew 28.9% on a sequential basis. H1 FY23 revenue growth was at 62.3% YoY.
Gross margin was at 64.9% during the quarter, which contracted by 562 bps YoY due to a change in contracts and revenue mix (share of development contracts increased).
Ebitda margin also contracted 131 bps YoY to 34.2%; lower than our estimate of 35.8%. This was primarily on account of higher-than-expected others cost, which increased 26.4% YoY. However, margins improved 313 bps on a sequential basis.
Data Patterns' order book as on date is Rs 1,012 crore including orders received in October 2022 and those finalised and yet to be received. H1 FY23 order inflows were at Rs 516.9 crore of which Rs 471.3 crore of orders were received in Q2 FY23.
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