In Friday’s trading session, the shares of India’s leading Drone-as-a-Service and largest DGCA-certified drone pilot training company hit a 5% upper circuit at Rs. 299.6 on NSE, after the company won a contract worth Rs. 2.55 crore from Bangalore Development Authority (BDA).
With a market capitalisation of Rs. 728.2 crores, the shares of Drone Destination Limited opened in the green at Rs. 294.9, up by 3.3 percent, as against its previous closing price of Rs. 285.4.
What’s the News:
According to the latest regulatory filings with the NSE, Drone Destination received a contract valued at Rs. 2.55 crores from the Bangalore Development Authority (BDA) for conducting Drone Survey & 3D Model Generation for the BDA Area.
This project represents a significant addition to the company’s drone service offerings, aligning with India’s push towards Urban Mapping and Development projects and the transition from traditional 2D to 3D models using drones.
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Previous News:
On 18th July, Drone Destination and the National Small Industries Corporation (NSIC) signed a Memorandum of Understanding (MoU) to establish a drone training centre at NSTC, New Delhi.
With this initiative, the company aims to provide comprehensive training in various aspects of drone technology, including repairs and maintenance, data processing and analysis, remote pilot training and new-age sport drone soccer.
The centre will focus on skill development, employment generation, and strengthening the drone ecosystem in India.
Additionally, the drone training programs at this centre will be gradually expanded to other NSIC Technical Skill Centres, broadening access to advanced drone technology education.
On 31st July, Drone Destination Limited and Rose Multistate Multi Purpose Cooperative Society Limited (RMMCO) signed an MOU to support Drone Destination in efficiently accessing State subsidies available for Drones including Agri Drone Spray services across multiple states.
Financials:
The company has reported a significant growth in the revenue from operations, with a 170 percent YoY rise from Rs. 12.07 crores in FY22-23 to Rs. 32.6 crores in FY23-24.
Similarly, the net profit jumped by 176 percent YoY from Rs. 2.6 crores to Rs. 7.08 crores, during the same period.
On a year-on-year basis, the Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA grew from Rs. 4.7 crores in FY22-23 to Rs. 13.8 crores in FY23-24, marking a 195 percent growth.
About the company:
Incorporated in 2019, Drone Destination Limited is engaged in the business of trading, operations, manufacturing, repair, renting services and training on a wide range of Drones including multirotor, fixed wing, hybrid UAV, e-VTOL, UAS, SUAV, RPV, RPAS, UWV, UGV and more.
Headquartered in New Delhi, Drone Destination is the first Drone company to list on the NSE Emerge platform and has trained more than 2,100 Pilots. It focuses on DaaS, delivering solutions for agriculture spray, aerial surveying, and asset inspection services.
Written by Shivani Singh
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