Following the announcement of securing different orders from Indian Farmers Fertiliser Cooperative Limited (IFFCO), these two drone stocks witnessed an increase in share prices during the morning trading session of Monday.
IFFCO signed orders with both companies in an effort to increase agricultural productivity and efficiency.
Paras Defence and Space Technologies Limited
With a market capitalisation of Rs. 2,799.23 crore, the share price of the stock jumped by 1.4 percent on BSE to hit an intraday high at Rs. 733.95 on Monday, compared to its previous closing price of Rs. 723.8.
According to the recent regulatory filings on the stock exchanges, Paras Defence and Space Technologies Ltd. received the contract from IFFCO valued at ~Rs. 20 crore.
The order is for spraying of IFFCO Nano fertilisers, Sagarika, IFFCO MC Agro-Chemicals and other IFFCO & IFFCO JV’s Agri-products using drones in the fields of individual farmers across a maximum of 5 lakh acres of agricultural land area, to be executed by September 30, 2024.
In terms of financials, the company’s revenue from operations grew by 4.4 percent from Rs. 60.12 crore in Q3 FY22-23 to Rs. 62.79 crore in Q3 FY23-24. However, the net profit declined by 27.7 percent from Rs. 10.51 crore in Q3 FY22-23 to Rs. 7.6 crore in Q3 FY23-24.
With five verticals focusing on the defence and space sector—defense and space optics, defence electronics, heavy engineering, electromagnetic pulse protection solutions, and niche technologies—Paras Defence and Space Technologies Limited offers a broad range of products and solutions for Defence & Space Applications.
Drone Destination Limited
With a market capitalisation of Rs. 631.6 crore, the share price of the stock jumped by nearly 4 percent on NSE to hit an intraday high at Rs. 265 on Monday, compared to its previous closing price of Rs. 254.9.
According to the recent regulatory filings on the NSE, Drone Destination Limited signed a Memorandum of Agreement (MoA) with IFFCO to collaborate for drone spray over an area of up to 30 lakh acres.
As part of the MoA, the company will undertake drone spray across 12 states in India: Punjab, Uttrakhand, Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh, Bihar, Gujarat, Maharashtra, Telangana, Andhra Pradesh, and Karnataka.
The drones will spray IFFCO Nano Urea, Nano DAP, Sagarika, IFFCO MC Agro-Chemicals and other IFFCO JV’s AgriProducts. The sale of IFFCO agri-inputs or drone spray products is one of the other advantages of the MOA.
In terms of financials, the company’s revenue from operations grew by 371.5 percent from Rs. 2.56 crore in FY21-22 to Rs. 12.07 crore in FY22-23, accompanied by an increase in the net profit of 1122.2 percent from Rs. 0.21 crore in FY21-22 to Rs. 3.3 crore in FY22-23.
Drone Destination Limited, together with its sister company, Hubblefly Technologies, is a DGCA-authorized Remote Pilot Training Organisation. It has created an integrated drone ecosystem focused on drone manufacturing, certified training, services, and drone rentals.
Written by Shivani Singh
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