Paras Defence shares rally 8% to hit 52-week high after Q4 results

Paras Defence and Space Technologies Ltd shares rallied 8% to a new 52-week high of ₹928 per piece on Monday, May 27, following the company’s healthy financial results for the quarter ended March 2024.

The defence and space sector major reported a consolidated net profit of ₹9.6 crore for the quarter ending on March 31, 2024, marking a significant uptick of 63.82% on a quarter-on-quarter (QoQ) basis from ₹5.86 crore in the preceding quarter.

The company’s revenue from operations also grew 24.2% on a QoQ basis to ₹79.69 crore as compared to ₹64.2 crore in the December 2023 quarter.

On a year-on-year basis too, Paras Defence and Space Tech’s total income jumped by 29.33% to ₹85.17 crore in the final quarter of the financial year 2024 as opposed to ₹65.85 crore witnessed in the same period last year. However, the company’s net profit dropped nearly 19% YoY compared to ₹11.85 crore in the year-ago period.

The company’s net sales for the full year (FY24) improved by 13.5% to ₹261.77 crore from ₹230.65 crore in the previous fiscal year. However, the firm’s net profit did not show a similar pattern, as the figure dropped by 16.5% to ₹30.03 crore in FY24 as compared to ₹35.95 crore seen in the preceding year.

Further, the company’s profit before tax rose sharply by 45% sequentially to ₹12.11 crore in Q4 FY24 as compared to ₹8.36 crore in the October to December quarter of 2023. On a YoY basis, on the other hand, the figure dropped marginally by 6% from ₹12.87 crore in the corresponding period of last year.

Paras Defence and Space Technologies shares closed at ₹899 apiece, up 4.64%, on the NSE.

Paras Defence and Space Technologies shares have gained 18.7% and over 79% in the past year. On a year-to-date (YTD) basis, the defence stock has jumped 24.73%.