ideaForge reported net profit at ₹14.8 Crores during the December quarter increased sharply by 1562.0% as compared to ₹0.89 crore in the previous quarter. ideaForge reported a net loss of ₹7.8 crore in the year-ago quarter.
The same was helped by a strong improvement in the operating performance. ideaForge earnings before interest tax depreciation and amortization (ebitda) at ₹26.19 crore during the quarter also grew 272% sequentially. ideaForge reported an ebitda loss of ₹13.87 crore in the year-ago quarter.
Also Read- Ashok Leyland Shares rise more than 4% after company posts 61% YoY jump in net profit
ideaForge earnings during the December quarter at ₹90.9 Crore grew more than 11 folds from ₹7.8 Crores in the same period last year. On a sequential basis they increased 283.0%.
IdeaForge delivered a large defense contract to the client ahead of schedule, which likely boosted the company’s performance.
ideaForge shipped SWITCH and NETRA V4 Pro to the US and initiated product demonstrations and training with customers and VARs
ideaForge is a vertically integrated company with an in-house product development center, allowing it to design, develop, engineer and manufacture indigenous unmanned aerial vehicles (UAVs).
ideaForge also highlighted that it moved to 5th position (2023) in the global ranking from 7th during 2022. The company also saw 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 exceeded last FY’s annual revenue in the first 9 months of the year, in line with our projection of substantial revenue growth in this FY. This further emphasizes our belief that our business cannot be reviewed on a quarter-by-quarter or year-by-year basis and should be viewed holistically by including our diversification and product development efforts.
Also Also
Here’s your comprehensive 3-minute summary of everything Finance Minister Nirmala Sitharaman said in her Budget speech: Click to download!
Catch all Business News, Market News, Breaking News and Latest News Updates on Live Mint. Check out all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More or less
Published: 06 Feb 2024, 09:37 IST