Magellanic Cloud Limited doubles profit in Q4FY24

• Q4 FY24 Total income of Rs. 152.12 crores, as against Rs. 116.97 crores in the corresponding previous period – an increase of 30.05 per cent
• Q4 FY24 Net profit at Rs. 39.43 crores, as against Rs. 18.02 crores – an increase of 118.84 per cent
• Q4 FY24 Earnings per share of Rs. 3.37 (On Face Value of Rs. 10/- each)

Fiscal Year ended March 31, 2024:

• FY24 Total income of Rs. 577.86 crores, as against Rs. 446.57 crores in the corresponding previous period – an increase of 29.40 per cent
• FY24 Net profit at Rs. 102.95 crores, as against Rs. 74.10 crores – an increase of 38.93 per cent
• FY24 Earnings per share of Rs. 8.81 (on Face Value of Rs. 10/- each)

Commenting on the financials, Mr. Joseph Sudheer Reddy, Global CEO of Magellanic Cloud said: “Magellanic Cloud is on a growth trajectory, propelled by innovation and bolstered by our strong performance in FY24. We are actively deploying cutting-edge technology to optimize operations and drive profitability. Our strategic partnerships reinforce our leadership in AI security solutions. With a robust order book across IT, ITES and E-surveillance, predominantly driven by GenAI projects, we are confident of achieving our FY25 revenue target. We also have plans to accelerate growth through strategic acquisitions and are evaluating 2-3 potential companies annually. Our Equity offerings will unlock this expansion, maximizing value for our stakeholders.”

With a robust order book across IT, ITES and E-surveillance, predominantly driven by GenAI projects, we are confident of achieving our FY25 revenue target. We also have plans to accelerate growth through strategic acquisitions and are evaluating 2-3 potential companies annually. Our Equity offerings will unlock this expansion, maximising value for our stakeholders.”

NET WORTH:

As on March 31, 2024, the net worth of the Company stood at Rs. 406.93 Crores.

OPERATIONAL REVIEW: FY24 – STANDALONE:

As on March 31, 2024, the total assets of the Company stood at Rs. 446.11 crores – an increase of 6.73 per cent

BUSINESS HIGHLIGHTS

DRONE BUSINESS (SUBSIDIARY – SCANDRON PRIVATE LIMITED)

Magellanic subsidiary, Scandron Pvt Ltd, is the first Indian company to get a DGCA type-certification under the Logistics and Cargo category for its CargoMax 500HE drone.

The Company has also witnessed significant offtake in the drone segment, especially with the implementation of government initiatives like the National Logistics Policy (NLP) Kisan Drone Shakti and Drone Didi. Scandron recently got its first major drone order of Rs 43 crores which will be completed in a few weeks.

ITES BUSINESS (SUBSIDIARY – JNIT TECHNOLOGIES AND MOTIVITY LABS)

JNIT Technologies and Motivity Labs, subsidiaries of Magellanic Cloud, maintained profitability through strategic cost optimization and witnessed significant revenue generation from new GenAI projects.

SURVEILLANCE BUSINESS (SUBSIDIARY – IVIS INTERNATIONAL PVT LTD AND PROVIGILSURVEILLANCE LTD)

iVIS/Provigil, a subsidiary of Magellanic Cloud, has added 5000 new sites spanning clients across banking, warehousing, city surveillance, religious, retail and other public sites. The company has started generating revenues in FY24 by adding new products like VMS, SaaS platforms and EDGE Hardware with AI models on security incidents.

SHAREHOLDING PATTERN ON MARCH 31, 2024:

• Promoters & Promoter Group owns 6,85,42,720 shares and 58.64% shareholding.
• Public owns 4,83,36,304 shares and 41.36% shareholding.
• Total shareholders are 15847 with 11,68,79,024 shares and 100.0% shareholding.

CONSOLIDATED FINANCIAL STATEMENT HIGHLIGHTS:

• The revenue earned from operations during financial year 24 is ₹ 5,604.29 Mn, financial year 23 is ₹ 4,274.69 Mn, Y-o-Y% is 31.10%, and Q4 FY24 is ₹ 1372.06 Mn.

