ideaForge shares jump over 14% after company reports strong Q3 results

ideaForge Technology Share Price: Shares of ideaForge Technology jumped more than 14 per cent in the early morning trade on Tuesday, February 6, after the drone manufacturer recorded strong Q3 results.

At 9.26 AM, the company's shares were trading at Rs 796.00 each, up 12.94 per cent on the BSE.

ideaForge Technology made its debut in the secondary market on July 7, 2023. The company's shares were listed at Rs 1,305.1 apiece on BSE, a premium of 94.2 per cent over the upper end of the IPO price range.

Eventually, ideaForge stock closed at Rs 777.25 each, up 10.28 per cent today, February 6, on the BSE.

ideaForge Q3 results

The company reported its revenues of Rs 90.9 crore in the quarter ended December 2023, which increased by over 1,065 per cent or more than 11x as compared with last year's Rs 78 crore during the same quarter.

Its earnings before interest tax depreciation and amortisation were Rs 26.19 crore. The company had a PAT of Rs 14.8 crore in Q3 FY24 as against a Rs 7.8 crore loss in Q3 FY23.

Commenting on the company's financial results, Ankit Mehta, CEO, said, "The improvement in our global ranking as a dual-use drone manufacturer to 5th position is an outcome of our continuous endeavour to achieve excellence in what we do. And innovation remains at the core of it. The grant of seven new patents validates our efforts to stay ahead of the curve through innovation. Further, we have reached the prototyping stage for many of our new technology and product initiatives."