The leading drone manufacturer in the nation, ideaForge Technologies, witnessed a 14% decline in its shares in early morning trading, reaching Rs 740 each, following the release of poor results for the June quarter. Investor sentiment was impacted by the poor performance.
The company reported drops in earnings and sales. EBITDA dropped by 73.6% to ₹8.4 crore, while revenue from operations dipped by 11.2% to ₹86 crore. During the same time last year, profit after tax was ₹1.17 crore, a 93.8% decline from ₹18.87 crore.
The bad performance in the June quarter was attributable to a significant increase in expenses, with the drone maker experiencing the highest raw material prices. In Q1 FY25, raw material expenditures increased by 321% year on year to Rs 56.1 crore, indicating the company’s business development initiatives.
ideaForge Technologies shares were down 9.92% at Rs 773.05 on the NSE as of 11:21 AM.
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