• The other income recorded during financial year 24 is ₹ 174.32 Mn, financial year 23 is ₹ 191.00 Mn, Y-o-Y% is 8.73%, and Q4 FY24 is ₹ 149.16 Mn.

• Total revenue earned during financial year 24 is ₹ 5,778.61 Mn, financial year 23 is ₹ 4,465.69 Mn, Y-o-Y% is 29.40%, and Q4 FY24 is ₹ 1,521.21 Mn.
• Total Expenses excluding Depreciation, Amortization & Finance Cost recorded during financial year 24 is ₹ 4,373.08 Mn, financial year 23 is ₹ 3,527.89 Mn, Y-o-Y% is 23.96%, and Q4 FY24 is ₹ 1,004.13 Mn.
• EBITDA recorded during financial year 24 is ₹ 2,011.90 Mn, financial year 23 is ₹ 1,273.62 Mn, Y-o-Y% is 57.97%, and Q4 FY24 is ₹ 687.78 Mn.
• EBITDA Margin (%) recorded during financial year 24 is 34.82%, financial year 23 is 28.52%, Y-o-Y% is 22.08%, and Q4 FY24 is 45.21%.
• Depreciation & Amortization recorded during financial year 24 is ₹ 395.11 Mn, financial year 23 is ₹ 214.73 Mn, Y-o-Y% is 84.00%, and Q4 FY24 is ₹ 108.79 Mn.
• Finance Cost recorded during financial year 24 is ₹ 211.26 Mn, financial year 23 is ₹ 121.08 Mn, Y-o-Y% is 74.48%, and Q4 FY24 is ₹ 61.92 Mn.
• PBT before Exceptional Item recorded during financial year 24 is ₹ 1,405.53 Mn, financial year 23 is ₹ 937.81 Mn, Y-o-Y% is 49.87% and Q4 FY24 is ₹ 517.08 Mn.
• PBT recorded during financial year 24 is ₹ 1,405.53 Mn, financial year 23 is ₹ 937.81 Mn, Y-o-Y% is 49.87% and Q4 FY24 is ₹ 517.08 Mn.
• Income Tax recorded during financial year 24 is ₹ 348.18 Mn, financial year 23 is ₹ 191.28 Mn, Y-o-Y% is 82.03% and Q4 FY24 is ₹ 103.94 Mn.
• Tax of Earlier Years recorded during financial year 24 is ₹ 5.41 Mn, financial year 23 is ₹ 0.07 Mn, Y-o-Y% is 7746.53% and Q4 FY24 is ₹ 16.76 Mn.
• Deferred Tax recorded during financial year 24 is ₹ 22.39 Mn, financial year 23 is ₹ 5.43 Mn, Y-o-Y% is 312.69% and Q4 FY24 is ₹ 2.06 Mn.
• Tax Expenses recorded during financial year 24 is ₹ 375.99 Mn, financial year 23 is ₹ 196.78 Mn, Y-o-Y% is 91.07% and Q4 FY24 is ₹ 122.76 Mn.
• PAT recorded during financial year 24 is ₹ 1,029.54 Mn, financial year 23 is ₹ 741.03 Mn, Y-o-Y% is 38.93% and Q4 FY24 is ₹ 394.32 Mn.

ABOUT MAGELLANIC CLOUD:

Magellanic Cloud Limited (BSE: MCLOUD) is a pioneering technology enterprise, offering software development, digital transformation, AI/IoT, and drone-based solutions for real-world applications.

Committed to harnessing cutting-edge technology, Magellanic Cloud offers transformative solutions to a global clientele and has made strategic investments in IT services, E-surveillance, and advanced drone technologies.

With a robust workforce of over 1,200 professionals and a portfolio featuring more than 100 clients, including several Fortune 1,000 companies, Magellanic Cloud is recognised for its significant market presence and capability to deliver technology-driven solutions in a competitive global landscape.

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