The shares of the leading player in the drone business surged 4 percent to Rs 214.50 per share after the company received a contract from the Ministry of Defence to supply Drone Lab equipment.
Droneacharya Aerial Innovations Ltd is a micro-cap stock, with a market capitalization of Rs 503 crore. At 12:15 p.m., the company shares were trading at Rs 210 per share, up Rs 3.85 or 1.90 percent from the previous close price on the exchange.
The company secured a contract from the Ministry of Defense, Department of Military Affairs, Bhalra, Jammu & Kashmir for the supply of Drone Lab Equipment meant to facilitate Drone Simulator training. The company said in its exchange filing.
This significant endeavor is in tandem with the contract awarded to DroneAcharya for supplying Drone Simulators. The supply and implementation of these drone simulators are to take place at NCPITS (CBS) Bhalra, Jammu & Kashmir.
The company’s revenue has increased significantly by 1000 percent yearly, from Rs 1.90 crore in Q2FY23 to Rs 20.89 crore in Q2FY24. During the same timeframe, Net profit has jumped by 2900 percent from Rs 0.13 crore to Rs 3.96 crore.
Ace investor Shankar Sharma holds 4,57,000 shares in the company as of the September quarter of 2023, equivalent to a 1.91 percent stake.
Recently, the company successfully tested a Reusable Rocket Launch Vehicle. The vehicle reached a height of roughly 3 kilometers above the ground and successfully landed using a parachute mechanism.
This company’s milestone might extend to broader applications such as suborbital research and testing, aerospace system testing, parabolic testing, and aerodynamic design testing.
Droneacharya Aerial Innovations shares have gained 37 percent in the last six months and 95 percent in a year.
Droneacharya Aerial Innovations Limited offers a high-end ecosystem of Drone solutions for multi-sensor Drone surveys, Drone data processing with sturdy high-configuration workstations, Drone pilot training, and specialized GIS training.
Written by Omkar Chitnis
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