ideaForge Reports Strong Financial Performance in Q3 FY24
- ByStartupStory | February 6, 2024
Drone manufacturer ideaForge has showcased impressive financial growth in the third quarter (Q3) of the financial year 2023-24 (FY24), posting a net profit of INR 14.8 crore compared to a loss of INR 7.8 crore in the same period last year. This significant turnaround was fueled by a substantial increase in revenue.
The company’s operating revenue soared over 1,000% to INR 90.9 crore in Q3 FY24 from INR 7.8 crore in Q3 FY23. This represents a remarkable quarter-on-quarter (QoQ) improvement of over 280% from INR 23.7 crore in the previous quarter (Q2 FY24).
Ankit Mehta, CEO of ideaForge, attributed this strong growth to the company’s dedication to delivering top-notch products and solutions. He highlighted the company’s rise to the 5th position in global rankings as a dual-use drone manufacturer, emphasizing their commitment to excellence and innovation. Mehta also mentioned that ideaForge has secured seven new patents, showcasing their continuous efforts to stay ahead through innovation.
Mehta further revealed that ideaForge has reached the prototyping stage for several new technology and product initiatives. The company has also initiated product demonstrations and training in the US with end customers and value-added resellers (VARs).
In Q3 FY24, ideaForge’s EBITDA surged to INR 26.2 crore from INR 7 crore in the previous quarter (Q2 FY24), reflecting its strong financial performance.
However, the company’s total expenses increased by over 173% to INR 77.3 crore in Q3 FY24. The cost of materials consumed witnessed a significant rise, reaching INR 47.6 crore from INR 15.8 crore in the year-ago quarter. On the other hand, employee benefit expenses decreased to INR 9.8 crore in Q3 FY24 from INR 11.6 crore in Q3 FY23.
Prior to the Q3 earnings report, ideaForge’s shares closed marginally lower at INR 704.8 on the BSE on Monday, February 5.1`
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