Shares of IdeaForge Technology surged nearly 12% in early deals on Monday on two order wins the company announced last week. IdeaForge announced two order wins, worth Rs 107 crore from the Ministry of Defence. The first order, valued Rs 75 crore, pertains to the supply of AFDS / Tactical class UAVs (Unmanned Aerial Vehicles) with accessories.
The order needs to be executed within a 12-month period.
IdeaForge said it won another order from the Defence Ministry, for the supply of hybrid UAVs, with accessories. This order, valued at Rs 32 crore, needs to be executed within six months.
IdeaForge stock rose 11.67% to Rs 519.90 in the current session against the previous close of Rs 465.55. Market cap of the firm rose to Rs 2217 crore. The drone manufacturer’s revenue in Q2 rose 10% from last year, the first positive growth after three quarters. However, revenue fell 57% on a sequential basis.
The company remained loss-making for the fifth straight quarter despite losses narrowing on a sequential basis. Order book position at the end of Q2 stood at Rs 164 crore.
Revenue contribution from the defence segment fell 63% in Q2 from 86% in the same quarter last year, while the Civil segment contribution rose to 37% from 14% last year.
Ideaforge Technology is primarily engaged in the business of manufacture and marketing of Unmanned aerial vehicle (UAV) systems which are used for security and surveillance. The ancillary business of providing training and maintenance service evolve around the main business of manufacture and marketing of UAV systems.
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