DroneAcharya Delays Financial Submission For H2 FY25

SUMMARY

DroneAcharya has delayed its submission for the second half of FY25 by over a month now, deferring it from May 27 to July 11

The dronetech company has adjourned its board meeting to consider and approve the results for the time period thrice now

The company informed that it is due to delays in the audit process, primarily caused by resource constraints and extended internal review procedures

BSE SME-listed DroneAcharya has delayed its submission for the second half of the fiscal year FY25 (H2 FY25) by over a month now, deferring it from May 27 to July 11.

The dronetech company has adjourned its board meeting to consider and approve the results for the time period thrice now, from May 30 to June 6 to June 20 and now July 11.

In a filing with the BSE, the company informed that the delay in submission of the result comes at the behest of “delays in the audit process, primarily caused by resource constraints and extended internal review procedures”.

“We acknowledge our responsibility to adhere to the regulatory requirements and ensure timely compliance with all obligations. Unfortunately, due to administrative oversight, pre – scheduled commitments toward the company, we encountered a delay in filing the required declaration,” the company’s filing on June 20 read.

Important to mention that this is the second time that the Pune-based company has delayed in reporting its financial numbers. Last year, the company delayed filing its H2 FY24 financial report by two days. Last year, the company delayed the filing by two days, from May 29 to May 31. This resulted in the BSE imposing a fine of INR 5,900.

The development comes at a time when DroneAcharya halted the merger with agri-drone company AITMC Ventures over a month ago, where it said that its board has “rescinded” the resolution it passed on January 23 this year regarding signing a term sheet with AITMC Ventures for a “proposed strategic merger”.

As of H1 FY25, DroneAcharya’s profit slid 62.1% to INR 1.50 Cr during the six months ended September 2024, from INR 3.96 Cr in the same period last year. However, revenue from operations went up 28.8% to INR 26.90 Cr during the year under review from INR 20.88 Cr in the first half of FY24.

Shares of Droneacharya Aerial Innovations closed at INR 86.75 apiece, almost 2% lower than its previous close on the BSE, as of Friday (June 20).

The stock has lost about 42.7% value in the past 12 months.