Full year results analysis

Net sales (including other operating income) of Data Patterns (India) has increased 45.87% to Rs 453.45 crore.  Operating profit margin has declined from 45.37% to 37.89%, leading to 21.82% rise in operating profit to Rs 171.81 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 28.95% to 40.73%.   Employee cost decreased from 19.71% to 16.68%.   Other expenses fell from 6.76% to 6.55%.   

Other income up 132.83% to Rs 9.22 crore.  PBIDT rose 24.85% to Rs 181.03 crore.  Provision for interest fell 29.57% to Rs 7.74 crore.  Loan funds declined from Rs 9.20 crore as of 31 March 2022 to Rs 2.49 crore as of 31 March 2023.  Inventories rose to Rs 192.95 crore as of 31 March 2023 from Rs 119.77 crore as of 31 March 2022.  Sundry debtors were higher at Rs 382.48 crore as of 31 March 2023 compared to Rs 198.31 crore as of 31 March 2022.  Cash and bank balance rose to Rs 544.53 crore as of 31 March 2023 from Rs 177.08 crore as of 31 March 2022.  

PBDT rose 29.31% to Rs 173.29 crore.  Provision for depreciation rose 27.45% to Rs 8.45 crore.  Fixed assets increased to Rs 111.39 crore as of 31 March 2023 from Rs 63.43 crore as of 31 March 2022.  Intangible assets increased from Rs 1.35 crore to Rs 2.00 crore.  

Profit before tax grew 29.41% to Rs 164.84 crore.  Provision for tax was expense of Rs 40.84 crore, compared to Rs 33.41 crore.  Effective tax rate was 24.78% compared to 26.23%.

Profit after tax rose 31.96% to Rs 124.00 crore.  

Order book

The company secured orders more than Rs 900 crore in FY23, reflecting a 3x increase compared to order inflow in FY22. The order book stood at Rs 924 crore at the end of FY23. With orders finalised in April and May the current order book is Rs. 1,008 crore.

Management Comments :

Commenting on the financial performance Mr. Srinivasagopalan Rangarajan, Chairman & Managing Director, Data Patterns (India) Limited, said, “This year, we have achieved excellent results of 32% YoY growth in PAT. Our order book of Rs. 924 Cr is healthy which is up 94% YoY. The Company has also made significant investments on human capital and infrastructure during the last year. He also said that as communicated at the time of IPO, the Company has successfully smoothened the business through the year. Accordingly, the last quarter revenue moved from 70% of annual revenue in FY 21 to 55% in FY 22 to 41% in FY 23. Full year growth is more representative of business performance rather than the quarter. Aligning with the sectoral opportunities, we are actively pursuing new product development. With the successful completion of the QIP of Rs.500 Cr., we have positioned ourselves for substantial revenue growth through new products in the domestic and international markets in the coming years. 

Others

Equity capital increased from Rs 10.38 crore as of 31 March 2022 to Rs 11.20 crore as of 31 March 2023.  Per share face Value remained same at Rs 2.00.   Promoters’ stake was 42.41% as of 31 March 2023 ,compared to 45.62% as of 31 March 2022 .  

 Loan funds declined from Rs 9.20 crore as of 31 March 2022 to Rs 2.49 crore as of 31 March 2023.  Inventories rose to Rs 192.95 crore as of 31 March 2023 from Rs 119.77 crore as of 31 March 2022.  Sundry debtors were higher at Rs 382.48 crore as of 31 March 2023 compared to Rs 198.31 crore as of 31 March 2022.  Cash and bank balance rose to Rs 544.53 crore as of 31 March 2023 from Rs 177.08 crore as of 31 March 2022.  Fixed assets increased to Rs 111.39 crore as of 31 March 2023 from Rs 63.43 crore as of 31 March 2022.  Intangible assets increased from Rs 1.35 crore to Rs 2.00 crore.  

Cash flow from operating activities has turned negative Rs 17.24 crore for year ended March 2023 from positive Rs 52.19 crore for year ended March 2022.  Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 39.50 crore, compared to Rs 38.20 crore during the year ended March 2022.