Data Patterns (India) witnessed a notable surge in its share price, with an increase of more than 6% on Tuesday, following the company’s announcement of a licensing and Transfer of Technology (ToT) agreement with IN-SPACe for miniature synthetic aperture radar (SAR) capability. On the BSE, Data Patterns shares surged by as much as 6.75% to reach Rs 2,130 apiece.
The agreement signifies a significant milestone for Data Patterns, providing the company with access to miniature SAR Radar capability. IN-SPACe, serving as a single-window, independent nodal agency within the Department of Space (DoS), has played a pivotal role in facilitating this technological partnership.
The SAR technology in question has been developed at the Space Applications Centre (SAC), ISRO, and it serves as a precursor to ISRO’s upcoming high-resolution SAR satellite, the NISAR. IN-SPACe has made this technology available for ToT to the industry, as outlined in a regulatory filing by Data Patterns.
G. Kuppuswamy, Vice-President of Data Patterns, emphasized the significance of this collaboration, highlighting the company’s intent to enhance the SAR technology through the incorporation of Artificial Intelligence (AI) tools for object detection and classification. This partnership not only advances technological capabilities but also contributes to the optimal utilization of India’s space resources and the expansion of space-based activities.
In the quarter ending June 2023, Data Patterns, a provider of defense and aerospace electronics solutions, reported a consolidated net profit of Rs 25.83 crore, reflecting a substantial 81.4% increase compared to the corresponding period in the previous year.
During Q1FY24, the company’s revenue exhibited robust growth, with a year-on-year (YoY) increase of 31.2% to reach Rs 89.7 crore, accompanied by a rise in other income to Rs 11.61 crore.
As of 11:40 am, Data Patterns shares were trading 4.88% higher at Rs 2,092.60 apiece on the BSE.
