DroneAcharya Achieves 1054% Growth YoY In H1 FY24

DroneAcharya Aerial Innovations: India's first publicly listed drone manufacturer DroneAcharya Aerial Innovations Limited has unveiled their H1 FY 2023-24 financial performance, outperforming its entire H1 FY 2022-23 results. The company registered a 1,054 per cent growth in revenue at Rs 21.96 crore during H1 FY 2023-24 as compared to Rs 1.90 crore in H1 FY 2022-23. Their profits after tax stood at Rs 3.97 crore in H1 FY 2023-24 as compared to Rs 13.09 lakhs in H1 FY 2022-23, which is a significant 293.73 per cent growth in PAT.

The data indicates a significant revenue surge, attributed to the company's endeavors in drone and defence technology, and its recent foray into space technology. Having vast experience in UAS (Unmanned Aerial Systems), the company further plans to become a platform-agnostic deep tech data science company in years to come.

The performance of this new age deep tech company reflects a monumental growth in terms of revenue, looking very positive for the rest FY 2023-24. This growth is attributed to an array of multi-pronged solutions that the company provides: 

Defence Technology

Launch of 'Bhujang' for defence: DroneAcharya recently launched Bhujang in the Indian market, a heavy lift-off, super-high altitude, long-range drone with multiple capabilities. They have successfully completed trials of the BHUJANG for various Defence Organizations across India in challenging terrain and operational settings. They are set to launch various niche products like Underwater ROV, Tethered system and Logistics Drones. 

Training of defence personnel: DroneAcharya has successfully completed multiple cohorts of drone pilot training and drone data processing training for various defence organisations across India.

Drone Technology 

Entering oil & gas industry in the Middle East: DroneAcharya bagged a $1.26 million deal for providing drone-based services, products and software development in the Oil and gas sector in Qatar. 

Global expansion: DroneAcharya is headquartered in Pune, and has offices in Chandigarh, Dehradun and Bangalore, with offices coming up in Jaipur and Ahmedabad. Globally, they have a presence in North Carolina, Switzerland, Dubai, Thailand and the Philippines. The company is running international training programs in Thailand and the Philippines and has noteworthy partnerships with the Asian Institute of Technology and King Mongkut's Institute of Technology Ladkrabang (KMITL) in Bangkok and Mariano Marcos State University (MMSU) in the Philippines.

Announced 30 new franchises in India: The company announced plans to open 30 new franchises in association with Wollstone Capital SA Switzerland. These centers are set to not only carry out drone pilot training but also handle drone sales and services across the country.

The shares of DroneAcharya ended 1.53 per cent higher at Rs 196.10 apiece on the NSE on Friday, October 27.