Paras Defence and Space Technologies Ltd shares gained 2.6 percent in Monday’s session. The shares rose after the company signed a Rs 42-crore deal with IFFCO Nano Fertilisers for 400 agri-drones.
As per exchange filings, The company received a contract to manufacture 400 units of Agri-Drones for IFFCO Nano Fertilisers, including a two-year annual maintenance contract (AMC), for a total of about Rs. 42.4 crores to deliver drones by March 31, 2024.
The order breakdown, which includes delivery of Drones and their accessories is about Rs. 34.7 Crores, and the value of AMC for two years is approximately Rs. 7.7 Crores, for a total of approximately Rs. 42.4 Crores. At 12:10 pm, the shares of Paras Defence and Space Technologies quoted Rs 621.80, up 1.39 percent on NSE.
Paras Defence and Space Technologies designs, develops, manufactures, and tests a wide range of defence electronics and space application products.
The ace investor Mukul Agrawal holds 4,35,000 shares in the firm as of the March 2023 quarter, equivalent to 1.12 percent.
The Company signed a memorandum of understanding (MoU) with Israel-based Precision Technologies Ltd. (CONTROP) in March 2023. To establish a joint venture (JV) in India to manufacture electro-optic systems for diverse uses, all in adherence with the government’s Make in India agenda.
In the last month, the company’s share price increased from Rs 570.05 to current levels, giving returns of 9.11 percent.
The company has an order book of more than Rs 550 crore, and it expects to surpass Rs 100 crore in the drone market.
From Rs 180 crore in FY 21-22 to Rs 214 crore in FY 22-23, revenue increased by 19 percent year over year. The net profit rose from Rs 26 crore to Rs 35 crore within the specified time frame, a 34 percent rise.
Promoters possess 58.94 percent of the company’s shares as of FY 22-23, while retail investors hold 37.95 percent.
Written by Omkar Chitnis
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