Paras Defence Wins Contract Worth Rs 64 Cr

Paras Defence and Space Technologies on Tuesday said it won a contract for avionics suite for Saras MK - 2 aircraft from the Council of Scientific and Industrial Research - National Aerospace Laboratories (CSIR - NAL), Bengaluru, totalling to Rs 64 crore for which deliveries are to be done in financial 2023-24 (FY24).

Saras is the first Indian multi-purpose civilian aircraft in the light transport aircraft category as designed by the CSIR-NAL, according to a statement released by Paras Defence and Space Technologies on Tuesday.

Avionics suite of Saras MK - 2 Aircraft is the complete glass cockpit of the aircraft, including all the equipment related to control, monitoring, communication, navigation, weather and anti-collision systems along with an auto-pilot system.

Shares of Paras Defence and Space were last trading on BSE at Rs 479 apiece on Tuesday afternoon.

Paras Defence and Space Technologies on 14 March entered into a memorandum of understanding with CONTROP Precision Technologies of Israel with the intent to create new opportunities and expand both parties' business in the Indian and global defence sectors. The parties involved in MoU intend to form a joint venture company (JV) in India for manufacturing electro-optic systems for various applications, all in accordance with the government of India's Make in India initiative, the firm said.

Paras Defence reported revenue growth of around 40 per cent for the quarter that ended December 2022, as compared to the same period a year ago, while net profit surged 28 per cent. (ANI)