Mumbai, January 28, 2025—IdeaForge Technology Limited (NSE: IDEAFORGE, BSE: 543932) has announced its Q3 FY25 financial results. The company reported a net loss of ₹12.37 crore, compared to a profit of ₹2.14 crore in Q3 FY24. Revenue declined 32% year over year to ₹56.75 crore, primarily due to delays in order execution and project completion timelines.
Key Financial Highlights – Q3 FY25 (Standalone)
| Metric | Q3 FY25 | Q3 FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹56.75 crore | ₹83.39 crore | -32% |
| Total Income | ₹58.32 crore | ₹86.24 crore | -32.4% |
| EBITDA | ₹(7.73) crore | ₹4.82 crore | Negative |
| Net Profit (PAT) | ₹(12.37) crore | ₹2.14 crore | Negative |
| Earnings Per Share (EPS) | ₹(7.13) | ₹0.62 | Negative |
- Revenue: ₹213.91 crore (-14.2% YoY).
- Net Loss: ₹30.65 crore (vs ₹16.37 crore profit in 9M FY24).
Business Highlights & Developments
1. Order Execution Delays Impact Revenue
- Project delays in defense and security contracts affected revenue growth.
- The company expects execution to accelerate in Q4 FY25, improving order finalization and deliveries.
2. No Deviation in IPO Fund Utilization
- IPO proceeds of ₹567.25 crore (July 2023) have been utilized as planned:
- ₹50 crore was allocated for debt repayment.
- ₹135 crore was used for working capital needs.
- ₹40 crore directed toward product development.
- ₹225.16 crore deployed per IPO objectives.
- ICRA Limited, the monitoring agency, has confirmed compliance with IPO fund allocation.
3. Expansion & Investment in R&D
- Increased spending on next-generation drone technology and AI-powered UAV solutions.
- Strengthened R&D to enhance autonomous drone navigation and real-time surveillance.
Financial Compliance & Corporate Governance Updates
- No Loan Defaults or Debt Issues
- No outstanding defaults on loans or debt securities.
- Maintained a debt-free balance sheet post-IPO.
- No Related Party Transactions in Q3 FY25
- Related party transactions will be disclosed in half-yearly filings as per SEBI regulations.
- Audit Review & Regulatory Compliance
- A limited review was conducted by BSR & Co. LLP, and no material misstatements were reported.
Management Commentary
Ankit Mehta, CEO, ideaForge Technology Limited, stated:"While Q3 presented challenges due to project execution delays, we remain confident in our long-term growth trajectory. Our strong order pipeline, continued investments in R&D, and increasing demand for drone-based solutions will drive future profitability."
Strategic Outlook & Investor Focus
- Expected acceleration in defense and homeland security orders in Q4 FY25.
- Expansion into industrial drone applications, including smart city monitoring and infrastructure inspections.
- Enhancements in AI-powered UAV capabilities to improve market positioning.