On Friday, the shares of this leading company associated with Drone service rose roughly 3 percent to Rs 153 per share after the company received DGCA Type Certification for Agriculture Spray Drone, Agristar 2.0.
Drone Destination Ltd shares closed at Rs 149.10 per share on Friday, up 0.24 percent from the previous close price on the National Stock Exchange. The company is valued at Rs 362 crores on the stock exchange.
According to the company’s exchange filing, Drone Destination received DGCA Type Certification for Agristar 2.0, a medium Category Agriculture Spray Drone.
Agristar 2.0 is manufactured by Drone Destination’s sister concern, Hubblefly Technologies, and is exclusively marketed by Drone Destination in India.
Drone Destination, together with Hubblefly Technologies, has established a remarkable integrated business model that spans drone manufacturing, drone pilot training, and offering drones as a service.
Drone Destination Ltd shares have gained 13 percent in the last month and 15.54 percent in the last three months.
Now, with the DGCA Type Certification for Agristar 2.0, Drone Destination has made a grand foray into Kisan Drone Services, Training & Sales.
Drone Destination Ltd’s revenue has increased by 371 percent yearly, from Rs 2.56 crore in FY21-22 to Rs 12.07 crore in FY 22-23. In the same time frame, the company’s net profit increased by 1068 from Rs 0.21 crore to a profit of Rs 2.44 crore.
According to the recent shareholding pattern, the company promoters hold 61.3 percent of the company, while Foreign institutional investors hold 3.95 percent and retail investors hold a 33.2 percent stake.
Drone Destination Limited is India’s leading Drone as a Service and Training Company. Which provides a range of offerings that include comprehensive drone pilot training and advanced aerial solutions for surveying, mapping, and surveillance.
Written by Omkar Chitnis
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