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Motilal Oswal Report
Data Patterns India Ltd. witnessed a revenue decline (down 16% YoY) in Q2 FY25, led by ~97% decline in development revenue on account of the deferment of an order. However, the company expects to record revenue growth in H2, maintaining its FY25 guidance. Despite this, Ebitda margins expanded marginally by 10 bp YoY, led by a favorable business mix.
We maintain our FY25/FY26 EPS estimates in expectation of a strong pickup in H2. We reiterate our Neutral rating with a target price of Rs 2,300 (premised on 45 times FY26E earnings per share), owing to its higher working capital cycle and rich valuations.
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