Multibagger Drone Company Receives Type Certification for its Unmanned Aircraft System; Stock Gains Over 170 per cent in just 1 Year!
The certification will create new revenue streams by selling 1000 to 2000 drones next year, entering a rapidly growing market.
Scandron Private Limited, a subsidiary of Magellanic Cloud Limited has achieved Type Certification for its new Unmanned Aircraft System (UAS) model "SNDAG010QX8". Designed specifically for agricultural agrochemical spraying, this drone features an 8-liter sprayer tank, ensuring efficient coverage across diverse terrain and crop varieties.
The certification marks a significant milestone for Scandron, positioning it to capitalize on the burgeoning drone manufacturing market. With ambitions to sell between 1000 to 2000 units in the upcoming year, the company aims to tap into a sector poised for exponential growth over the next decade. Apart from bolstering top-line revenues, the drone segment promises high margins that are expected to bolster bottom-line profitability. Moreover, the initiative aligns with national priorities, including agricultural efficiency enhancement, job creation, and environmental sustainability.
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Prime Minister Narendra Modi's "Namo Drone Didi Scheme," aimed at empowering rural women through agricultural drones to boost income generation, also stands to benefit from this innovative technology.
Shares of Magellanic Cloud Limited closed on Friday at approximately Rs 626 per share, with a market capitalization of Rs 7317.21 crore. The stock has delivered a multibagger returns of around 175 per cent over the past year.
According to the latest Quarterly Results, Magellanic Cloud Limited reported a robust performance in Q4 FY24, with revenues reaching Rs 137 crore. The operating profit stood at Rs 54 crore, while the net profit for the quarter amounted to Rs 39 crore. For FY24, the company achieved revenues of Rs 560 crore, up from Rs 427 crore in FY23. Operating profits for FY24 reached Rs 184 crore, with a net profit of Rs 103 crore.
Investors must keep this stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.