ideaForge Technology Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2023

Notes:

1. The above unaudited standalone financial results of ideaForge Technology Limited ("the Company") have been prepared in accordance with and comply in all material aspects with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act 2013 ("the Act") read with relevant rules issued there under and in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (Listing Regulations), as amended.



2. The above unaudited standalone financial results have been reviewed and recommended by the Audit Committee at its meeting held on 5 February, 2024. The Board of Directors at its meeting held on 5 February, 2024, have approved the above results.



3. The statutory auditors of the Company have expressed an unqualified opinion on the unaudited standalone financial results for the quarter and nine months ended 31 December, 2023.



4. During the quarter and nine months ended 31 December, 2023, the Company has granted 1,49,321 new stock to eligible employees under the Employee Stock Option Scheme (ESOS). Further during the quarter ended 31 December, 2023, the Company has allotted 6,60,507 equity shares upon exercise of stock grants under the Employee Stock Option Scheme.



5. The Company is engaged in the business of manufacture and marketing of Unmanned aerial vehicle (UAV) systems which are used for security and surveillance, which in the context of Indian Accounting Standard (Ind AS) 108 - "Operating Segment", is considered as the single operating segment of the Company.

6. Attention is drawn to the fact that the figures for the corresponding quarter ended 31 December 2022 and nine months period ended 31 December 2022 as reported in these unaudited standalone financial results have been approved by the Company’s Board of Directors, but have not been subjected to review since the requirement of submission of quarterly unaudited standalone financial results is applicable on listing of equity shares of the Company post the quarter ended 30 June 2023.