Data Patterns pursuing new product development

CHENNAI: Data Patterns (India) Ltd was actively pursuing new product development aligning with sectoral opportunities, a top company official has said. The city-based electronics solution provider in the defence and aerospace sectors reported a profit after tax at Rs 55.34 crore for the quarter ending March 31, 2023.

The company had registered a profit after tax at Rs 61.63 crore during the corresponding quarter of previous year. The total income during the quarter under review grew to Rs 188.90 crore from Rs 173.07 crore registered in the corresponding period of last year.

Company chairman and managing director Srinivasagopalan Rangarajan said, “This year, we have achieved excellent results of 32 per cent year-on-year growth in PAT. Our order book of Rs 924 crore is healthy which is up 94 per cent year-on-year.”

“The company has also made significant investments in human capital and infrastructure during the last year,” he said in a statement. For the year ending March 31, 2023, the profit after tax surged to Rs 123.99 crore from Rs 93.97 crore recorded last fiscal. Total income for the year ending March 31, 2023 grew to Rs 462.67 crore as compared to Rs 314.82 crore registered in the same period of last year.

Aligning with the sectoral opportunities, Rangarajan said,”we are actively pursuing new product development.” “With the successful completion of the QIP of Rs 500 crore, we have positioned ourselves for substantial revenue growth through new products in the domestic and international markets in the coming years” he said.

Data Patterns has secured orders of Rs 923 crore at the end of FY23. With orders finalised in April and May, the current order book was at Rs 1,008 crore, the company said.