ideaForge Technologies' shares fell nearly 14% to ₹740 apiece due to disappointing quarterly results.
Credit : PEXELS
The company reported a 11.2% year-over-year drop in revenue, reaching ₹86 crore for the quarter ending in June.
Credit : PIXABAY
Profit after tax plummeted 93.8%, from ₹18.87 crore last year to ₹1.17 crore.
Credit : unsplash
The weak performance was largely due to a 321% rise in raw material costs, totaling ₹56.1 crore.
Credit : PIXABAY
ideaForge is developing a fog penetration radar with GalaxEye and expanding drone-as-a-service (DaaS) and middle-mile logistics with TechEagle.
Credit : PIXABAY
The company is working on advanced payloads with onboard AI and has conducted high-altitude trials in the Himalayas.
Credit : PIXABAY
Prototyping for a middle-mile logistics platform and advancements in the NETRA and SWITCH platforms are underway.
Credit : PIXABAY
Holding a 50% market share in FY 2021–22, ideaForge is a leader in the Indian Unmanned Aircraft Systems (UAS) market.
Credit : PIXABAY
With 72 global patents, ideaForge emphasizes innovation and has a significant operational deployment of UAVs across India.
Credit : PIXABAY
The Indian drone market, valued at US$ 43 million in FY 2022, is expected to grow to US$ 812 million by FY 2027, driven by favorable policies, increased applications, and rising domestic demand.