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ICICI Direct Report
Data Patterns India Ltd.'s revenue from operations for the quarter increased 83.7% YoY to Rs 68.4 crore; better than our estimate of Rs 47.3 crore.
This was primarily on account of better-than-expected execution in development contracts. Revenue from development contracts witnessed strong growth YoY (contribution increased to 45% of revenue in Q1 FY23 versus negligible in Q1 FY22).
Data Patterns' gross margin contracted to 64.7% in Q1 FY23 against 90.2% in Q1 FY22 on account of change in contracts and revenue mix.
Ebitda margin contracted sharply by 1265 bps YoY to 31.3%; lower than our estimate of 40.9%. However, Ebitda was higher by 26.8% to Rs 21.3 crore (versus our estimate of Rs 19.4 crore) led by sharp increase in revenues on YoY basis.
Profit after tax increased 39.1% YoY to Rs 14.2 crore (versus our estimate of Rs 12.2 crore).
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