Magellanic Cloud shows positive results in the last four quarters 2022-23

Magellanic Cloud engaged in majorly three business segments i.e., IT solutions & human capital, E- surveillance and drones manufacturing and allied services, had announced that the company in its board meeting held on 30th May, 2023 has interalia considered and approved the audited Financial Results of the Company for the year ended on 31st March, 2023 as one of its agenda.

The Consolidated Revenue from operations increased by 37.23% from ₹282.77 Crores in FY 22 to ₹387.50 Crores in FY 23. The PBT increased by 774.10 % from ₹2.78 Crores in Q4 FY22 to ₹24.30 Crores in Q4 FY23. PAT increased by 151.61% from ₹29.45 Crores in FY 22 to ₹74.10 Crores in FY 23 and same is increased by 1039.24% from ₹1.58 Crores Q4 FY22 to ₹18.00 Crores in Q4 FY 23.

Commenting on the results Joseph Sudheer Reddy Thumma, CEO of Magellanic Cloud said: “We are excited to share that our performance has greatly improved in the last four quarters leading up to the end of the 2022-23 fiscal year. Our revenue from operations has increased due to the addition of revenue from our newly added E-security/Surveillance segment, which now contributes approximately 25% of our total revenue.

In the past year, we have made significant acquisitions, including iVIS International Private Limited, Provigil Surveillance Limited, and Scandron Private Limited. These acquisitions have allowed us to become leaders in the video-based E-Surveillance and Drone segments, with innovative advanced technology that utilise cutting-edge drone and AI/ML technology.

Through a competitive bidding process, we have secured business from large public and private sector banks, to provide AI & IoT enabled E-Surveillance solutions to their branches and ATMs nationwide.

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. We have already started receiving a significant number of enquiries for drone solutions.

We have also expanded our relationship with Google in the ITeS space and have secured the business of the largest retail chain in the US.

Our expertise in e-surveillance systems, combined with our advanced delivery and surveillance drones, will allow us to expand into sectors such as defence, agriculture, pharma, e-commerce, real estate, and retail. We have already completed Stage 2 testing in the low range drone segment and are ready to begin trials with heavy duty army drones.

Lastly, we are proud to announce our partnership with CriticaLog India, which will allow us to serve the nation’s B2B and hub-to-hub logistics market through advanced drone solutions. We are also in the process of obtaining the necessary licenses from the DGCA and the Airport Authority to fly commercial drones on various routes across Bengaluru.

We remain committed to providing our customers with the most innovative and effective solutions, and we are excited about the growth and success that lies ahead.”