ideaForge Technology Shares Surge 8% to Reach 52-Week High Following Strong Q4 Performance
Multibagger drone stock ideaForge Technology share price jumps 8% to 52-week high on strong Q4 results
Mint
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ideaForge Technology's share price rose over 8% to ₹794.40, marking a 52-week high on May 5, 2023. The increase follows a significant turnaround in Q4 results, with a net profit of ₹60 crore compared to a loss last year, driven by a 600% revenue increase to ₹141 crore.
- 01ideaForge Technology's share price surged 8% to ₹794.40, a 52-week high.
- 02The company reported a net profit of ₹60 crore in Q4, reversing a loss of ₹26 crore from the previous year.
- 03Revenue increased over 600% year-on-year to ₹141 crore, supported by strong order execution.
- 04Operational performance improved significantly, with EBITDA reaching ₹62 crore, compared to an EBITDA loss last year.
- 05The stock has gained around 50% over the past six sessions, reflecting robust investor confidence.
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On May 5, 2023, ideaForge Technology's share price jumped over 8% to reach a 52-week high of ₹794.40 following impressive Q4 results. The company reported a net profit of ₹60 crore, a significant recovery from a net loss of ₹26 crore in the same period last year. Revenue soared over 600% year-on-year to ₹141 crore, bolstered by effective order execution despite supply chain challenges linked to geopolitical tensions. EBITDA also showed remarkable improvement, reaching ₹62 crore compared to an EBITDA loss of ₹22 crore a year ago. CEO Ankit Mehta highlighted that the company executed around 40% of its open orders during the quarter, achieving its highest quarterly revenue ever. The stock has shown strong momentum, gaining approximately 50% over the past six sessions and is now 123% higher than its 52-week low of ₹356.00 recorded in May last year.
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The strong financial performance may lead to increased investor confidence, potentially influencing future investments in the drone sector.
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