New Delhi, Smart security and surveillance solutions provider Vehant Technologies has reported three-fold rise in net profit to Rs 22 crore in FY2024 due to growth in aviation and smart cities market.
The company had registered a profit of Rs 7 crore in the last financial year.
The company's revenue increased from Rs 74 crore in FY 2023 to Rs 166 crore in FY 2024.
The company said in a statement that it has seen an increase in demand from airports and establishments in FY24, driven by a surge in demand from people who avoided shopping during the COVID-19 pandemic , which contributed significantly to its development.
CEO and co-founder Kapil Bardeja said that the company is expected to achieve revenue of Rs 250-300 crore in FY 2025.He said this expectation is due to the healthy funnel of orders worth Rs 700 crore that the company has bid for, of which it has already received orders worth Rs 36 crore.
"More orders worth about Rs 25 crore are likely to be received in the coming months," he said.
He said that about 60-65 percent of the tenders being bid are government projects.
“I think we would never, honestly, even today, want to raise money if we had enough surplus for all of our product development and expansion and working capital. But the economy seems to be in a boom phase right now and hence we are looking at raising capital to develop multiple products simultaneously and expand exports,” the CEO said.Another company official said the company is considering raising a mix of equity and debt capital.
Bardeja further said that the company plans to launch new products for Aviatio security and enterprise analytics in FY2025.
Founded at IIT Delhi, Wayhunt caters to campus security, traffic enforcement and city/border surveillance needs across all domains. It has completed installations at the Prime Minister's Office, Rashtrapati Bhavan, Army and Defense bases, several hotels, IT companies, airports, metros, railway stations across the country.
The company had registered a profit of Rs 7 crore in the last financial year.
The company's revenue increased from Rs 74 crore in FY 2023 to Rs 166 crore in FY 2024.
The company said in a statement that it has seen an increase in demand from airports and establishments in FY24, driven by a surge in demand from people who avoided shopping during the COVID-19 pandemic , which contributed significantly to its development.
CEO and co-founder Kapil Bardeja said that the company is expected to achieve revenue of Rs 250-300 crore in FY 2025.He said this expectation is due to the healthy funnel of orders worth Rs 700 crore that the company has bid for, of which it has already received orders worth Rs 36 crore.
"More orders worth about Rs 25 crore are likely to be received in the coming months," he said.
He said that about 60-65 percent of the tenders being bid are government projects.
“I think we would never, honestly, even today, want to raise money if we had enough surplus for all of our product development and expansion and working capital. But the economy seems to be in a boom phase right now and hence we are looking at raising capital to develop multiple products simultaneously and expand exports,” the CEO said.Another company official said the company is considering raising a mix of equity and debt capital.
Bardeja further said that the company plans to launch new products for Aviatio security and enterprise analytics in FY2025.
Founded at IIT Delhi, Wayhunt caters to campus security, traffic enforcement and city/border surveillance needs across all domains. It has completed installations at the Prime Minister's Office, Rashtrapati Bhavan, Army and Defense bases, several hotels, IT companies, airports, metros, railway stations across the country.
