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Motilal Oswal Report
Data Patterns India Ltd. reported a revenue decline of ~2% YoY in Q4 FY24. However, operating performance was healthy (Ebitda margin up 11.4% YoY) as gross margin improved (up 14% YoY), aided by a favorable business mix during the quarter.
Factoring in Q4 results and lower growth guidance for FY25, we cut our FY25/FY26 earnings per share estimates by 7%/5%. We reiterate our Neutral rating with a target price of Rs 2,760 (premised on 50 times FY26E EPS), owing to its higher working capital cycle and rich valuations.
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