Shares of this drone company jumped around 6 percent in Monday’s trading session after securing a contract from Indian Army for drone training. In six months, the shares have delivered more than 25 percent to its shareholders.
With a market capitalisation of Rs. 470 crores, the shares of Droneacharya Aerial Innovations Ltd started Monday’s trading session positively at Rs. 190 compared to its previous close of Rs. 188. The shares hit a high of Rs. 201, gaining around 6 percent and are currently trading at Rs. 195.75 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced they had secured a significant contract from the Indian Army, Ministry of Defence. The contract entails providing Capacity Building and Advanced Drone Training at the Mechanised Army Courses Group, Ahmednagar.
As per the agreement, DroneAcharya will be responsible for training Senior officers of the Mechanised Army Courses Group, MIC&S, as proficient Drone Pilots. The training program will also encompass the utilization of drones for Disaster Management purposes, showcasing the versatile applications of drone technology in critical scenarios.
DroneAcharya Aerial Innovations stated that the growing number of capacity-building tenders by the Indian Army reflects the recognition of the effectiveness of drones in executing various tactical missions, even in challenging and demanding conditions.
Commenting on this, Prateek Srivastava, Founder and Managing Director of DroneAchary said, “The growing number of Capacity Building tenders by the Indian Army reflects the growing recognition of the effectiveness of drones in executing various tactical missions, even in challenging and demanding conditions. This contract not only marks a milestone for DroneAcharya but also exemplifies the increasing adoption of drone technology within the Defence sector,”
Furthermore, the company said, it was looking forward to a successful collaboration with the Indian Army Ministry of Defence and was poised to deliver results in the realm of Capacity Building and Advanced Drone Training.
Earlier, last week, the drone company announced it had bagged a contract worth Rs.11.80 lakh for the training of 20 officers from the Northern Command Pre-Induction Training School at Bhalra, Jammu and Kashmir.
Moreover, the company also bought a majority 51 percent stake in PYI Technologies Pvt Ltd this month to broaden its service spectrum and enhance value-added offerings.
Coming onto the company’s financial statement, Its revenue from operations zoomed by 417.27 percent from Rs. 3.59 crores in FY22 to Rs. 18.57 crores in FY23. In addition, the net profits magnified from Rs. 41 lakhs to Rs. 3.43 crores during the same period.
Looking at the company’s important financial ratio, the return on equity stood at 8.51 percent during FY22-23 and the return on capital employed was recorded at 11.52 percent during the same time horizon.
Headquartered in Pune, Droneacharya Aerial Innovations was incorporated in 2017. The company provides a high-end ecosystem of Drone solutions for multi-sensor Drone surveys, data processing of Drone data using robust high-configuration workstations, Drone pilot training and specialized GIS training.
Written By Vaibhav Patil
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