ideaForge Technologies shares jumped 17% to ₹720 after ₹60Cr profit
Business
ideaForge Technologies's stock jumped 17% to a 52-week high of ₹720 after the company posted a solid profit of ₹60 crore for the quarter, flipping last year's loss of ₹26 crore.
Its revenue also shot up to ₹141 crore, all thanks to sharper execution and driven by strong execution.
ideaForge cuts material costs to 11%
ideaForge pulled off a big turnaround by slashing material costs (now just 11% of revenue, down from 67%) and focusing on defense tech: 86% of its revenue now come from that sector.
It is also expanding into the combat drones segment, hoping to land more deals with the Indian Armed Forces.
All in all, it is a major glow-up for this homegrown drone maker.