Defence company ideaForge Technology announced Q1FY25 results: Financial Highlights: Revenue from Operations Rs 861.9 million as compared to Rs 970.7 million (Q1FY24) EBITDA: Rs 84.6 million, Margin 9.8% Profit Before Tax (PBT): Rs 15.7 million, Margin 1.8% Profit After Tax (PAT): Rs 11.7 million, Margin 1.4% Buisness Highlights: Achieved AS9100:D and ISO 27001:2022 certifications Launch of FLYGHT CLOUD Beta Long-duration paid PoCs with enterprise customers for Drone as a Service (DaaS) 5 new patents granted in Q1FY25 Successful EAPs and demos in the US with potential for orders Strategic investments to build exclusive capability in surveillance (GalaxEye) and accelerate DaaS expansion& middle-mile logistics development (TechEagle) Commenting on the Results, Ankit Mehta, CEO said, “We witnessed the fructification of many of our initiatives in the first quarter of the year. We made significant progress on our diversification initiatives. The paid PoC agreements with prominent enterprise customers for Drone as a Service (DaaS) are a validation of our efforts and vision for the future of this technology. We are confident that in times to come DaaS will drive technology adoption and will prove to be instrumental in demand generation. The successful completion of the Early Adopter Program (EAP) with various customers in the US and their positive feedback are indications towards confirmed orders from that geography. This will also provide momentum to our endeavour of capturing the market share globally. Operationally we continue pushing the bar higher. Achieving globally recognized certifications like AS 9100:D and ISO27001:2022 underscore our commitment to quality, excellence and security. In line with our core philosophy of being a technology company, we have been making breakthroughs through innovation and we will continue to extend our competitive edge through these breakthroughs. The grant of 5 patents and the progress we made on technology and product development fronts are testament to the same.” Result PDF
Defence company ideaForge Technology announced Q4FY24 results: Revenue from Operations Rs 1023.0 million from Rs 386.6 million (Q4FY23) EBITDA Rs 202.5 million, Margin 19.8% Profit Before Tax (PBT) Rs 141.4 million, Margin 13.8% Profit After Tax (PAT) Rs 103.3 million, Margin 10.1% Commenting on the results, Ankit Mehta, CEO said, “4th Quarter has been a combination of execution and building phases for us. We were able to fulfill our delivery commitments before schedule underscoring our dedication to customers and emphasizing our ability to stay true to our commitments. The Great Place to Work certification has further strengthened our belief in the culture and environment we have created at ideaForge over the years. We witnessed significant progress in our diversification initiatives. We conducted live demos with end customers in the US with our systems carrying out real-world missions and received affirmative and encouraging responses from these customers. Successful progress of Drone as a Service pilot programs and early paid pilots with anchor customers has provided the necessary boost to our plans for this business model. Through our relentless pursuit of excellence and our unwavering commitment to innovation, we are confident to develop and build technology that reflects our aspiration of building the world’s first or the world’s best. Q4 and FY24 results reinforce our belief that to evaluate our business, one must look at it holistically, with a combination of financial results, our efforts & achievements in diversification & product development & the moat we are creating through focusing on IP creation, and the growth trajectory of the UAV industry, and the defence space.” Result PDF
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