Shares of IdeaForge Technology Ltd skyrocketed 19% on 6 February after the company reported a stellar quarterly report for October-December.

The company reported a 1562% year-on-year increase in net profit to Rs 14.8 crore for the quarter under review from Rs 0.89 crore reported in the same quarter last year. Furthermore, the company had reported a net loss of Rs 7.8 crore in the previous quarter of the same fiscal year.

The revenue of the company during the quarter surged by 11-fold to 90.9 crore from Rs 7.8 crore reported in the same quarter of the previous fiscal year.

The EBITDA (earnings before interest taxes, depreciation and amortisation) during the quarter stood at Rs 26.19 crore from the Rs 13.87 crore EBITDA loss it had reported in the same quarter of the previous financial year.

The performance of the company was significantly uplifted as it delivered a large defence contract to the customer ahead of schedule. They shipped SWITCH and NETRA V4 Pro to the US and initiated product demonstrations and training with customers & VARs.

Ankit Mehta, CEO of IdeaForge, said, “We have surpassed last FY’s annual revenue in the first 9 months of the year, in line with our projection of substantial growth of revenue in this FY.”

The company is vertically integrated and has an in-house product development centre that allows the company to design, engineer, develop, and manufacture indigenous unmanned aerial vehicles.

At 3:30 pm, the shares of IdeaForge Technology closed 10.80% higher at Rs 780 on NSE.