Drone stock engaged in developing an integrated drone eco-system built around drone manufacturing, certified training, services, renting drones, and many more in focus upon signing MoU with National Small Industries Corporation (NSIC) to establish a state-of-the-art drone training center.
Price Action
With a market capitalization of Rs. 847 Crores, the shares of Drone Destination Limited hit a 5 percent lower circuit in the day’s trade at Rs. 348.70 per equity share, from its previous day’s close price of Rs. 367.05.
What Happened
Drone Destination Limited has signed a Memorandum of Understanding(MoU) with the National Small Industries Corporation (NSIC) to establish a state-of-the-art drone training center at NSTC, New Delhi.
Objective
This MoU aims to provide comprehensive training on drone technology, repairs and maintenance, data processing and analysis, remote pilot training, and new-age sport drone soccer. The main focus will be on skill development, employment generation, and empowering the drone ecosystem in India.
The collaboration between Drone Destination and NSIC is poised to bring significant advancements in the field of drone technology and AI and develop a future-ready workforce to cater to the growing and diversified demands of skilled manpower in the drone sector, especially in digital agriculture, survey & mapping, mining, asset inspection, surveillance & monitoring, disaster management and many more.
CEO Message
In Continuation, Mr. Chirag Sharma, CEO, of Drone Destination, said, “This partnership with NSIC marks a significant milestone in our mission to democratize drone technology in India. By providing specialized training and skill development programs, we aim to empower individuals and organizations with the knowledge and expertise needed to harness the full potential of drones.
We are launching these technical skill-enhancing courses in addition to the Pilot Training Certification course already offered by us in 12 locations across India. This initiative will ensure the availability of skilled and specialized workforce in the growing drone eco-system in India.”
About the company
Drone Destination Limited is a DGCA-authorized Remote Pilot Training Organization that has developed an integrated drone eco-system built around drone manufacturing, certified training, services, and renting drones. It also offers skill loans with the assistance of banking partners to make training affordable for aspiring drone pilots.
It has three training bases of its own, at Gurugram, Chandigarh, and Phulpur, and Its drone portfolio includes STAR GURU, SKY STAR, AGRISTAR, AGRI MAPPER, STAR EDGE, STAR EYE, and LASER STAR.
Financials and Ratios
Its revenue from operations grew by 164 percent from Rs. 12.07 Crores in FY23 to Rs. 31.83 Crores in FY24, accompanied by profits of Rs. 2.44 Crores to Rs. 7.08 Crores.
In terms of Return ratios, it has reported a return on equity (ROE) of 40.3 percent, and a return on capital employed (ROCE) of 51.5 percent. It has reported a debt-to-equity ratio of 0.06.
Written by: Bharath K.S
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