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Data Patterns India Ltd. Revenue from operations grew 48.8% YoY to Rs 88.2 crore. It beat our estimate by Rs 76.2 crore mainly due to strong execution in both development and production contracts.
In addition, Revenue grew 28.9% on a sequential basis. H1 FY23 revenue growth stood at 62.3% YoY.
Gross margin was 64.9% during the quarter, which contracted by 562 bps YoY due to changes in contracts and revenue mix (increased share of development contracts).
Ebitda margin contracted 131 bps YoY to 34.2%. This is lower than our estimate of 35.8 percent. This was mainly due to higher than expected other expenses which increased by 26.4% YoY. However, Margins improved 313 bps on a sequential basis.
Data Patterns’ order book as on date stands at Rs 1,012 crore, including orders received in October 2022 and items yet to be completed. H1 FY23 order inflow was Rs 516.9 crore and Q2 FY23 saw 471.3 crore orders.
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