The shares of the high-end ecosystem of Drone solutions gained up to 3.5 percent after the company received a work order from Alter Dynamics & Artificial Intelligence worth Rs 53.00 lakhs.
With a market capitalization of Rs 371.82 crore, the shares of Droneacharya Aerial Innovations Ltd were trading at Rs 155.80 per share, increasing around 3 percent as compared to the previous closing price of Rs 151.35 apiece.
According to the company filing, Alter Dynamics & Artificial Intelligence has issued a work order to Droneacharya Aerial Innovations Ltd for Rs 53.00 lakh. The project involves the use of drones to check piles above water, meeting the demanding criteria of the Abu Dhabi National Oil Company (ADNOC).
Moreover, this collaboration marks a much-needed integration of Advanced Drone Tech with Conventional Industries, particularly in offshore assets. The deployment of drones equipped with high-resolution sensors promises a comprehensive, expedited, and intelligent inspection solution.
Mr. Prateek Srivastava, Founder and Managing Director of DroneAcharya, expressed his enthusiasm, stating, “This milestone represents a significant entry into the relatively untapped drone survey market in the Middle East. Leveraging our extensive experience and domain expertise, we are poised to deliver professional, high-quality services to the Architecture, Engineering, and Construction (AEC) industries with unparalleled efficiency.”
Moreover, Ace investor Shankar Sharma sold 2 lakh equity shares at an average price of Rs 153.46 per share.
Looking at the company’s financials, Droneacharya Aerial Innovations Ltd’s sales increased by 999% from Rs 1.90 crore in Q2FY23 to Rs 20.89 crore in Q2FY24. During the same period, net profit increased by 2,946% from Rs 0.13 crore to Rs 3.96 crore.
In February 2024, the drone startup inked an MOU with JAIN (Deemed-to-be University) in Bangalore to enhance aviation and aerospace education. This strategic relationship will benefit the aviation and aerospace communities by enhancing their skills and knowledge.
Droneacharya Aerial Innovations Limited is an Indian-based firm. The Company’s primary business is to provide drone operating training, drone supply, maintenance services, management consulting, and training services. The company offers several trainings, such as the DGCA Drone Pilot Training Course.
Written by:- Abhishek Singh
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