Vehant Tech Revenue Soars 124% to Rs 166 cr in FY24

New Delhi, May 29 (PTI) Vehant Technologies, a smart security and surveillance solutions provider, has reported a threefold increase in net profit to Rs 22 crore in FY24, driven by growth in the aviation and smart cities market.

The company recorded a profit of Rs 7 crore in the previous fiscal.

Revenue of the company rose to Rs 166 crore in FY24 from Rs 74 crore in FY23.

The company in a statement said it saw a surge in demand from airports and installations in FY24 driven by pent-up demand from those that refrained from purchasing during the COVID-19 pandemic, which contributed substantially to its growth.

CEO and co-founder Kapil Bardeja told PTI that the company expects to clock Rs 250-300 crore of revenue in FY25.

The expectation is led by the healthy funnel of orders worth Rs 700 crore that the company has bidded for, out of which it has already received orders valuing Rs 36 crore, he said.

"There is a high probability of materialising more orders worth about Rs 250 crore in the coming months," he said.

About 60-65 per cent of the tenders bidded for are government projects, he added.

“I think we never, honestly, even today, would not want to raise money if we had sufficient surplus to fund all our product growth and expansion and working capital. But it looks like the economy is in a boom period now and hence we are looking to raise capital to develop multiple products together and for export expansion," the CEO said.

The company is looking at raising a mix of equity and debt capital, another company official said.

Bardeja further said the company is planning to launch new products for aviation security and enterprise analytics in FY25.

Incubated at IIT Delhi, Vehant caters to the premises security, traffic enforcement and city/border surveillance requirements across domains. It has completed installations at the Prime Minister's office, the President's house, army and defence bases, numerous hotels, IT companies, airports, metros, and train stations nationwide.