- 30 Jul 2024
- ICICI Securities
Healthy operational performance continues
DATAPATTNS - 3284 Change: -68.90 (-2.06 %)News: Revenue increased by 16% YoY to Rs 104.1 crore, led by healthy execution of order backlog. EBITDA margin expanded by 469 bps YoY to 35.7%, mainly on account of lower raw material costs. Gross margin stood at 72.3% (+1005 bps YoY). Subsequently, EBITDA increased by 33.6% YoY to Rs 37.2 crore. PAT was up 26.9% YoY to Rs 32.8 crore. Sequentially, revenue declined by 42.9% with EBITDA margin down sharply by 1531 bps QoQ, as execution remains lower on QoQ basis.
Views: Operational performance during the quarter remains healthy considering the decent growth in revenues and sharp improvement in margins. Implied orders inflow is at ~Rs 38 crore during Q1FY25. Revenue visibility remains strong with healthy order backlog of Rs 1017 crore (1.9x TTM revenues) and robust order pipeline for defence electronics systems & sub-systems (including radars, electronic warfare, communication systems etc). Pick-up in execution and order inflows would be the key things to track in coming quarters as the management had guided 25%+ revenue growth and Rs 1000 crore worth of order inflows in FY25.
Impact: Positive