DroneAcharya Shares Rally 7% Intraday After Startup Secures Contract From Indian Army

SUMMARY

Shares of DroneAcharya Aerial Innovations jumped as much as 7% to INR 201 during the intraday trading. However, they shed some of the gains to end the session 3.51% higher

The drone startup said it secured a contract from the Indian Army to provide capacity building and advanced drone training at the Mechanised Army Courses Group, Ahmednagar

DroneAcharya has been tasked with training senior officers of the Mechanised Army Courses Group, MIC&S, Ahmednagar to become proficient drone pilots

Shares of Pune-based drone startup DroneAcharya Aerial Innovations jumped as much as 7% to INR 201 during the intraday trading on the BSE on Monday (January 15) after it secured a contract from the Indian Army.

In an exchange filing, the drone startup said it secured a contract from the Indian Army, Ministry of Defence. The contract entails providing capacity building and advanced drone training at the Mechanised Army Courses Group, Ahmednagar.

According to the terms of the agreement, DroneAcharya has been tasked with training senior officers of the Mechanised Army Courses Group, MIC&S, Ahmednagar to become proficient drone pilots. The training programme will also cover the use of drones for disaster management purposes, demonstrating the versatile applications of drone technology in critical scenarios.

“The growing number of capacity building tenders by the Indian Army reflects the growing recognition of the effectiveness of drones in executing various tactical missions, even in challenging and demanding conditions. This contract not only marks a milestone for DroneAcharya but also exemplifies the increasing adoption of drone technology within the defence sector,” said Prateek Srivastava, founder and managing director of DroneAcharya.

Founded by Srivastava in 2017, DroneAcharya offers drone-based enterprise solutions across sectors like oil and gas, mining, infrastructure and agriculture. It also provides training for drone piloting, drone building, drone data processing, and using industrial drone applications, among others.

In August, DroneAcharya announced its foray into the spacetech sector. It said it successfully tested a reusable rocket launch vehicle, which attained an ‘altitude of 3 kms over the ground surface’.

DroneAcharya reported a profit after tax (PAT) of INR 3.97 Cr in the first half (H1) of the financial year 2023-24 (FY24), a massive increase from INR 13.09 Lakh (0.13 Cr) in the corresponding period of the previous fiscal year.

Its operating revenue shot up 998% to INR 20.89 Cr in H1 FY24 from INR 1.9 Cr in the year-ago period.

Shares of DroneAcharya shed some of the gains to end the day 3.51% higher at INR 194.60 on the BSE SME platform.

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