Drone Maker ideaForge Expands ESOP Pool Amid Profit Decline

IdeaForge Allocates 1,678 Equity Shares to Employees

ideaForge, a leading Indian drone manufacturer, has expanded its employee stock option plan (ESOP) pool by allocating 1,678 equity shares to its employees. The company announced the allotment in a recent exchange filing, stating that the executive committee of the board approved the move on June 14, 2024, according to Inc 42.

The newly allotted shares, each with a face value of ₹10, are worth approximately ₹13 lakh ($1,580) based on the stock's closing price on Friday. This allocation brings the total number of issued shares from 4,28,88,323 to 4,28,90,000.

ESOP Expansion Amidst Profit Decline

ideaForge's decision to expand its ESOP pool comes at a time when the company reported a more than 30% decline in its consolidated profit after tax (PAT) for the March quarter (Q4) of the financial year 2023-24 (FY24). The PAT dropped to ₹10.3 crore ($1.25 million) from ₹14.8 crore ($1.8 million) in the December quarter, partially due to increased spending on inventories and employee benefits.

Despite the profit decline, ideaForge's operating revenue saw a 12.5% quarter-on-quarter (QoQ) increase to ₹102.3 crore ($12.4 million) in Q4 FY24, marking a 164% jump from the ₹38.7 crore ($4.7 million) reported in Q4 FY23.

ideaForge's Drone Solutions and Market Presence

Founded in 2007, ideaForge is a drone manufacturing startup that specializes in UAV systems for inspection, surveillance, and mapping. The company's offerings have applications in various sectors, including defense, homeland security, mining, construction, agriculture, energy, and utilities.

ideaForge made its stock market debut in June last year with a premium of 94% to its IPO price. The IPO comprised an offer for sale (OFS) component of 48.7 lakh shares and a fresh issue of shares worth ₹240 crore ($29.2 million).

DroneXL's Take

The expansion of ideaForge's ESOP pool demonstrates the company's commitment to rewarding its employees and attracting top talent in the rapidly growing . Despite the recent profit decline, ideaForge's strong operating revenue growth and its position as a leading drone manufacturer in indicate the company's potential for long-term success.

As the spacetech sector continues to thrive in India, with 100 spacetech startups registering with the Indian Space Research Organisation (ISRO) last year and the sector garnering $233 million in funding between 2014 and July 2023, ideaForge is well-positioned to capitalize on the market opportunity. With the spacetech sector estimated to reach a market size of $77 billion by 2030, ideaForge's innovative drone solutions and strong market presence will likely play a crucial role in the company's future growth and success.


Discover more from DroneXL

Subscribe to get the latest posts sent to your email.

MAKE YOUR VOICE HEARD

Proposed legislation threatens your ability to use drones for fun, work, and safety. The Drone Advocacy Alliance is fighting to ensure your voice is heard in these critical policy discussions.Join us and tell your elected officials to protect your right to fly.

Drone Advocacy Alliance
TAKE ACTION NOW
Follow us on Google News!

Get your Part 107 Certificate

Pass the test and take to the skies with the Pilot Institute. We have helped thousands of people become airplane and commercial drone pilots. Our courses are designed by industry experts to help you pass FAA tests and achieve your dreams.

pilot institute dronexl

Copyright © DroneXL.co 2024. All rights reserved. The content, images, and intellectual property on this website are protected by copyright law. Reproduction or distribution of any material without prior written permission from DroneXL.co is strictly prohibited. For permissions and inquiries, please contact us first.

FTC: DroneXL.co is an Amazon Associate and uses affiliate links that can generate income from qualifying purchases. We do not sell, share, rent out, or spam your email.

Haye Kesteloo
Haye Kesteloo

Haye Kesteloo is the Editor in Chief and Founder of DroneXL.co, where he covers all drone-related news, DJI rumors and writes drone reviews, and EVXL.co, for all news related to electric vehicles. He is also a co-host of the PiXL Drone Show on YouTube and other podcast platforms. Haye can be reached at haye @ dronexl.co or @hayekesteloo.

Articles: 3752

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

en_USEnglish