Shares of ideaForge Technologies Ltd., one of the most successful listings of 2023, will be reacting to their quarterly results on Wednesday, July 23. The results were reported after market hours on Tuesday.ideaForge’s reported a fourth straight quarterly loss, although the loss narrowed on a sequential basis after expanding for three quarters in a row. The drone manufacture reported a net loss of ₹23.56 crore, compared to a loss of ₹25.7 crore it reported last year.
The company’s topline also took at hit, reporting a decline of 85% from last year and 37% from the previous quarter to ₹12.78 crore. ideaForge had reported revenue of ₹86.19 crore last year.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter was a loss of ₹15.14 crore, compared to a positive ₹8.46 crore during the same quarter last year. The loss was narrower than the EBITDA loss of ₹17.41 crore in the March quarter.
On the positives, ideaForge’s Gross Profit Margin expanded to 61.7% from 33.3% last year and 35.9% in March. Margin variation though, is subject to the company’s product mix.At the end of the June quarter, the company’s order book stood at ₹144.8 crore, higher than the ₹13.6 crore last quarter and ₹54.2 crore last year.The management of ideaForge believes that the next round of the Production-linked Incentives (PLI) scheme will be rolled out soon and that will be a big tailwind, not just for the industry, but also for the company.During the quarter, ideaForge had won an emergency procurement order from the Indian Army worth ₹137 crore for mini-UAVs and also signed a strategic collaboration with HFCL for global market access of advanced UAV solutions.Shares of ideaForge ended 1.% lower on Tuesday at ₹542. Although the stock has recovered significantly from its all-time low of ₹304, it remains below its IPO price of ₹672. The stock was among the most successful listings of 2023, doubling on the day of its stock market debut, but has underperformed since then.
