ideaForge’s Q3 Profit Jumps 16X QoQ To INR 14.8 Cr

Drone manufacturer ideaForge posted a net profit of INR 14.8 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24) against a loss of INR 7.8 Cr in the last year’s quarter, helped by a sharp rise in revenue. 

Sequentially, ideaForge’s profit jumped from INR 89.2 Lakh reported in Q2 FY24.

The startup’s operating revenue surged over 1,000% to INR 90.9 Cr in the reported quarter from INR 7.8 Cr in Q3 FY23. The top line also improved over 280% quarter-on-quarter (QoQ) from INR 23.7 Cr. 

Speaking on the strong growth during Q3 FY24, Ankit Mehta, CEO of ideaForge, said that the quarter was a testament to the startup’s ability and commitment to deliver best-in-class products and solutions to its customers. 

“The improvement in our global ranking as a dual-use drone manufacturer to 5th position is an outcome of our continuous endeavour to achieve excellence in what we do. And innovation remains at the core of it. The grant of seven new patents validates our efforts to stay ahead of the curve through innovation,” said Mehta. 

Further, he said that ideaForge has reached the prototyping stage for many of its new technology and product initiatives. Product demonstrations and training in the US with end customers and value added resellers (VARs) have also begun. 

ideaForge’s EBITDA rose to INR 26.2 Cr in Q3 FY24 from INR 7 Cr in the prior quarter – Q2 FY24.

Zooming Into Expenses 

In line with its growing business, ideaForge’s total expenses jumped over 173% to INR 77.3 Cr in Q3 FY24.

Cost Of Materials Consumed: The startup’s spending in the bucket accounted for the biggest chunk of its total expense. It jumped to INR 47.6 Cr in Q3 FY24 from INR 15.8 Cr in the year-ago quarter.

Employee Cost: ideaForge managed to bring down its employee benefit expenses to INR 9.8 Cr in the reported quarter from INR 11.6 Cr in Q3 FY23.

Prior to the Q3 earnings report, shares of ideaForge ended Monday’s (February 5) trading session marginally lower at INR 704.8 on the BSE.

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