Shares of this microcap company jumped around 3 percent in Monday’s trading session after receiving an order worth approx Rs. 1.43 crores to supply Agriculture Spray Drones. In one month, the shares have delivered around 17 percent returns to its shareholders.
With a market capitalization of Rs. 462 crores, the shares of Drone Destination Ltd started Monday’s trading session on a higher note at Rs. 188.90 compared to its previous close of Rs. 184.90. During the trading session, the shares hit a high of Rs. 190, gaining around 3 percent and are currently trading at Rs. 189 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that it had a purchase order of value approx Rs. 1.43 crores from Chambal Fertilisers and Chemicals Limited against the supply of 20 Agriculture Spray Drones and supporting accessories and training.
Furthermore, the training has been imparted to Namo Drone Didis nominated by Chambal Fertilisers and Chemicals Limited under the PM Namo Drone Didi Scheme. Moreover, this program aims to empower women from self-help groups (SHGs) by turning them into skilled drone operators and entrepreneurs.
Coming onto the company’s financial statements, revenue was increased by 371 percent from Rs. 2.56 crores during FY 21-22 to 12.07 crores in FY 22-23. In addition, the net profit magnified by 1,933 percent from Rs. 21 lakhs to 2.44 crores during the same time frame.
The company aims to open over 150 Drone Hubs across India within the next three years, offering services such as drone rentals, certified pilots, enterprise solutions, repair and maintenance support, and specialized training
Additionally, Drone Destination intends to map at least 1 lakh villages under various schemes over the next two years and undertake drone-powered service projects including asset inspection across different sectors like railways, roadways, power, utilities, mining resources estimation and monitoring, agri-spray services for precision agriculture, surveillance projects for disaster management, among others.
Headquartered in New Delhi, The Drone Destination Ltd is a sister company of Hubblefly Technologies. The company is a DGCA-approved manufacturer and Remote Pilot Training Organization that has developed an integrated drone eco-system built around drone manufacturing, certified training, services, and renting a drone.
Written By Vaibhav Patil
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