Magellanic Cloud has reported positive financial results for the year ending 2022-23. The technology company’s revenue from operations increased by 37.23% to INR387.50 crores, while profits before tax rose by 774.10% to INR24.30 crores, and profit after tax increased by 151.61% to INR74.10 crores. Magellanic Cloud’s specific segments, including IT solutions, human capital, E-surveillance, and drone manufacturing, have resulted in the growth due to recent acquisitions of iVIS International Private Limited, Provigil Surveillance Limited, and Scandron Private Limited, allowing the company to become a leader in the video-based E-Surveillance and Drone sectors with cutting edge technology. The company expects significant growth in the drone segment due to government initiatives, such as the National Logistics Policy and Kisan Drone Shakti. In addition, Magellanic Cloud’s partnership with CriticaLog India allows the company to serve B2B logistics markets by providing advanced drone solutions. The company is pleased with its progress and looks forward to future growth and success.
CEO of Magellanic Cloud, Joseph Sudheer Reddy Thumma, expressed excitement about the company’s recent progress over the past year. He noted that the acquisition of various companies allowed the company to become leaders in the E-Surveillance and Drone sectors, providing innovative technology that uses AI, ML, and cutting-edge drones. Sudheer Reddy Thumma believes that the company’s expertise in surveillance systems combined with advanced drones will allow Magellanic Cloud to expand into sectors such as defense, agriculture, pharma, e-commerce, real estate, and retail.
