Shankar Sharma-led Droneacharya Aerial posts strong growth in FY23, stock up 9%
Renowned investor Shankar Sharma-backed Droneacharya Aerial Innovations’ stock price on Wednesday witnessed a strong bullish performance after announcing its financial performance for FY23 for the time since its public listing. The stock which is listed on the SME platform of BSE ended with over 9% upside. For the full-year FY23, DroneAcharya achieves triple-digit growth in net profit, EBITDA, and revenues.
In FY23, DroneAcharya posted a growth of 417% in total revenues at ₹18.57 crore as compared to ₹3.58 crore in FY22. EBITDA stood at ₹4.99 crore up by a whopping 789% from ₹3.66 crore in FY22.
PAT skyrocketed by a huge 742% to ₹3.42 crore in FY23 versus ₹40.65 lakh in FY22.
The year’s performance was led by scale impact kicking in during H2FY23 – with revenues for the half year growing at 172%.
Also, the strong numbers in FY23 were owing to higher student enrolments and strategic tie-ups.
Prateek Srivastava, Founder & Managing Director, said, “The past year was full of milestones for us at DroneAcharya. We embarked on a journey to build a robust business, expand our horizons, and unearth opportunities in a niche-yet-fast-evolving industry segment. We built a team and tapped a reputed clientele – building acceptance by offering innovative solutions to business challenges. Our IPO enabled us to secure expansion funding, thereby allowing us to think more audaciously when the opportunities present themselves. The results are a testament to our commitment to creating sustained value.”
Recently, the company announced its successful conclusion of the pilot stage in drone manufacturing. Also, DroneAcharya partnered with GridBots Technologies, a Make in India company, working in the field of nuclear, space, and industrial robotics for commercial production, assembly, and export of Drones and associated products from July 2023.
Further, the company expanded to Thailand through its partnership with the Asian Institute of Technology (AIT) – eyeing the Southeast Asian markets for upcoming opportunities.
It needs to be noted that the company has also completed more than 325 DGCA drone pilot training programmes and offered 600 other drone training-related courses. The company has counselled and educated more than 6,000 students during the year under review.
For FY24, Srivastava said, the year “will witness our evolution as a drone manufacturer, with our recent foray into industrial, enterprise and defence category drones. At the same time, with the delivery of our drone orders going forward, we will significantly boost our services capability, thereby aiming at a high growth 2023-24.”
On BSE, DroneAcharya’s share price closed at ₹157.20 apiece up by 9.09%. The stock ended near the day’s high of ₹158.50 apiece.
Shankar Sharma and other well-known market mavens and celebrities have picked a minority stake in the company.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
