IdeaForge shares are down by more than 7% today after the announcement of the result yesterday. The company released its quarterly results for the June quarter in its most recent exchange filing on August 08.
The company’s revenue from operations decreased to Rs 97 crore from Rs 99 crore in the corresponding period of the previous year. Operating expenses saw a significant increase of 55%, rising from Rs 442 crore to Rs 686 crore in Q1 FY24.
The operating profit also experienced a substantial decline of 43%, dropping from Rs 561 crore to Rs 320 crore, with the margin standing at 32%, compared to the previous 44%.
The net profit generated by the company amounted to Rs 189 crore, marking a substantial 54% decrease from the Rs 413 crore reported in the same quarter of the previous year.
IdeaForge was listed on July 07, with a premium of 94.21% at Rs 1305.10 per share on BSE. On the NSE, the stock debuted at Rs 1,300, indicating an impressive increase of 93.45% compared to its initial public offering price of Rs 672.
Following its listing, the stock reached an all-time high of Rs 1344. However, it subsequently experienced a decline, and as of today, it has dropped below Rs 1000. At the time of writing this article, the stock is trading at around Rs 998 on the BSE.
If we recapitulate the subscription history, then on the final day of the IPO window on June 30, 2023, the IPO witnessed an exceptional subscription rate of 106.06 times. The public issue received an overwhelming response, with the retail category being subscribed 85.20 times. The QIB category achieved a remarkable subscription rate of 125.81 times, and the NII category reached a subscription rate of 80.58 times.
The company is a leading drone manufacturer in India and is one of the pioneers in the country’s unmanned aircraft systems industry. In the year 2022, they achieved an impressive market share of 50%. Established in 2007, it is a company dedicated to the manufacturing of Unmanned Aircraft Systems.