DroneAcharya’s FY23 Profit Jumps Over 700% YoY To INR 3.42 Cr On Increase In Offerings

Pune-based drone startup DroneAcharya Aerial Innovations reported a 742% year-on-year (YoY) jump in its profit after tax (PAT) to INR 3.42 Cr in the financial year 2022-23 (FY23) on the back of higher student enrolments for its training courses and its strategic tie-ups to expand offerings.

DroneAcharya declared its financial numbers for the first time after its public listing on the BSE SME exchange in December 2022. In FY22, the startup registered a PAT of INR 40.65 Lakh.

Meanwhile, DroneAcharya’s operating revenue shot up 417% to INR 18.57 Cr in FY23 from INR 3.58 Cr in the prior fiscal year.

Despite the economic slowdown impacting tech companies across the world, the drone startup continued to witness strong growth in the second half of FY23. Its operating revenue rose 172% to INR 13.58 Cr in H2 FY23 from INR 4.98 Cr in H1 FY23.

In a statement, DroneAcharya said that FY23’s performance was led by scale impact kicking in during the second half of the year. The startup crossed a milestone of training over 600 students during the year.

DroneAcharya is eyeing a 3X growth in its revenue in FY24, led by the demand for drone pilots, its recent foray into manufacturing, and higher service capabilities.

“The year 2023-24 will witness our evolution as a drone manufacturer, with our recent foray into industrial, enterprise, and defence category drones. At the same time, with the delivery of our drone orders going forward, we will significantly boost our services capability, thereby aiming at a high growth 2023-24,” DroneAcharya founder and MD Prateek Srivastava said. 

Founded by Srivastava in 2017, DroneAcharya offers an array of drone solutions for multi-sensor drone surveys, pilot training, and data processing, among others. The startup forayed into drone manufacturing earlier this year. Recently, it partnered with Gujarat-based robotics company Gridbots Technologies for commercial production, assembly, and export of drones and associated products from July 2023.

Speaking to Inc42 recently, Srivastava said the startup was focusing on manufacturing four to five products and was aiming to first start with drone-in-a-box solution and underground and underwater drones.

DroneAcharya got listed on the BSE SME platform at a 90% premium to its issue price of INR 54 apiece, despite the lull in the equity markets. Its IPO was oversubscribed 262X on the back of strong demand from both high net-worth individuals (HNIs) and retail investors. 

“The past year was full of milestones for us at DroneAcharya. We embarked on a journey to build a robust business, expand our horizons, and unearth opportunities in a niche-yet-fast-evolving industry segment. We built a team and tapped a reputed clientele – building acceptance by offering innovative solutions to business challenges,” said Srivastava in the latest statement.

“Our IPO enabled us to secure expansion funding, thereby allowing us to think more audaciously when the opportunities present themselves. The results are a testament to our commitment to creating sustained value,” he added.

DroneAcharya shares are currently trading over 50% higher than their listing price of INR 102. Shares of the startup were trading nearly 10% higher at INR 157.85 at 2 PM IST.