Paras Defence and Technologies on Monday reported a stellar set of earnings for the quarter ended June 2024. Net profit climbed 147.5% to Rs 14.85 crore in Q1 against Rs 6 crore profit in the June 2023 quarter. Revenue climbed 73% to Rs 83.57 crore in the June 2024 quarter against Rs 48.32 crore in the corresponding quarter of the previous fiscal.
However, total expenses rose 56.33% to Rs 64.63 crore in the June quarter against expenses of Rs 41.34 crore in the corresponding quarter of the previous fiscal.
Paras Defence stock climbed 5% to Rs 1314.40 against the previous close of Rs 1251.85 on BSE. Market cap of the firm rose to Rs 5085.80.
Total 0.49 lakh shares of the firm changed hands amounting to a turnover of Rs 5.94 crore. The stock fell to a 52-week low of Rs 605 on August 8 last year and touched a 52 week high of Rs 1592.75 on July 5, 2024.
Paras Defence stock has a beta of 1.1, indicating high volatility in year.
Paras Defence stock is trading neither in the overbought nor in the oversold zone, signals its relative strength index (RSI) which stands at 43.1. Paras Defence shares are trading higher than the 5 day, 10 day, 50 day, 100 day and 200 day but lower than the 20 day and 30 day moving averages.
Paras Defence is engaged in designing, developing, manufacturing, and testing a wide range of defence and space engineering products and solutions. Paras Defence's business is highly dependent on projects and programmes that are undertaken by the central government and associated entities, such as defence public sector undertakings and government organisations involved in space research.