Multibagger Drone Company Signs MoU with RMMCO to Access State Subsidies for Agricultural Drones; Stock Surges Over 200 per cent in Just 1 Year!

The company’s shares have delivered an impressive return of over 200 per cent to its shareholders.

Incorporated in 2019, Drone Destination Ltd manufactures, deals in, and provides training for drones. DDL is India's largest Drone Pilot Training provider and a leading Drone-as-a-Service (DAAS) company. Along with its sister concern, Hubblefly Technologies, a DGCA-approved manufacturer, DDL has developed an integrated drone ecosystem built around drone manufacturing, certified training, and drone-as-a-service.

Drone Destination Ltd and Rose Multistate Multi-Purpose Cooperative Society Limited (RMMCO) have signed an MOU to help Drone Destination efficiently access state subsidies available for drones, including agricultural drone spray services across multiple states.

The company has previously ventured into the agricultural drone services sector and formed a partnership with IFFCO. It has deployed over 200 drones and pilots, conducting more than 25,000 agricultural drone demonstrations in Uttar Pradesh to promote drone adoption in rural India.

Drone Destination Ltd shares closed at around Rs 327.40 per share. The company’s current market capitalization stands at Rs 795.28 crore. The stock has delivered a multibagger return of over 200 per cent in the past 1 year.

As per the Quarterly Results, in Q4 FY24, Drone Destination Ltd recorded a revenue of Rs 26.35 crore. The operating profit for Q4 FY24 stood at Rs 11.16 crore. The net profit for Q4 FY24 was Rs 6.69 crore. Looking at the annual performance, the company generated a revenue of Rs 31.82 crore in FY24. The operating profit for FY24 was Rs 13.06 crore with a net profit of Rs 7.08 crore.

Investors must keep this Small-Cap stock on their radar.

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