SME drone stock wins big: Work order for drone-based mapping services and MoU for GIS projects to digitize over 6,50,000 villages in India!

Drone Destination Limited is Well-Positioned to Benefit from Growing Demand for Drone-Based Services

A company called Drone Destination Limited has been hired by the Andhra Pradesh government to use drones to map the land and identify important features, such as buildings, roads, and rivers. This information will be used to update the government's land records and improve planning and development. This is a big deal for both the company and the country, as it shows how drones can be used to improve government services and benefit the people.

This project will use drones to take high-resolution pictures of agricultural land and habitation areas. These pictures will be used to create detailed maps of the areas, which can then be used to extract features such as the type of crops being grown, the size of buildings, and the layout of roads.

Drone Destination Limited is a prominent player in the drone technology industry, offering cutting-edge solutions for various applications, including surveying, mapping, agriculture, and more. The company listed on the NSE in July 2023, with listing gains of around 57 per cent. Till now, the stock has generated 40.67 per cent of returns for its shareholders. The company is almost debt-free and has a strong return on equity of 27.4 per cent and a return on capital employed of 33.2 per cent. Currently, the stock is trading at Rs. 152 and saw a jump of 6.18 per cent on Monday amid expectations of order.

On October 27th, 2023, Drone Destination Limited and Marvel Geospatial Solutions Private Limited signed a Memorandum of Understanding (MoU) to collaborate on drone-powered Geographic Information System (GIS) projects, including the digitization of land records for over 6,50,000 villages across India.

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