IdeaForge to boost R&D spending this fiscal for UAV innovation

City-based drone maker ideaForge is planning higher R&D spend this fiscal year, as it develops technology and product platforms in UAV space. The government commitments to bolster the drone industry in the fields of R&D and manufacture make it imperative for this section of the economy to endlessly innovate and conduct market research to support growth and sustainability, the company stated.

"The R&D (research and development) spend last year was 22 per cent of our revenues. This year, depending on the revenue, the base may shift, but it will be on the higher side as compared to FY24," Ankit Mehta, co-founder and chief executive officer at ideaForge Technologies Ltd said.

The consolidated revenue of the company was Rs 314 crore for the fiscal year ended March 31, 2024, while Profit After Tax stood at Rs 45.27 crore.For the December quarter, it posted a consolidated net loss of Rs 24.02 crore. During this period last year, it had PAT of Rs 14.7 crore in Q3FY24; revenues on a consolidated basis for Q3 were Rs 17.6 crore compared to Rs 90.9 crore for the same quarter a year ago.

The company says the Indian drone industry is on a fast track due to the increasing number of manufacturers and service providers entering it, along with Silk Road-like propelled regulatory backdrop. As part of its growth plans, recently, ideaForge announced the strategic investment and partnership with Silicon Valley(California)-based nano and micro-UAV provider Vantage Robotics Inc. to further its global presence and R&D capabilities.