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Chennai-based Data Patterns’ net profit for Q3 at ₹33 crore has tripled over what it was in the corresponding quarter of last year, riding on the back of more than doubling of revenues, to ₹114 crore (₹45 crore).
The defence and aerospace electronics solutions provider’s order book, including negotiated and converted into orders, will be ₹1,014 crore. It started FY23 with an order book of ₹476 crore. “The order includes two deep-space surveillance radars from the Defence Research and Development Organization, worth ₹363 crore,” Data Patterns’ CFO, Venkata Subramanian Venkatachalam, told businessline.
In the past, the company used to book 80-85 per cent of its annual revenue only in the last financial quarter. However, in the last two years, the company is able to plan and perform its quarterly targets due to a strong order book, according to the company’s CFO.
In December, the company’s chairman and managing director, S Rangarajan, told businessline that, for the first time, India is entering deep space surveillance by building radars to detect and protect the country’s space from any artillery attack, and Data Patterns will build them.
Also read:Data Patterns to enter satellite manufacturing, says order book full
For nine months ending December 31, 2022, net profit for the company more than doubled to ₹69 crore (₹32 crore) and revenue was up by 93 per cent to ₹274 crore (₹142 crore).
Commenting on the company’s Q3 performance, Rangarajan in a release said, “We exceeded our own internal goals by achieving revenue growth of 2X in nine months of FY23, the best ever in our company’s history. With the expectation of new orders in Q4, we are focused on improving execution effectiveness to promote operating leverage and maintaining a diversified order book. With the new manufacturing facility anticipated to commence in Q4 FY23, we are well positioned to benefit from the strong sectoral tailwinds given our R&D prowess and our manufacturing capabilities.”
On Friday, the stock price of Data Patterns closed at ₹1,161.30, down by ₹34.75 or 2.91 per cent.
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