High ROE & high ROCE multibagger stock hit back-to-back upper circuits as this drone company partners with DeHaat to democratise Agri Drone solutions for Rural India
The stock gave multibagger returns of over 130 per cent from its 52-week low of Rs 112.20 per share.
Drone Destination Ltd, India’s foremost Drone-as-a-Service provider and the largest DGCA-certified Drone Pilot Training company in India, and DeHaat, India’s largest full-stack Business to Farmer (B2F) platform, today announced the signing of a Memorandum of Understanding (MoU) to collaborate in bringing cutting-edge drone technology to India's farmlands. This partnership aims to enhance agricultural efficiency by offering drone spraying services while promoting DeHaat’s wide range of agricultural inputs, including seeds, fertilizers, and pesticides, to farmers across rural India.
Under this collaboration, Drone Destination will provide drone spraying facilities to interested farmers, ensuring that DeHaat’s innovative products reach the country’s hinterlands. Additionally, DeHaat, through its vast network of 14,000+ DeHaat Centers spread across 11 states and catering to 2.7Mn+ farmers, will generate leads for drone services and offer agricultural services directly to end-users. This agreement will streamline access to modern agricultural solutions, driving productivity and sustainability for Indian farmers.
Drone Destination will be registered as a service provider on DeHaat’s platform, allowing farmers to access drone services directly and effortlessly. DeHaat will also list its agricultural products and services on Drone Destination’s platform, ensuring seamless integration and accessibility for rural farmers. In addition, both companies will work together to aggregate orders for drone spray services, ensuring an efficient and streamlined process for farmers. The collaboration is expected to drive significant advancements in rural farming communities by facilitating the adoption of advanced technologies, ultimately helping to enhance productivity and improve overall agricultural outcomes.
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About Drone Destination
Drone Destination leads India's Drone industry, providing comprehensive services from certified drone pilot training to state-of-the-art Drone-as-a-Service (DaaS) solutions. Headquartered in New Delhi, Drone Destination pioneers commercial drone operations and training across diverse sectors like agriculture and infrastructure. Notably, as the first listed Drone Company on the NSE Emerge platform, Drone Destination holds a prestigious position in the industry. The training programs set the standard, equipping aspiring pilots with safety and efficiency skills, covering regulatory compliance to advanced manoeuvres.
According to half-yearly results, the net sales increased by 393 per cent to Rs 2,711.94 lakh and net profit increased by 1,623 per cent to Rs 669.37 lakh in H2FY24 compared to H1FY24. In its annual results, the net sales increased by 170 per cent to Rs 3,262.02 lakh and net profit increased by 176 per cent to Rs 708.21 lakh in FY24 compared to FY23.
On Thursday, shares of Drone Destination Limited hit a 5 per cent upper circuit to Rs 262.50 per share from its previous closing of Rs 250. The stock’s 52-week high is Rs 462 and its 52-week low is Rs 112.20. The company has a market cap of Rs 638 crore and the lot size is 1,000 equity shares. In the recent trading sessions, the stock has been hitting back-to-back upper circuits.
The shares of the company have an ROE of 20 per cent and an ROCE of 24 per cent. The stock gave multibagger returns of over 130 per cent from its 52-week low of Rs 112.20 per share. Investors should keep an eye on this SME stock.
Disclaimer: The article is for informational purposes only and not investment advice.