Shares of Paras Defence and Space Technologies Ltd soared 8% and hit a 52-week high of Rs 928 on 27 May after the company announced its quarterly earnings for January-March. 

In its quarterly earnings, the company reported a 63.82% year-on-year increase in its consolidated net profit to Rs 96 crore for the quarter under review from Rs 58.6 crore reported in the same quarter last year. 

The revenue from operations during the quarter stood at Rs 79.69 crore, marking a 24.17% quarter-on-quarter increase from the same quarter during the previous fiscal year. 

The total expenses during the quarter grew by 37.98% YoY to Rs 73.09 crore, cost of material consumed grew by 93.85% YoY to Rs 40.63 crore, finance cost was up 6.1% YoY at Rs 2.26 crore, and employee benefit expenses grew 33.01% YoY at Rs 8.26 crore. 

Earlier, on 30 January, the company secured an order worth Rs 53 crore from the Ministry of Defence to supply optronic periscopes that have to be completed during the current fiscal year. 

Paras Defence and Space Technologies provides precise products and complete solutions to the defence and space industry. They operate in three primary areas: defence and space optics, defence electronics solutions, and heavy engineering. As of 31 March 2024, the Government of India has a 58.94% stake in the company.

At 2:54 pm, the shares of Paras Defence were trading 4.23% higher at Rs 875.45 on NSE.