Ideaforge Tech spurts on reporting turnaround Q3 numbers

Ideaforge Technology surged 9.96% to Rs 775 after the company reported consolidated net profit of Rs 14.8 crore in Q3 FY24 as against net loss of Rs 7.80 crore posted in Q3 FY23.

Revenue from operations stood at Rs 90.89 crore in Q3 FY24, steeply higher from Rs 7.79 crore posted in the same period last year.

During the fourth quarter of FY24, profit before tax stood at Rs 20.15 crore compared with pre-tax loss of Rs 18.21 crore posted in Q3 FY23.

EBITDA sood at Rs 26.19 crore during the quarter as compared with negative EBITDA of Rs 13.87 crore posted in corresponding quarter last year. EBITDA margin stood at 28.8% for the period under review.

Commenting on the results, Ankit Mehta, CEO said, The grant of 7 new patents validates our efforts to stay ahead of the curve through innovation. Further, we have reached the prototyping stage for many of our new technology and product initiatives. Product demonstrations and training in the US with end customers and VARs have begun in earnest, and early billings of Drone as a Service (DaaS) are encouraging signs for these initiatives.

We have surpassed last FYs annual revenue in the first 9 months of the year, in line with our projection of substantial growth of revenue in this FY. This further accentuates our belief that our business can not be reviewed on a quarter-on-quarter or year-on-year basis and should be holistically looked at by including our efforts on diversification and product development.

Ideaforge Technology (ideaForge) is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market. It had the largest operational deployment of indigenous UAVs across India.

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