Vivanta Industries Ltd signed MOU with Vivanta Drone Research centre Tanzania Ltd

Ahmedabad-based Vivanta Industries Ltd providing consultancy and Turnkey solutions for projects from conceptualisation to implementation aims to transform operations with focus on next-gen tech businesses. Company is venturing into new verticals including drone, Information Technology, AI and Robotics, Charging station for electric vehicles among others. Company has already started work on the Drone and EV business and aims to make it big in the coming time. As per the release, In September 2023, company entered into In-principal Memorandum of Understanding (MOU) with Vivanta Drone Research Centre Tanzania Ltd (VDRCTL). Vivanta Industries Ltd will acquire 50% stake in VDRCTL for setting up assembly lines as well as R&D of drones. Company expects a sizable business opportunity from the African Continent and looks to expedite the project.

Further in April 2023, company received a work order amounting USD 5 million from Electric Vehicle Organizational Centre North America Corporation (EVOCNA) for establishing an EV charging and manufacturing unit. Company expects to establish the plant in 18-24 months and require software in 6-12 months from the date of receipt of order.  The order is for commercialization of Electric Vehicle technologies, which include vehicle-to-grid, Vehicle-to-building, and vehicle-to-load capabilities, by validating the technologies and demonstrating the commercial viability of such technologies. Company expects to reach sales worth approx USD 10 million and above after establishing the project.

In the Extra-Ordinary General Meeting of the Company held on February 13, 2023, members of the company had approved amendment of objects clause of the Memorandum of Association allowing the company to venture in to multiple businesses including Agriculture & Animal Feed, Industrial automation, industrial robotics systems & drone, charging station for electrical vehicles among others.

For H1FY24, the company reported a multi-fold rise in the total income to Rs. 23.03 crore as compared to total income of Rs. 0.90 crore in H1FY23. Net Profit during H1FY24 was reported at Rs. 1.01 crore, 47% rise Y-o-Y from Rs. 68 lakh net profit reported in H1FY23. For FY23, the company reported Net Profit of Rs. 1.30 crore on Total income of Rs. 24.81 crore. As of September 2023, the company has net reserves amounting to Rs. 4.02 crore. Promoter Group holding in the company as on 30 September 2023 stands at 39.14%.

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