Latest news with #Garuda
Time of India
2 days ago
- Business
- Time of India
Garuda Aerospace secures export licence, eyes drone exports to US, Australia, and Middle East
Indian drone manufacturer Garuda Aerospace has secured an export licence , paving the way for its entry into the United States, Australia, and Middle Eastern markets. This move marks a significant step in the company's global expansion strategy and reinforces India's ambitions under the 'Make in India' initiative to become a hub for advanced drone technologies. The company plans to initially focus on exporting its flagship Garuda Kisan Drone, tailored for precision agriculture and agri-tech services. These drones will cater to rising demand in agricultural regions such as the US and Australia. In the Middle East, the company is targeting security and surveillance applications, the company's statement said. 'This export license is a monumental step in our journey to becoming a leading global drone exporter ,' said Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace. 'It reflects our commitment to diversifying revenue streams beyond India and gaining an early-mover advantage in emerging drone markets.' The expansion into international markets follows the company's successful foray into Sri Lanka. Garuda has already established partnerships with major international players, including Elbit Systems, Lockheed Martin, Cognizant, Thales, and SAS Greece. The company has plans to scale operations to at least 50 countries in the coming years.
India.com
4 days ago
- Business
- India.com
Meet man, who saved his company from brink of bankruptcy and turned it into a 200000000000 business, he is...
Agnishwar Jayaprakash, who comes from Chennai, has achieved something truly remarkable that is an inspiration to many. He is the founder and CEO of Garuda Aerospace, a company that makes drones. In 2020, his startup was on the verge of shutting down. But during the COVID-19 pandemic, everything changed after Agnishwar used drones to sanitize government buildings and public places during the pandemic. This creative step gave his company both attention and work. The same company that was about to close soon became a Rs. 2,000 crore business. Let's take a look at his journey. His company almost closed in 2020 Before becoming an entrepreneur, Agnishwar was an international-level swimmer who represented India. Agnishwar holds 6 National Records which he created in 2012, Istanbul, Turkey at the World Short Course swimming Championships. He started Garuda Aerospace four years before the pandemic. But by 2020, things weren't going well, and he was thinking of shutting it down. That was also when the COVID-19 crisis hit the world and brought economies to a standstill. Still, Agnishwar, who strongly believed in the power of 'Garuda' (the vehicle of Lord Vishnu), didn't give up. While others were struggling, he saw a new opportunity, sanitizing buildings and public places using drones. He suggested this idea to the Tamil Nadu government, using his agriculture drones for the job. Even though the idea didn't immediately bring in official orders, it was widely covered in the media, giving his company much-needed visibility and recognition. That media exposure helped Garuda Aerospace bounce back stronger than ever. Expansion was full of challenges As time passed, Garuda Aerospace began receiving orders from different state governments to sanitize public buildings. But the journey was far from easy. During the lockdown, getting travel permission for drone pilots to move between states was a big challenge. In fact, Air India had to airlift Garuda's drones and pilots to cities like Chandigarh and Varanasi to ensure the work could be done on time. As more smart cities and even MPs and MLAs began placing orders, Garuda started gaining nationwide recognition. Around the same time in 2020, another opportunity came their way, locust attacks in Uttar Pradesh and Rajasthan. The company's agricultural drones were used to help tackle the crisis, proving how useful the technology could be. These events opened up steady revenue opportunities for Garuda Aerospace, which until then was a bootstrapped startup trying to survive. How Garuda took flight Garuda Aerospace's fortunes took a major turn when Elon Musk liked a tweet by Agnishwar Jayaprakash. That one small moment caught the attention of UK-based investor Silver Swan Investments, which led to the company getting its first funding of USD 1 million. As people started to understand more ways to use drones, new orders came in, from the Survey of India for mapping, and from companies to detect faults in wind turbines. From being almost bankrupt in early 2020, Garuda grew rapidly and reached a turnover of Rs. 15 crore by 2021–22. Around this time, the central government also began supporting the drone sector. It made policies easier and even simplified financing for buying agricultural drones. Garuda went on to form partnerships with big global names like Lockheed Martin, Canada CDL Systems, Elbit Systems, and Hindustan Aeronautics Limited (HAL). A major boost came when MS Dhoni, one of India's most loved cricketers, joined as both the brand ambassador and a co-investor. This made Garuda extremely popular, especially in rural India, and helped the company soar to new heights. Started getting support from all sides In the financial year 2022–23, Garuda Aerospace raised nearly Rs. 20 crore from investors, which took the company's valuation to Rs. 800 crore. That year, the company closed with a turnover of Rs. 47 crore. In the very next year, this figure jumped to Rs. 110 crore. Agnishwar Jayaprakash chose not to join his father's established business, but to carve out his own path. He built a company that today is worth more than his father's 25-year-old business group.
