Small-cap stock engaged in providing IT services in software development, consulting, digital transformation, human resource business solutions, supplying drones and related services hit a 5 percent upper circuit upon receiving an order worth Rs.43 Crores to supply Logistics Drones.
With a market capitalization of Rs. 7,108 Crores, the shares of Magellanic Cloud Limited hit a 5 percent upper circuit at Rs. 608.15 from its previous day’s close price of Rs. 579.20.
Magellanic Cloud Limited’s subsidiary Scandron Private Limited which is the first company to get DGCA approval for Logistics drones in India, has received its first major logistics drone order from an Indian robotics firm, for a consideration of Rs 43 Crores.
The said work order is to provide 45 Cargomax Series Drone Kits along with RTF Quadrotor Airframe, Flight Controllers, RC Controllers, EO Payload, Transport Case, and Training, which will be used for logistics and delivery operations. The drones will be manufactured in its state-of-the-art facility in Bangalore.
Mr. Joseph Sudheer Reddy Thumma, Global CEO, of Magellanic Cloud commented that “This is the first major order for Magellanic Cloud from a private company to supply drones and will be used in the logistics and delivery sector. This also marks the boost of our revenue stream from the newly launched drone business which we intend to ramp up aggressively. We are confident that more companies in this space will opt to use drones to scale up their businesses”
Magellanic Cloud Limited recently got DGCA approval for India’s first logistics drone and is looking to automate this market with its drones and capture a sizable chunk of this market that is growing at a hectic pace.
The company is aiming to capitalize on first mover advantage and corner a sizeable share of USD 300 million in market share in the first three years in this Last Mile delivery segment and would be upscaling its backend to meet these demands and it aims to target a 5 percent share in the USD 6 Billion last-mile delivery segment in India.
Magellanic Cloud Limited is engaged in providing IT services in software development, consulting, digital transformation, human resource business solutions, and many more. It also offers drones and related services.
Its revenue from operations declined by 1.50 percent from Rs. 133 Crores in Q3FY23 to Rs. 131 Crores in Q3FY24, accompanied by profits of Rs. 17 Crores to Rs. 23 Crores.
Written by: Bharath K.S
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