On Wednesday, the shares of this drone firm rose 11 percent to Rs 57.40 a share after the company received DGCA certification for its drone product.
At 2:30 p.m., Rattanindia Enterprises Ltd shares were trading at Rs 55.15 per share, up 6.67 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 7,603 crores.
According to the company’s exchange filing, RattanIndia Enterprises subsidiary Throttle Aerospace Systems (TAS) received Directorate General of Civil Aviation(DGCA) -Certification for its drone product, DOPO.
DOPO is a multipurpose drone, and with this Type-Certification, it can be deployed across multiple industries like Survey, Mapping, and Inspection along with Agriculture, Surveillance, and disaster management
Throttle Aerospace Systems(TAS)- a subsidiary of NeoSky India Ltd. is one of India’s fastest-growing drone hardware & software makers based out of Bangalore, India. TAS is one of the market leaders in India in enterprise, defense, and delivery drones.
The company purchased a 60 percent stake in Bengaluru-based Throttle Aerospace Systems Private Limited (TAS) through NeoSky India Limited (NeoSky), a wholly owned subsidiary of RattanIndia Enterprises Limited, in the previous the year, This acquisition has helped the company to provide full 360-degree drone solutions to customers covering categories.
Throttle AerospaceSystems (TAS) is India’s first DGCA-approved drone maker for civil drones and is licensed to manufacture military-grade drones from the Ministry of Defence.
Rattanindia Enterprise Ltd’s revenue has increased by 84 percent yearly, from Rs 689 crore in Q1FY23 to Rs 1,267 crore in Q1FY24. In the same time frame, the company’s net profit increased from a loss of Rs 212 crore to a profit of Rs 178 crore.
According to the recent shareholding pattern, the company promoters hold 74.86 percent of the company, while Foreign institutional investors hold 9.4 percent and retail investors hold a 15.6 percent stake.
RattanIndia Enterprises Limited is engaged in new-generation technology enterprises such as e-commerce, electric cars, finance, and drones. RattanIndia Enterprises is
driving the transformation of various industries, including Electric Mobility (Revolt Motors), E-commerce (Cocoblu Retail), and Fashion brands.
Written by Omkar Chitnis
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