Ideaforge Technology trades 6% in red after Q1 profit tanks 54%

Ideaforge Technology Q1 profit tanks 54% YoY to Rs 18.9 crore

Shares of IdeaForge Technology dropped more than 6 percent on August 9, after the company reported weak earnings for the June quarter.

At 10:50 am the IdeaForge stock was trading at Rs 1006.02, down 6.54 percent over its previous close.

The recently listed drone maker’s quarterly net profit slumped 54.3 percent year-on-year to Rs 18.86 crore and revenue from operations declined 2.2 percent to Rs 97 crore.

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Management Commentary

Commenting on the Results, Mr Ankit Mehta, CEO of IdeaForge said, “Company has made notable strides in its ability to constantly innovate by introducing products intricately engineered to serve a wide ambit of use cases. The launch of the new Netra V4 Pro UAV as well as initiating the development of UAV logistics platform are a testament to this fact.”

“The company hit a major milestone of its SWITCH UAV contract deliverables with the successful delivery of a large batch to the client. The company has also received recognition from various institutions for its pioneering work in the field of drone technology, such recognitions motivate the team to continue to go the extra mile.”

On the future of drone industry in India, he stated that, “Given the nature and nascent stage of the drone industry in our country, our business performance is not immediately comparable on a quarterly basis. Aligning with the sectoral opportunities, we are actively pursuing new product development and business models. We remain committed to being the flag bearers of performance, reliability, and autonomy in this sunshine sector.”

Stock Performance

The IdeaForge Technology stock has lost 12.38 percent of its value over the last one month. The stock has underperformed the benchmark Nifty50 index which has given a return of 1.01 percent over the same duration.

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