ideaForge Technology Ltd. on Wednesday announced that it has bagged an order worth Rs 88 crore from the Defence Ministry for the supply of surveillance quadcopters, with accessories to one of the forces under the Ministry of Defence.

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The company reported its financial results for the June quarter on Tuesday.

Its net profit declined by 54 percent to Rs 18.9 crore in the June quarter from Rs 41.24 crore in the year ago period.

Operational profit also declined to Rs 25.06 crore from Rs 53.08 crore in the year ago period, hit by rising inventory costs, employee benefits expenses and finance costs.

Total income was flat Rs 100.6 crore in the June quarter compared to Rs 100.3 crore a year ago.

The drone manufacturing company listed its shares on bourses in July following a successful initial public offer.

Shares listed at a premium of 94 percent at Rs 1,305 per share on July 7 against the issue price of Rs 672.

While the stock is still trading 52 percent higher compared to its issue price, it has corrected by nearly 20 percent from its listing day close of Rs 1,295.50.

The Mumbai-based company, founded in 2007, has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India.

ideaForge has been backed by several marquee ventures and private equity investors, including Qualcomm Asia, Infosys and Celesta Capital.

Ankit Mehta of ideaForge told CNBC-TV18 that the company is not using components emanating from land-border connected countries. On Tuesday, India barred military dronemakers from using Chinese parts, according to a news report.

Mehta further said that such a policy ensures that national interest is given priority.

Shares of ideaForge are trading 4.7 percent lower at Rs 1,026.