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IdeaForge Technology Ltd. has received 2 orders worth about Rs 107 crore from the Defense Ministry. In one case, tactical drones are to be supplied, while the second order has been received for hybrid UAVs drones. The company is now launching drones in the market not only for the army but also for general use.
Drone manufacturing company IdeaForge Technology Ltd. made its shareholders happy on Monday (November 17). There was a sharp rise of about 10 percent in the company’s shares. This increase came when the company told after the market closed on Friday evening that it has received two big orders from the Defense Ministry, the total value of which is about Rs 107 crore.
The first order received by the company is worth Rs 75 crore, in which it has to supply Unmanned Aerial Vehicles (AFDS/Tactical class UAVs) i.e. tactical drones and their accessories. The company will have to complete this work within 12 months. The second order has also been received from the Defense Ministry, which is worth Rs 32 crore. In this order the company has to deliver hybrid UAVs. Hybrid SUVs means drones that can work in different conditions. This delivery will have to be completed in 6 months.
ideaForge: The company’s income was continuously falling.
The company’s performance in the last few months was not that good. In the September quarter results, the company’s income increased by 10 percent year-on-year, but still this figure remained much weaker than the previous three quarters. There was a decline of 57 percent in the total income of the company. This company remained in loss for the fifth consecutive time, although the loss reduced slightly.
At present the company has an order book of about Rs 164 crore, which means it has to complete so much work in the coming months. Interestingly, the contribution of the defense sector in the company’s earnings has decreased to 63 percent, while the share of the civil (private and commercial) sector has increased to 37 percent. This means that the company is now launching its drones in the market not only for military but also for civilian use.
ideaForge: Price now below IPO price
The share price of the company is currently around Rs 512, which is about 10 percent higher than yesterday. It is worth noting that the IPO of ideaForge came in 2023, which received a lot of bids. This IPO was completely successful. Its shares almost doubled on the day of listing. However, now this stock is 62 percent below its highest level and is trading at less than the IPO price of Rs 672.
