Capitaline

Results 03-Aug-22

Analysis

Data Patterns (India)

Sits with strong order book

Standalone net sales (including other operating income) of Data Patterns (India) for the quarter ended June 2022 has increased 84% to Rs 68.38 crore driven largely by 536% jump in revenue of development contracts to Rs 30.77 crore. The revenue of services contract was up 1553% to Rs 6.15 crore. But the revenue of production contract was down 3% to Rs 31.45 crore. Operating profit margin has declined from 46.4% to 31.1%, leading to 23% rise in operating profit to Rs 21.25 crore. Contraction in OPM margin is largely due to revenue mix as orders executed in Q1FY23 being of normal margin compared to execution of high margin orders in corresponding previous period. Raw material cost as a % of total sales (net of stock adjustments) increased from 19.14% to 39.03%. Employee cost decreased from 32.47% to 24.13%. Other expenses rose from 6.96% to 7.54%. Other income up 304.76% to Rs 1.7 crore. PBIDT rose 29.88% to Rs 22.95 crore. Provision for interest fell 29.86% to Rs 1.55 crore. PBDT rose 38.42% to Rs 21.4 crore. Provision for depreciation rose 37.50% to Rs 1.98 crore. Profit before tax grew 38.52% to Rs 19.42 crore. Provision for tax was expense of Rs 5.16 crore, compared to Rs 3.72 crore. Effective tax rate was 26.57% compared to 26.53%. Profit after tax rose 38.45% to Rs 14.26 crore.

Order book update

Orders on hand as on date is Rs 663.55 crore. Order for which negotiation completed & LOI Received (A) are Rs 173.57 Crore, n Negotiation completed & yet to receive LOI (B) are Rs 168.62 Crore. If all the projects where negotiations are completed are converted into orders, the order book will be more than Rs 1,000 Crore.

Management comment

Commenting on the company’s performance, Mr. Srinivasagopalan Rangarajan, Chairman & Managing Director, Data Patterns (India) Limited said, “Company delivered good Q1 results in line with our expectations. Our primary focus now is to create a strong order book and increase operational efficiency. Having completed all the major sub-systems in Radar, Electronic Warfare, Communications, Avionics, etc., Data Patterns is now focusing on developing complete systems with in-house design to address the huge market opportunities in the Indian Defence and Aerospace segment thanks to the Atmanirbhar Bharat initiatives and defence procurement procedure being modified to enable more ‘Make in India’ defence equipment”.

Promoters’ stake was 45.62% as of 30 June 2022

Data Patterns (India) : Standalone Results

	Quarter ended			Year ended
Particulars	202206	202106	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	68.38	37.23	83.67	310.85	223.95	38.80
OPM (%)	31.08	46.33	-1,526 bps	45.37	41.08	430 bps
OP	21.25	17.25	23.19	141.04	91.99	53.32
Other Inc.	1.70	0.42	304.76	3.96	2.60	52.31
PBIDT	22.95	17.67	29.88	145.00	94.59	53.29
Interest	1.55	2.21	-29.86	10.99	14.5	-24.21
PBDT	21.40	15.46	38.42	134.01	80.09	67.32
Depreciation	1.98	1.44	37.50	6.63	5.57	19.03
PBT	19.42	14.02	38.52	127.38	74.52	70.93
PBT before EO	19.42	14.02	38.52	127.38	74.52	70.93
EO Income	0	0	-	0	0	-
PBT after EO	19.42	14.02	38.52	127.38	74.52	70.93
Taxation	5.16	3.72	38.71	33.41	18.95	76.31
PAT	14.26	10.3	38.45	93.97	55.57	69.10
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	14.26	10.3	38.45	93.97	55.57	69.10
EPS (Rs)*	2.75	1.99	38.45	18.11	10.71	69.10

* EPS is on current equity of Rs 10.38 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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