564 per cent jump in net profit: This drone manufacturing company bags new order worth Rs 12,00,00,000 from Indian Farmers Fertilizer Cooperative Ltd
The stock is up by 70 per cent from its 52-week low of Rs 95 per share.
Drone Destination Limited having a registered office at C-13, Ground Floor, Panchsheel Enclave, New Delhi-110017 has received a work order of value Rs 12,00,00,000 plus applicable GST from Indian Farmers Fertilizer Cooperative Limited (IFFCO) for deployment of 200 agri drones & agri drone pilots for a period of 60 days for spray demonstrations in the State of Uttar Pradesh under the Vikasit Bharat Sankalp Yatra (VBSY) Scheme.
Earlier, the company was awarded a work order for hiring drone services for the generation and supply of ORI for large-scale mapping (Agricultural Land) and habitation including Feature Extraction under the resurvey project by the Office of Commissioner of Survey, Settlements and Land Records, Andhra Pradesh.
About the company: Drone Destination Limited provides drone-powered solutions. The company offers survey and mapping, asset inspection, surveillance, monitoring, precision agriculture, and other related services. Drone Destination operates in India. According to half-yearly results, the net sales increased by per cent to Rs 5.48 crore and net profit increased by 564 per cent to Rs 0.39 crore in H1FY24 compared to H1FY23. In its annual results, the net sales skyrocketed by 371.48 per cent to Rs 12.07 crore and net profit skyrocketed by 1,061.90 per cent to Rs 2.44 crore in FY23 compared to FY22.
Today, shares of Drone Destination Limited plunged 1.15 per cent to Rs 155.10 per share from its previous closing of Rs 156.90 with an intraday high of Rs 159.90 and an intraday low of Rs 154. The company has a market cap of Rs 377 crore and the lot size is 2,000 equity shares. The stock is up by 70 per cent from its 52-week low of Rs 95 per share.
The stock has an ROE of 27.40 per cent and an ROCE of 33.20 per cent. Investors should keep an eye on this SME stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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