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