This multibagger BSE SME stock posted over 700% rise in net profit in FY23; here’s what management has to say

DroneAcharya Aerial Innovations, which was listed on the BSE SME exchange in December last year, posted 742 per cent year-on-year growth in net profit at Rs 3.42 crore for the year ended March 31, 2023. The Pune-headquartered integrated drone ecosystem start-up reported a profit of Rs 40.65 lakh a year ago. On the other hand, revenue from the operation of the company surged 417 per cent YoY to Rs 18.57 crore in FY23.

Earlier, shares of the company got listed at a premium of 88 per cent at Rs 102 on December 23, 2022 against the issue price of Rs 54. The scrip traded at around Rs 158 on May 3, 2023, indicating a gain of nearly 3 times against the IPO price. The company’s Ebitda stood at Rs 4.99 crore, registering a growth of 769 per cent against FY2021-22.

The year’s performance was led by scale impact kicking in during H2FY23 – with revenues for the half year growing at 172 per cent, according to DroneAcharya Aerial Innovations.

Commenting on the performance, Prateek Srivastava, Founder and Managing Director, DroneAcharya Aerial Innovations, 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. The year 2023-24 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,” Srivastava said.

The company recently announced its successful conclusion of the pilot stage in drone manufacturing. 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.

The company has also expanded to Thailand through its partnership with the Asian Institute of Technology (AIT) - eyeing the Southeast Asian markets for upcoming opportunities. The company has completed more than 325 DGCA drone pilot training programs and offered 600 other drone training-related courses. The company has counselled and educated more than 6,000 students during the year under review.