Paras Defence and Space Technologies zooms 9% on MoU with Government of Maharashtra

Paras Defence and Space Technologies has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, India, for the proposed Optics Park Project in Navi Mumbai. This prestigious Optics Park Project is set to commence in 2028.

Upon allocation of land and requisite subsidies by the Government of Maharashtra, the Company proposes to invest around ₹12,000 crore in the Optics Park over a period of 10 years. The Optics Park is expected to generate around 2000 direct employment opportunities and has the potential to become India’s first Technology Hub for Optics and Optical Technologies.

The Government of Maharashtra will facilitate the Company's obtaining necessary permissions/registrations/approvals/clearances/ fiscal incentives, etc., from the concerned departments of the State, as per the existing policies/rules and regulations of the Government of Maharashtra for the proposed Optics Park in Navi Mumbai, Maharashtra.

In Q2FY25, the revenue surged to ₹87 crore, up 42% for the September 2024 quarter as against Rs. 61 crore during the corresponding quarter last year. Profit for the quarter ended September 2024 rose by 44.7% to ₹12.1 crore from ₹8.9 crore. EBITDA for the quarter also rose 46.6% YoY to ₹22.7 crore compared to ₹15.5 crore, and the EBITDA margin expanded from 25.3% to 26.1% in Q3FY25.

Paras Defence and Space Technologies is primarily engaged in the designing, developing, manufacturing, and testing of various defence and space engineering products and solutions.