Results · Mobility & Logistics

Garuda Aerospace reports strong FY24 results

By Startup Enthusiast · 25 March 2025

What they do

Garuda Aerospace designs and customises drones for deliveries, disaster management and agriculture

Its FY24 revenue more than doubled to Rs 110 crore and net profit nearly tripled to Rs 16 crore

The company earns most of its revenue from surveillance charges and related operating services

Garuda Aerospace reported its financial results for the year ended March 2024.
Revenue from operations rose 2.3 times to Rs 110 crore from Rs 47 crore in FY23.
Net profit grew 2.7 times to Rs 16 crore from Rs 6 crore in the previous year.
Total expenses increased 128% to Rs 89 crore from Rs 39 crore in FY23.
Material expenses jumped 5.4 times to Rs 49 crore from Rs 9 crore.
Employee benefit expenses rose 22% to Rs 11 crore.
The company spent Rs 0.81 to earn every rupee in FY24, improving from Rs 0.83 in FY23.
Return on capital employed (ROCE) stood at 20.72% and EBITDA margin at 22.52%.

The results show strong growth in both revenue and profitability for the drone startup.
Garuda Aerospace has raised $31 million in total funding to date.
Founder and CEO Agnishwar Jayaprakash owns 77% of the company.

Garuda Aerospace designs, manufactures and customises UAVs/drones for deliveries, disaster management and agriculture.
Its revenue comes from surveillance charges and related operating services (Rs 68 crore in FY24) and sale of drones and accessories (Rs 42 crore in FY24).
Surveillance charges revenue grew 143% to Rs 68 crore in FY24.
Drone and accessories sales stood at Rs 42 crore in FY24.

Product: Manufacturing and development of autonomous drones for agriculture, defense, and material handling; proprietary drone OS and R&D capabilities
Customers: Government agencies, defense sector, agricultural stakeholders, logistics operators in India and international markets
How it makes money: Direct sales of drones, software licensing, and training services for government and enterprise customers
What sets it apart: Proprietary defense-grade drone technology with presence in 50 countries; demonstrated capabilities for flood relief and disaster management