Share prices of the dronetech company slipped about 12% to a 52 week low of INR 535.45 during intraday trading on October 29
With this, its share prices have dropped over 58% from its listing price
The startup posted a net loss of INR 13.7 Cr in Q2 FY25 as against a net profit of INR 1.16 Cr in the preceding quarter
A day after announcing a loss making quarter, share prices of dronetech company IdeaForge
slipped about 12% to a 52 week low of INR 535.45 during intraday trading today (October 29).
With its shares tanking, the company’s market cap also dipped to $280.10 Mn from the $310 Mn market cap it commanded at the end of last week.
The company got listed on the BSE and NSE on July 7, 2023 at a share price of INR 1,305.10 and INR 1,300 apiece, respectively. The share prices have since dipped over 58%.
The bearish sentiment is a byproduct of the company posting a net loss of INR 13.7 Cr in Q2 FY25. In comparison, the startup reported a net profit of INR 1.16 Cr in the preceding quarter and INR 89.20 profit for the same quarter previous year.
Besides, it also reported an EBITDA loss of INR 9.9 Cr in Q2 FY25 as against an EBITDA of INR 7 Cr in the corresponding quarter of the previous year.
Its top line in the September quarter declined 57% QoQ to INR 37.1 Cr from INR 86.2 Cr operating revenue it recorded in Q1 FY25. Despite the declining numbers, ideaforge’s CEO Ankit Mehta said that the company doubled down on its initiatives during the period.
“Our long-term efforts of pushing indigenisation and elimination of the use of critical subsystems from geographies of concern are fructifying, and customers are actively thinking of looking under the hood to ensure there are no vulnerabilities due to the wrong country of origin. We continue our efforts in the new technology and product development and are making substantial progress on this front with a few early field tests and demos already underway,” he said.
The startup’s bottom line also swelled up in the quarter. Its total expenses increased 59% to INR 59.3 Cr in Q2 FY25 from INR 37.3 Cr in the corresponding quarter of last fiscal.
The drone manufacturer’s finances have been on a downward trajectory throughout the ongoing fiscal year. In the first quarter, its profits went down by an almost 94% decline in its profit to INR 1.2 Cr in Q1 FY25 from INR 18.9 Cr in the previous year’s quarter.
Shares of ideaforge ended today’s trading session 10.61% lower than previous close at INR 542.70.
