Regular Update
ATM News Network: Magellanic Cloud, a Hyderabad-based company specializing in IT solutions, e-surveillance, and drone manufacturing, showcased their latest range of agriculture and logistics drones on Wednesday.
The fully autonomous logistics drones have operational ranges varying from 5 km to 60 km, with cargo capacities ranging from 2 to 100 kg. These drones are capable of executing complex logistics missions, providing efficient and safe delivery services. The agri-spraying drones, available in multiple sizes, enable farmers to cover their fields with enhanced efficiency and effectiveness.
Sudheer Reddy Thumma, Chief Executive Officer of Magellanic Cloud, shared, "Over the past year, we have made strategic acquisitions, including iVIS International Private Limited, Provigil Surveillance Limited, and Scandron Private Limited."
Thumma further emphasized, "Our proficiency in e-surveillance systems, combined with our delivery and surveillance drones, allows us to expand our presence across sectors such as defence, agriculture, pharma, e-commerce, real estate, and retail. We have successfully completed Stage 2 testing of our heavy-duty logistics drones and are ready to demonstrate our capabilities for defence needs as well”.
Chief financial officer of the firm, Sanjay Chauhan said, “In the coming years, 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.”
While announcing their annual results on Wednesday, the firm officials stated that their consolidated revenue increased 37.2 percent to Rs 387.5 crore from the existing Rs 282.7 crores in FY22, while profit increased by 151.6 percent to Rs 74.1 crore in FY 23 against Rs 29.4 crore in FY 22.
