India PR Distribution
Hyderabad (Telangana) [India], November 17: Magellanic Cloud Limited (BSE: MCloud) had announced that the Company in its board meeting held on 10th November 2023 has inter-alia considered and approved the unaudited Financial Results of the Company for the Second Quarter Ended on 30th September, 2023 as one of its agenda.
Consolidated Financial Statement Highlights for H2 FY24 v/s H2 FY23 (Rs Mn):
Consolidated Financial Performance Comparison
* Revenue from operations increased by 68.76% from Rs 1729.33 Mn in H1 FY23 to Rs 2918.44 Mn in H1 FY24 mainly a result of the E-Security/Surveillance segment, coupled with the healthy demand for IT & ITES services across industries due to the strategy adopted in scaling with new technologies and pre-built framework for faster delivery of services.
* The EBITDA increased by 39.11% from Rs582.61 Mn in H1 FY23 to Rs810.48 Mn in H1 FY24. This growth is attributed to cost efficiencies and performance optimization capabilities, particularly through the automation of e-surveillance capabilities and the IT production framework in the IT & ITES services.
* PAT increased to Rs409.61 Mn in H1 FY23 from Rs386.53 Mn in H1 FY24.
Recent notable Developments
* Magellanic Cloud has been included in four segments of BSE S&P, including IT Index, All Cap, Small Cap, and Mid-Small Cap.
* Magellanic Cloud has announced the launch of its state-of-the-art Drone Command and Control centre in Bengaluru. This marks a significant expansion of the company's capabilities and reaffirms its commitment to providing cutting-edge solutions for real-time monitoring, security, compliance, remote piloting, and client collaboration.
* We were able to scale up our capacity by an impressive five times, from 30 units per day to 150 units per day, right from production, deployment and the start of our e-surveillance.
* iVIS, a subsidiary of Magellanic Cloud has been enlisted by ICICI bank to deliver e-surveillance services for its branches. We anticipate a noticeable impact on our revenues in the upcoming quarter as a result.
* Magellanic Cloud (MCloud) has accomplished a significant milestone with its subsidiary Scandron Pvt Ltd completing the research and development of Agri & Cargo drones, designed and modelled to perfection ranging from 5kg-80kg, with materials ready for production. MCloud anticipates the DCGA license in the quarter ended December 31st, which will pave the way to sell hundreds of commercial logistics drones.
* MCloud has set an ambitious goal to increase its revenue target for FY24 by approximately 30-40% as compared to FY23, which is a positive sign of growth for the company. The company is committed to maintaining a robust net profit margin, which will remain steady at 15-20% of revenue from operations. This demonstrates MCloud's confidence in its business model and strategic direction, and its ability to execute on its growth plans.
Commenting on the performance of Q2 FY24, the Management said:
* Technology is the driving factor for Magellanic Cloud. Our order book is a reflection of our team's hard work and dedication. We are happy to report a significant surge in local and export sales for our IT division. We are confident that we will continue to grow and expand our reach towards greater success.
* Our E-Surveillance division secured additional orders from various banks, increasing our order book by 25%. The company is also actively seeking out new acquisition opportunities in the IT and e-surveillance segments, and it is confident that it will be able to close deals in a way that benefits both parties. By diversifying its offerings and adding profitable companies to its portfolio, MCloud is positioning itself for long-term success.
* At Magellanic Cloud, the team is dedicated to achieving excellence through innovative solutions. By prioritizing cutting-edge technologies such as drones, we aim to inspire greater confidence among our investors. We will work towards innovations that will indigenise our present capabilities to help us deliver more excellent value to our stakeholders. This will not only lead to better outcomes but will also increase the trust of our investors in our company.
* We aim to acquire 2-3 companies each year, providing us with the necessary resources to drive growth. We are reaching newer markets in India and Overseas. We want to concentrate on scaling up our drone division more efficiently to capitalize on the immense potential of this emerging technology.
* Magellanic Cloud, via its subsidiary Scandron, is currently executing collaborative drills across high and low altitudes for military and defense tenders. In addition, our subsidiary, Scandron, has entered agreements with prominent entities to offer inspection services. Over the next few quarters, MCloud is poised to actively pursue substantial orders and deliver allied services, thereby contributing significantly to enhanced results, given the commendable profit margins prevalent in this segment.
Magellanic Cloud Limited ("MCloud") engages in software development, digital transformation, DevOps space, and human capital businesses. The company also provides IT consulting services. MCloud offers world class digital transformation solutions to global businesses. It has invested in leading companies operating in IT services, E-surveillance and drones to have a competitive edge at scale. The company boasts of manpower strength of 1,200+ and has serviced over 100 companies including companies in Fortune 1,000 league. The key area of MCloud's service offerings include:
* IT & ITeS Solutions - End to end IT solutions from development, quality assurance, implementation, consulting, DevOps, IoT and others.
* E-Surveillance - The Company has entered this segment via acquisition. The Company will continue to build, deliver, install, monitor and maintain surveillance systems. The acquisition comes with 100+ clients and 25,000+ locations. Their AI & IoT solutions are enabling customers across verticals including but not limited to BFSI, Retail, Warehousing, Plants & Factories in getting Operational Insights, Business Intelligence and Protecting Assets.
* Drone Manufacturing - The Company is a leading manufacturer of drones and provider of drone-based services. Our products include logistics drones, Agri Spraying drones and custom drones. We deliver technology solutions that provide valuable new capabilities to our customers well into the future.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by India PR Distribution. ANI will not be responsible in any way for the content of the same)