Following the allotment of these shares, the startup’s paid-up capital has increased to INR 43.02 Cr from INR 42.98 Cr earlier
ideaForge’s profit after tax slumped 94% to INR 1.2 Cr in Q1 FY25 from INR 18.9 Cr in the year-ago quarter
In its annual report for FY24, ideaForge outlined its plans to bolster its presence in the US and enter new markets to expand its exports
Drone manufacturer IdeaForge
has allotted 38,946 equity shares for the exercise of vested stock options under its employee stock option plan (ESOP) 2018.
“… the executive committee of the board of the ideaForge Technology Limited on August 13, 2024, has approved the allotment of 38,946 equity shares having a face value of Rs. 10/- each towards the exercise of vested stock options under the ideaForge Employees Stock Option Scheme, 2018,” the startup said in an exchange filing.
Shares of ideaForge ended Tuesday’s trading session 1.4% lower at INR 680.2 on the BSE.
Following the allotment of these shares, the startup’s paid-up capital has increased to INR 43.02 Cr from INR 42.98 Cr earlier. The drone major has set the exercise price per share INR 10.
Earlier this year, ideaForge allotted 1,678 equity shares in June and 95,954 shares in July under its ESOP programme.
Founded in 2007 by Ankit Mehta, Ashish Bhat, Rahul Singh, and Vipul Joshi, ideaForge is a drone manufacturing startup that makes unmanned aerial vehicle (UAV) systems for inspection, surveillance and mapping. Its offerings span across sectors such as defence, construction, mining and agriculture.
The startup made its public market debut in July last year, listing at a premium of 94% to its issue price.
In its annual report for the financial year 2023-24 (FY24), ideaForge outlined its plans to bolster its presence in the US and enter new markets to expand its exports.
The startup has also been inking partnerships and looking at acquisitions to expand its offerings and shore up its top line. Last month, it entered into a partnership with drone tech startup TechEagle to scale up its unmanned aerial vehicle technology and drive innovation in the drone space.
Besides, it acquired an undisclosed amount of stake in Bengaluru-based spacetech startup GalaxEye Space for INR 8.28 Cr last month.
On the financial front, ideaForge’s profit after tax (PAT) slumped 94% to INR 1.2 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25) from INR 18.9 Cr in the year-ago quarter. Sequentially, PAT declined almost 87% from INR 10.3 Cr in the preceding quarter – Q4 FY24.
Its operating revenue also fell 11.2% to INR 86.2 Cr during the quarter under review from INR 97.1 Cr in Q1 FY24. On a QoQ basis, it declined 15.7%.
