DroneTech Startup DroneAcharya Aerial Innovations was fined by BSE for Rs 5900 including GST for delay in the submission of financial statements for FY24 in an exchange filing.
The Pune-based startup finally managed to submit its complete financial statement with profit and loss records on May 31, 2024, after a series of delays in board meetings on May 29 and May 30. The final report highlighted growth for the drone startup with its PAT doubling to Rs 6.2 crore in FY24 from Rs 3.4 crore in FY23 and operating revenue being Rs 35.19 crore with a YoY surge of 90%.
DroneAcharya’s major investor Shankar Sharma who held a 0.83% stake in the company, sold 2 lakh shares through a block deal earlier this year. Despite that, the firm secured a Rs 2.59 lakh deal to provide drone pilot training courses from Reliance Industries Ltd’s Maani Care System. Earlier in May, the drone startup bagged a work order of Rs 53 lakh from Alter Dynamics & Artificial Intelligence and an order to provide IT hardware for a drone lab in Jammu and Kashmir from the Ministry of Defence.
DroneAcharya Aerial Innovations was founded in 2017 by Rajeev Srivastava and its services include drone solutions, pilot training, data processing, and drone solutions with drone manufacturing beginning last year. The shares of Srivastava’s startup closed at Rs 146.30 on July 3, 2024, as compared to Rs 102 in December 2022 with a 90% premium to the issue price when the drone startup’s shares were listed on BSE SME.
