ideaForge bags Rs 88 crore quadcopters order from MoD

Mumbai based ideaForge Technology Ltd. have announced that it has bagged an order worth Rs 88 crore from the Indian Ministry of Defence (MoD) for the supply of surveillance quadcopters with accessories to one of the Armed forces, as reported by cnbctv18.

Ideaforge Technology is a leader in the Indian unmanned aircraft systems market, with a market share of 50 percent in FY22.

The company manufactures UAVs for mapping, security and surveillance.

Further, these drones are capable of a wide range of mining area planning, and mapping applications. 

However, despite bagging this recent order the company has net profit declined by 54 percent to ₹ 18.9 crores in the April to June quarter (Q1FY24), compared to ₹ 41.24 crores in the corresponding period a year ago.

Besides, its total income came in at ₹ 100.6 crores in the June quarter, compared to ₹ 100.3 crores a year ago.