ideaForge’s H1 FY23 Profit Soars to INR 45.2 Cr, Revenue Surges 14.5X YoY Ahead of IPO
- ByStartupStory | February 16, 2023
Mumbai-based drone technology startup ideaForge has reported a notable surge in profits, according to its draft red herring documents (DRHP). In H1 FY23, the company recorded a profit after tax (PAT) of INR 45.2 Cr, marking a significant improvement from the INR 20.73 Cr loss reported in the same period last year. The company’s revenue from operations also witnessed a remarkable growth, soaring by 14.5 times to INR 139.55 Cr in H1FY23, compared to INR 9.60 Cr in the corresponding period of the previous year.
Recently, ideaForge, the drone technology startup, filed its draft red herring documents (DRHP) for an initial public offering (IPO) that includes a fresh issue of INR 30 Cr and an offer for sale (OFS) of 48.7 Lakh equity shares. However, the company’s total expenses rose significantly, reaching INR 83.95 Cr in the first half of FY23 from INR 33.43 Cr in H1 FY22. During this period, the biggest expenditure for ideaForge was the INR 34.74 Cr spent on procuring materials, which tripled YoY, compared to INR 11.62 Cr in the corresponding period last year. Additionally, employee benefits expenses rose 2.1 times YoY, reaching INR 23.81 Cr and being the second-largest expenditure for the company in H1 FY23.
During the first half of FY23, ideaForge, the drone manufacturing startup, had a unit economics ratio of INR 0.6 spent to earn every INR 1 from operations. This shows the company’s efficient management of costs and revenue. In FY22, ideaForge achieved profitability for the first time, with a profit of INR 50.18 Cr compared to a loss of INR 14.50 Cr in FY21, reflecting a positive trend in the company’s performance.
It is noteworthy that ideaForge experienced a loss in the first half of FY22, despite generating only INR 9.60 Cr in operating revenue during that period. However, the company’s fortunes took a turn for the better, with its revenue from operations increasing by 4.6X to INR 159.44 Cr by the end of the fiscal year, up from INR 34.72 Cr in FY21. This demonstrates the company’s potential for growth and expansion, which is a positive indicator for potential investors
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