IdeaForge Shares Reach 20% Upper Circuit Limit After Transition to Profit in Q4

IdeaForge Technology Shares Soar 42 Percent to Fresh 52-Week High

Shares of IdeaForge Technology, a drone technology firm, reached the upper circuit limit of 20 percent on Monday after the company reported a profit for the March quarter. The stock touched a fresh 52-week high of Rs 731 per share on the National Stock Exchange (NSE).

IdeaForge Technology has been on a gaining streak for the past five sessions, with a significant rise in its stock price. During this period, the company's shares have risen by a substantial 42 percent. The scrip opened with a gap-up of 16.55 percent in the session, indicating strong buying interest in the company's stock.

The company's improved financial performance was reflected in its quarterly results, which showed a net profit of Rs 60 crore for the March quarter. This is a significant improvement from the net loss of Rs 26 crore recorded in the corresponding period last year. Revenue also rose sharply to Rs 141 crore from Rs 20 crore a year ago, demonstrating strong growth on both a year-over-year and sequential basis.

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The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs 62 crore for the quarter, compared to an EBITDA loss of Rs 22 crore in the year-ago period. This indicates a significant improvement in the company's profitability and a strong growth trajectory.