Hot Stock: This drone company enters into a memorandum of understanding (MoU) with IFFCO!
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.
Drone Destination Limited has a registered office at C-13, Ground Floor, Panchsheel Enclave, New Delhi-110017 listed on July 21 2023 on the SME Platform of the National Stock Exchange (NSE Emerge: DRONE). The company has entered into a Memorandum of Understanding (MoU) with IFFCO, having its registered office at C-1, District Centre, Saket Place, New Delhi-110017.
IFFCO, a Multi-State Cooperative Society and a leading manufacturer and marketer of various fertilisers is desirous of promoting the adoption of Nano Urea, Nano DAP, and other agrochemicals amongst the farming community and will be taking drone services as close to the farming community as possible, along with our company.
As part of the MOU, Drone Destination shall deploy Certified pilots and Drones at IFFCO’s Pradhan Mantri Kisan Samridhi Kendras (PMKSKs) at 50 locations across 09 states in India. and begin our drone services in September 2023.
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. 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.
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On Thursday, shares of Drone Destination Limited surged 4.30 per cent to make a new 52-week high of Rs 111.50 per share from its previous closing of Rs 106.90. At the closing bell, shares ended the trading session in the red, down 5 per cent to Rs 101.55 per share. The company has a market cap of Rs 247 crore and the lot size is 2,000 equity share.
The stock has a ROE of 27.40 per cent and a 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.