ideaForge Technology share price gains 15% to 52-week highs post Q3 results; net profit surges 1562% sequentially

Stock Market Today: ideaForge Technology share price gains 15% to 52 -week highs post Q3 results. The company's net profit during Q3 surged 1562% sequentially.

Ujjval Jauhari
Published6 Feb 2024, 09:37 AM IST
ideaForge share price gains 52 week post Q3 results
ideaForge share price gains 52 week post Q3 results

ideaForge Technology share price gained 15% on the BSE on Tuesday to scale 52 week highs post Q3 results.

ideaForge reported net profit at 14.8 Crore during the December quarter surged sharp 1562.0% compared to 0.89 crore in the previous quarter. ideaForge had reported a net loss of 7.8 crore in the year-ago quarter.

The same was helped by strong improvement in the operating performance. ideaForge  earnings before interest tax depreciation and amortisation (ebitda) at 26.19 crore during the quarter also grew 272% sequentially. ideaForge had reported a ebitda loss of 13.87 crore in the year-ago quarter. 

Also Read- Ashok Leyland shares surge over 4% after company posts 61% YoY jump in net profit

ideaForge revenues during the December quarter at 90.9 Crore grew more than 11 folds from 7.8 Crore in the same period last year. On the sequential basis they were up 283.0%.

IdeaForge delivered a large defence contract to the customer ahead of schedule, that is likely to have lifted up the company's performance. 

ideaForge shipped SWITCH and NETRA V4 Pro to the US and initiated product demonstrations and training with customers & VARs

ideaForge is a vertically integrated company with an in-house product development centre, allowing it to design, develop, engineer, and manufacture indigenous unmanned aerial vehicles (UAVs).

ideaForge also highlighted that it has moved to 5th position (2023) in the global ranking from 7th during 2022 . The company also has seen 7 new patents being granted during Q3 FY24.

Also Read- Bharti Airtel share price gains over 3% on strong Q3 results

Commenting on the Results, Mr Ankit Mehta, CEO said that "We have surpassed last FY’s annual revenue in the first 9 months of the year, in line with our projection of substantial growth of revenue in this FY. This further accentuates our belief that our business can not be reviewed on a quarter-on-quarter or year-on-year basis and should be holistically looked at by including our efforts on diversification and product development.

 

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₹68,885 Cr

3.15L

48%

₹6.7 T

$240.5 M

$459 M

$3 B

₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

10%

20 Yrs

First Published:6 Feb 2024, 09:37 AM IST
HomeMarketsStock MarketsideaForge Technology share price gains 15% to 52-week highs post Q3 results; net profit surges 1562% sequentially

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