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A leading defence player sees its stock climb sharply after obtaining a license to produce advanced Light Machine Guns with an annual capacity of 6,000 units.

Paras Defence and Space Technologies has won an order valued at approximately Rs 42.05 crore (plus taxes) from the Opto Electronics Factory (OLF), a unit of India Optel Ltd. under the Ministry of Defence.

Shares of this company have given about 20 per cent returns in the last six months.

Paras Defence and Space Technologies Limited announced the incorporation of a new subsidiary, Mechtech Thermal Private Limited. The proposed subsidiary will focus on the design, development, and validation of thermal products tailored for the Aviation, Defence, and Space industries, along with allied sectors.

The Company offers survey and mapping, asset inspection, surveillance, monitoring, precision agriculture, and other related services. Drone Destination operates in India. The net sales skyrocketed by 371.48 per cent to Rs 12.07 crore and net profit skyrocketed by 1,061.90 per cent to Rs 2.44 crore in FY23 compared to FY22.

The company reported positive numbers in its quarterly results and annual results. The net sales increased by 6.56 per cent to Rs 65 crore and net profit increased by 20 per cent to Rs 12 crore in Q4FY23 over Q4FY22. The net sales increased by 21.31 per cent to Rs 222 crore and net profit increased by 33.33 per cent to Rs 36 crore in FY23 over FY22.

The company has 3-year sales growth of 14 per cent (CAGR) and profit growth of 22 per cent (CAGR) for the last 3 years.  

The company has 3-year sales growth of 14 per cent (CAGR) and profit growth of 22 per cent (CAGR) for the last 3 years.

The stock is up by 12.49 per cent in just one month.

BSE Smallcap index recorded gains of 0.24 per cent to close at 24,965.24.