Business Times
18-07-2025
- Business
- Business Times
Garuda new 737 plane's higher rent may strain finances further
[JAKARTA] Garuda is paying twice as much to lease its latest Boeing 737 Max jet than it does for the older 737 planes in its fleet, another potential blow to its finances as it tries to return to profitability. The struggling Indonesian airline is paying around US$400,000 per month for the 737 Max 8 it has leased from BOC Aviation, according to people familiar with the matter. The state-owned carrier pays on average US$200,000 a month for its existing older Boeing 737-800 fleet, the people said, asking not to be identified discussing details that are private. BOC Aviation declined to comment. Representatives for Garuda didn't respond to a request for comment. Garuda, which is now owned by Indonesia's sovereign wealth fund Danantara, reported a full year loss in 2024 for the first time since restructuring nearly US$10 billion of debt in 2022. While the new Max 8 offers better fuel economy than the older planes, it's not clear whether the savings would be enough to compensate for the higher leasing costs. Outside of the difference in the age of the airframe, the doubling of the lease cost can in large part be attributed to the discounted rental prices that Garuda managed to get from its lessors during those debt restructuring negotiations. Danantara extended a US$405 million loan to Garuda just days before the airline agreed to lease the additional 737 Max. On Friday, the plane was en-route to Indonesia, according to data from flight tracking website FlightRadar24. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Garuda is already having trouble keeping its existing fleet in the air, with about 10 per cent of its planes grounded as recently as May as it struggled to make maintenance payments. Nearly 16 per cent of revenue in 2024 was for maintenance and repairs, the highest ratio among flag carriers globally, data compiled by Bloomberg show. Garuda could receive US$800 million to US$1.2 billion more from Danantara to assist with payments to maintenance and leasing companies, Bloomberg reported earlier this week, citing people familiar with the matter. Further pressure on the airline may come as it has to take new aircraft after Indonesian President Prabowo Subianto reached a trade deal with US leader Donald Trump that included the purchase of 50 Boeing aircraft. That could force Garuda to agree to a deal under terms it doesn't necessarily favour and with jets it doesn't actually need. Trump announced in a social media post on Tuesday that Indonesia will order 50 aircraft, including 'many' of Boeing's larger 777 planes, without disclosing a buyer. Garuda chief executive officer Wamildan Tsani Panjaitan has previously said he's in talks to buy 50 to 75 Boeing aircraft, including 737 Max and 787-9 Dreamliner models. BLOOMBERG
Bloomberg
18-07-2025
- Business
- Bloomberg
Garuda New 737 Plane's Higher Rent May Strain Finances Further
Garuda is paying twice as much to lease its latest Boeing Co. 737 Max jet than it does for the older 737 planes in its fleet, another potential blow to its finances as it tries to return to profitability. The struggling Indonesian airline is paying around $400,000 per month for the 737 Max 8 it has leased from BOC Aviation Ltd., according to people familiar with the matter. The state-owned carrier pays on average $200,000 a month for its existing older Boeing 737-800 fleet, the people said, asking not to be identified discussing details that are private.
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Business Standard
18-07-2025
- Business
- Business Standard
Garuda Construction shares fly 20%, hit record on stellar Q1 nos; details
Garuda Construction and Engineering share price: Garuda Construction and Engineering share price was buzzing in trade on the last trading day of the week i.e. Friday, July 18, 2025, with the scrip skyrocketing 19.87 per cent to hit a fresh all-time high (record high) of ₹179.80 per share. Around 1:10 PM, Garuda Construction share price continued to trade near record high levels, up 18.7 per cent at ₹178.05. By comparison, BSE Sensex was trading 0.74 per cent lower at 81,649.63 levels. What sparked the northward rally in Garuda Construction share price? Garuda Construction shares rose after the company posted stellar results in the June quarter of financial year 2026 (Q1FY26). The company's profit more than tripled, or jumped 224 per cent year-on-year (Y-o-Y) to ₹28 crore in Q1FY26, from ₹9 crore in Q1FY25. Its revenue from operations climbed 256 per cent Y-o-Y to ₹125.2 crore in the June quarter of FY26, from ₹35.1 crore in the June quarter of FY25. At the operating front, earnings before interest, tax, depreciation and amortisation (Ebitda) soared 212.4 per cent annually to ₹36.4 crore in Q1FY26, as against ₹11.7 crore in the same quarter previous fiscal year. Ebitda margin, however, squeezed to 29.1 per cent in Q1FY26, from 33.2 per cent in the same quarter last year (Q1FY25). Garuda Construction IPO listing Garuda Construction and Engineering made a strong debut on the stock exchanges on Tuesday, with its shares listing at ₹103.20 on the BSE, marking an 8.63 per cent premium over the IPO issue price of ₹95. On the NSE, the stock opened even higher at ₹105, reflecting a 10.52 per cent gain from its issue price. About Garuda Construction Garuda Construction and Engineering Limited, established in 2010 and headquartered in Mumbai, is an emerging player in India's civil construction sector. The company engages in end-to-end construction solutions for residential, commercial, infrastructure, and industrial projects. Its service offerings span the entire project lifecycle – from planning, design, and engineering to resource mobilisation, execution, and final delivery. In addition to core construction, Garuda also provides value-added services such as operations and maintenance (O&M), mechanical, electrical, and plumbing (MEP) works, and finishing services. With a strong focus on quality, safety, and on-time project delivery, Garuda has built a solid track record across diverse projects, including hotels, residential complexes, and public infrastructure such as the Delhi Police Headquarters.
