The drone company share jumped 6 percent on NSE during the day after receiving a work order from the Office of Commissioner of Survey, Settlements and Land Records, Andhra Pradesh.
With a market capitalization of Rs. 347.85 crores, the share of The Drone Destination Ltd opened flat at Rs. 143.20 level. The share went to hit an intraday of Rs. 153 making a gain of around 6 percent and closed its trading day at Rs. 151.15 apiece.
Such a positive movement in the stock was observed after the company in an exchange filing mentioned that the company has been awarded a work order for hiring drone services for the generation and supply of ORI for Large Scale Mapping (Agricultural Land) and Habitation including Feature Extraction under the Resurvey Project by the Office of Commissioner of Survey, Settlements and Land Records, Andhra Pradesh.
Digging into the financials of the company, 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.
Coming on to the important financial ratios, the return on equity was at 27.43 percent and the return on capital employed was recorded at 33.19 percent.
According to the latest shareholding pattern, Promoters have a 61.30 percent stake in the company, the Public or Retail Investors have 34.43 percent shares, FIIs have picked a 3.95 percent stake and the remaining 0.32 percent are with DIIs.
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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