Data Patterns Q3 Results Review - Order Delays Mask Strong Execution; Maintain Neutral: Yes Securities

Yes Securities Report

Data Patterns Ltd.'s Q3 FY24 print stood strong on execution and margin fronts while order inflow continued to remain weak. While revenue growth maintained its guided range of 25% YoY, Ebitda margin saw sharp sequential expansion to 43% led by an operating leverage benefit.

Order Inflow declined 39% YoY during Q3 FY24, declining 45% YoY during 9M FY24 in the absence of any large order and orders pertaining to Arudhra and Himshakti radars seeing continued delays.

Out of the net QIP proceeds (happened in Q4 FY23) of Rs 4.88 billion, the company has utilised Rs 2.34 billion while the entire Rs 1.67 billion pertaining to product development remains unutilised.

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