Paras Defence Secures a Rs 80 Crore Order from DRDO; Shares Slump 

Shares of Paras Defence and Space Technologies Ltd were trading in the red and 3% lower on 9 March despite the company announcing a Rs 80.28 crore order from the Defence Research and Development Organization (DRDO) under the Ministry of Defense.

In an exchange filing, the business stated that the deal entails the development of a high-precision optical system for air defense platforms. According to the corporation, the project is expected to be completed within 18 months after receiving the supply order.

Paras Defence emphasized that neither the promoter nor the promoter group has any stake in the awarding entity, and the contract does not constitute related-party activities.

In the December quarter, Paras Defence saw a 21.3% increase in net profit to Rs 18.2 crore from Rs 15 crore the previous year. Revenue climbed by 24% to Rs 106.4 crore from Rs 85.8 crore last year. EBITDA increased by 19% from last year to Rs 26.3 crore. However, margins decreased to 24.7% from 25.8% in the same period last year.

In February, the company joined the semiconductor market through its newly formed subsidiary, Paras Semiconductors Private Ltd.

Paras Defence stated that its new arm will build a cutting-edge, innovative heterogeneous packaging and 3D packaging OSAT (outsourced semiconductor assembly and testing) facility. The planned entity will also concentrate on AI, HPC, networking, and data center applications.

At 1:45 pm, the shares of Paras Defence were trading 3.52% higher at Rs 722.95 on NSE.

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