Data Patterns India shares surge 6% on robust Q2 performance

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Data Patterns (India), one of the country's leading defence electronics companies, spiked up nearly 6% to ₹2,031.35 apiece in early trade on Monday, led by robust performance in Q2FY24. During the September quarter, the company reported a 61% increase in net profit, reaching ₹33.79 crore, compared to a net profit of ₹21.05 crore. The total revenue for Q2 also showed growth, rising by 32% to reach ₹108 crore, up from the previous year's Q2 revenue of ₹88 crore.

Further, the company’s EBITDA increased by 35% to ₹41 crore in Q2 from ₹30.16 crore in the corresponding quarter of last year. For the first half of FY24 (H1FY24), Data Patterns (India) continued its robust performance with a 69% increase in net profit, reaching ₹59.62 crore. The revenue from operations also experienced substantial growth, surging by 26% in H1FY24, reaching ₹196 crore.

Also Read: This Sweden company bags 100% FDI in India's defence projects: Report Commenting on the company’s performance, Mr. Srinivasagopalan Rangarajan, Chairman & Managing Director of Data Patterns (India) Limited, said, “We are happy to announce strong revenues and order inflow for Q2 and H1 FY24. Revenues in Q2 were in line with our expectations and grew 23% YoY to ₹108 crore during Q2.

"The order book also saw growth, reaching ₹10 billion, while order inflows stood at ₹1,445 million. We are committed to continued investments in product development to capitalize on the larger opportunities coming in through the Defence programme run by GOI," he added. Also Read: Data Patterns share price jumps over 6% on tech transfer agreement with ISRO’s IN-SPACe Looking ahead, the company is targeting larger opportunities in the radar, EW, communication systems, and satellite businesses.