Shares of drone solutions provider DroneAcharya surged as much as 6.26% to INR 107.75 during intraday trading on BSE today, before closing 3.55% higher at INR 105
The rally came after the company secured a INR 5.5 Lakh contract from Tata Communications for building a customised static drone solution for their experience centre
The drone technology company has recently expanded into the UAE market and partnered with Canada’s Volatus Aerospace for manufacturing drones in India, despite its H1 FY25 profit declining 62.1% to INR 1.50 Cr
Shares of DroneAcharya Aerial Innovations surged as much as 6.26% to INR 107.75 during the intraday trading session on the BSE today (January 14) after the company announced securing an order from Tata Communications.
However, the stock shed some of its gains later and ended today’s trading session 3.55% higher at INR 105 on the BSE.
DroneAcharya’s market capitalisation stood at INR 251.88 Cr (around $29.1 Mn) as of the market close today.
The rally in the stock’s price came a day after DroneAcharya informed the bourses that it has secured an order worth INR 5.5 Lakh from Tata Communications Limited for building a customised drone solution (static drone) for their experience centre.
Founded by Prateek Srivastava in 2017, DroneAcharya offers an array of drone solutions for multi-sensor drone surveys, pilot training and data processing among others. The startup forayed into the spacetech industry in 2023.
Last month, the company set up a wholly-owned subsidiary in the UAE, expanding its footprint in the middle east.
Recently, it also entered into a strategic partnership with Canada’s Volatus Aerospace for manufacturing drones in India.
This partnership includes manufacturing the Condor drone, which has a payload capacity of 180 kg and is aimed at redefining cargo delivery in India. Under the agreement, DroneAcharya will lead business development efforts while Volatus provides technical support.
In August last year, DroneAcharya bagged an exclusive contract from Krattworks to facilitate local production and distribution of the Estonia-based company’s defence drone products under the ‘Make in India’ initiative.
On the financial front, DroneAcharya’s consolidated profit after tax (PAT) plunged 62.1% to INR 1.50 Cr during the six months ended September 2024 (H1 FY25) from INR 3.96 Cr in the same period last year.
However, the company’s revenue from operations went up 28.8% to INR 26.90 Cr during the year under review from INR 20.88 Cr in the first half of FY24.
