Magellanic Cloud posted a net profit of ₹18 crore in the fourth quarter ended March 31, 2023, against ₹1.59 crore in the comparable quarter last year. It registered a total income of ₹117 crore (₹66.62 crore).
The Hyderabad-based company provides IT solutions, human capital and e- surveillance and drones manufacturing and allied services.
For 2022-23, it posted a net profit of ₹74.10 crore (₹29.45 crore) on a total income of ₹446.57 crore (₹282.77 crore).
“Our revenue from operations has increased due to the addition of revenue from our newly added e-security/surveillance segment, which now contributes about 25 per cent of our total revenue,” Joseph Sudheer Reddy Thumma, CEO of Magellanic Cloud, said.
“We acquired iVIS International Private Ltd, Provigil Surveillance Ltd, and Scandron Private Ltd last year,” he said.
“We expect significant growth in the drone segment, especially with the implementation of government initiatives like the National Logistics Policy (NLP) and Kisan Drone Shakti. We have already started receiving a number of enquiries for our drone solutions,” he said.
Drone segment
He said the company, which has 1,200 employees, completed stage-2 testing in the low-range drone segment. “We will begin trials with heavy duty army drones,” he added.
He said the company tied up with CriticaLog India, which would allow the company to addressed the business-to-business logistics market through advanced drone solutions.
“We are also in the process of obtaining the necessary licenses from the Director General of Civil Aviation and the Airport Authority to fly commercial drones on various routes across Bengaluru,” he said.