Defence company ideaForge Technology announced Q1FY25 results:
Financial Highlights:
- Revenue from Operations Rs 861.9 million as compared to Rs 970.7 million (Q1FY24)
- EBITDA: Rs 84.6 million, Margin 9.8%
- Profit Before Tax (PBT): Rs 15.7 million, Margin 1.8%
- Profit After Tax (PAT): Rs 11.7 million, Margin 1.4%
Buisness Highlights:
- Achieved AS9100:D and ISO 27001:2022 certifications
- Launch of FLYGHT CLOUD Beta
- Long-duration paid PoCs with enterprise customers for Drone as a Service (DaaS)
- 5 new patents granted in Q1FY25
- Successful EAPs and demos in the US with potential for orders
- Strategic investments to build exclusive capability in surveillance (GalaxEye) and accelerate
- DaaS expansion& middle-mile logistics development (TechEagle)
Commenting on the Results, Ankit Mehta, CEO said, “We witnessed the fructification of many of our initiatives in the first quarter of the year. We made significant progress on our diversification initiatives. The paid PoC agreements with prominent enterprise customers for Drone as a Service (DaaS) are a validation of our efforts and vision for the future of this technology. We are confident that in times to come DaaS will drive technology adoption and will prove to be instrumental in demand generation. The successful completion of the Early Adopter Program (EAP) with various customers in the US and their positive feedback are indications towards confirmed orders from that geography. This will also provide momentum to our endeavour of capturing the market share globally.
Operationally we continue pushing the bar higher. Achieving globally recognized certifications like AS 9100:D and ISO27001:2022 underscore our commitment to quality, excellence and security.
In line with our core philosophy of being a technology company, we have been making breakthroughs through innovation and we will continue to extend our competitive edge through these breakthroughs. The grant of 5 patents and the progress we made on technology and product development fronts are testament to the same.”