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IdeaForge, a drone technology and manufacturing company, has sealed a deal worth Rs 88 crore to provide surveillance quadcopters and essential accessories to one of the forces under the Ministry of Defence, Government of India, the company said in a statement.
The selected quadcopters, capable of operations in extreme temperatures and high altitudes, will assist Indian forces with enhanced surveillance capabilities. The company said these drones will serve in critical surveillance, intelligence-gathering, and situational awareness missions.
The company hosts an in-house product development centre. This development centre enables IdeaForge to design, develop, engineer, and manufacture unmanned aerial vehicles (UAVs). The company said it was ranked seventh in December 2022 in the dual-use category, which includes the civil and defence segment, for drone manufacturers by Drone Industry Insights.
"We are immensely proud to contribute to the security of our nation through continuously innovating and building products that meet the expectations of our forces. This order underscores IdeaForge's dedication to providing technological solutions that meet the stringent requirements of our defence forces in the real world. Our team remains committed to delivering UAVs that uphold the highest standards of quality and reliability," said Ankit Mehta, chief executive officer at IdeaForge.
The drone manufacturer launched its initial public offering (IPO) in June this year at a 94 per cent premium to the issue price of Rs 638 to Rs 672.
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In Q1FY24, the company reported a 54 per cent year-on-year decline in its consolidated profit at Rs 18.86 crore against Rs 41.25 crore in the year-ago quarter (Q1FY23). The company had reported a loss of Rs 5.42 crore in the previous quarter (Q4FY23).
Revenue from operation was down 2.2 per cent year-on-year to Rs 97.07 crore from Rs 99.27 crore. Reported earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin contracted to 29.4 per cent from 55.5 per cent in Q1FY23. However, on a quarter-on-quarter basis, the company's revenue from operations grew 151 per cent from Rs 38.66 crore in Q4FY23 with an Ebitda margin of 3.1 per cent.
Its shares ended Monday's session 2.36 per cent lower at Rs 962.65 on the BSE.
