Infosys-backed aerospace and defence company announced robust results, profits surged by 1,334 per cent!

In Q4 FY24, the company's revenue grew by 171 per cent, while in FY24, it grew by 70 per cent year-over-year.

IdeaForge Technology Limited is engaged in the manufacturing of Unmanned Aircraft Systems (UAS) and has announced its Quarterly Results as well as the annual performance.

Ideaforge Tech experienced significant year-over-year growth across the top line and bottom line as of Q4 FY24. Sales increased by 171 per cent, rising from Rs 38.7 crore in Q4 FY23 to Rs 105 crore in Q4 FY24. The company's operating profit saw an exceptional increase of 1,334 per cent, increasing from Rs 1.2 crore to Rs 17.2 crore. Net profit also improved substantially, growing by 318 per cent from a loss of Rs 5.42 crore to a profit of Rs 11.8 crore. Additionally, the earnings per share (EPS) increased by 208 per cent, reaching Rs 2.75.

Also, read Axis Mutual Fund purchased 26 lakh shares in this small-sized company; FIIs & DIIs increased their stakes in Q4 FY24!

Share Performance of Ideaforge Technology

On Wednesday, the company's stock is trading at around Rs 700.35 per share, with a market capitalisation of Rs 3,003 crore. The company's IPO was listed on July 07, 2023, at a premium of 94 per cent on the listing day. Its 52-week highs and lows are Rs 1334 and Rs 655.85 respectively. The Small-Cap company has great potential to deliver multibagger returns in the future.           

Business Overview of Ideaforge Technology

ideaForge Technology Limited is engaged in the Indian unmanned aircraft systems (UAS) market. The company is involved in the manufacturing and marketing of unmanned aerial vehicle (UAV) systems, which are used for security and surveillance. It also develops and manufactures vertical take-off and landing (VTOL) UAVs. Its product portfolio is targeted at civil and defense applications (dual use). Its products include SWITCH UAV, NETRA V4 UAV, Q4i UAV, NINJA UAV, RYNO UAV, and Q6 UAV. Its rugged UAVs are built to deliver service in defense, security, and battlefield management for intelligence, surveillance, and reconnaissance missions. Its security and surveillance applications include anti-terror, border security, coastal security and surveillance, crime control, disaster management, emergency first response, forest and wildlife monitoring, and traffic monitoring. Its mapping and surveying applications include land surveying, mining area planning and mapping, and others.

Investors must keep this small-cap stock on their radar.

Disclaimer: The article is for informational purposes only and not investment advice.