Defence company ideaForge Technology announced Q1FY24 results: Revenues of Rs 970.7 million in Q1FY24 compared to Rs 992.7 million in Q1FY23, down 2.2% YoY Gross profit of Rs 539.2 million in Q1FY24 compared to Rs 737.9 million in Q1FY23, down 26.9% YoY Gross profit of 55.5% in Q1FY24 compared to 74.3% in Q1FY23 EBITDA of Rs 284.9 million in Q1FY24 compared to Rs 550.6 million in Q1FY23, down 48.3% YoY EBITDA margins of 29.4% in Q1FY24 compared to 55.5% in Q1FY23 Profit after tax of Rs 188.6 million in Q1FY24 compared to Rs 412.5 million in Q1FY23, down 54.3% YoY PAT margins of 19.4% in Q1FY24 compared to 41.5% in Q1FY23 Commenting on the results, Ankit Mehta, CEO, said, “Company has made notable strides in its ability to constantly innovate by introducing products intricately engineered to serve a wide ambit of use cases. The launch of the new Netra V4 Pro UAV as well as the initiation of the development of the UAV logistics platform are a testament to this fact. The company hit a major milestone in its SWITCH UAV contract deliverables with the successful delivery of a large batch to the client. The company has also received recognition from various institutions for its pioneering work in the field of drone technology, such recognitions motivate the team to continue to go the extra mile. Given the nature and nascent stage of the drone industry in our country, our business performance is not immediately comparable every quarter. Aligning with the sectoral opportunities, we are actively pursuing new product development and business models. We remain committed to being the flag bearers of performance, reliability, and autonomy in this sunshine sector.” Result PDF