ideaForge Technology reports 165% surge in Q4 revenue, declares PAT at ₹10.3 crore

The company’s revenue for the quarter surged by 165% year-on-year (YoY) to ₹102.3 crore. Although the company’s gross profit rose by 81% YoY to ₹43.97 crore, the gross profit margin was 20% lower compared to last year. Shares of the company were trading 0.37% lower on Wednesday.

Earnings before interest, tax, depreciation, and, amortisation (EBITDA) rose by 274% YoY at ₹20.25 crore. EBITDA margin for the period stood at 19.8% compared to 14% in the same period last year.

For the fiscal year 2024 (FY24), the company’s net profit rose 41.5% YoY to ₹45.27 crore. ideaForge Technology’s revenue grew 68.8% YoY to ₹314 crore. The majority of the company’s revenue came from the Defence segment at 75% followed by the Civil and PLI segments at 21% and 4%, respectively.

EBITDA for FY24 rose 49.4% YoY to ₹85.89 crore. However, the EBITDA margin came in lower at 27.4% compared to 30.9% last year.

Ankit Mehta, chief executive officer at ideaForge Technology said successful progress of drone-as-a-service pilot programmes and early paid pilots with anchor customers have provided the necessary boost to the firm’s plans for this business model. “We witnessed significant progress in our diversification initiatives. We conducted live demos with end customers in the US with our systems carrying out real-world missions and received affirmative and encouraging responses from these customers,” he said.

ideaForge Technology designs, develops, and manufactures unmanned aerial vehicles (UAVs). The company is backed by leading investors including Qualcomm, Infosys, Celesta Capital, Florintree, EXIM Bank, Infina Finance and other institutional investors.

Shares of the company have declined by nearly 17% since the beginning of the year. The stock has declined nearly 46% in the last one year.