In the last one year, Paras Defence stock has delivered handsome returns of around 84 percent, compared to 24 percent rise in benchmark Nifty 50.
On Monday, the stock hit a 52-week high of Rs 928 on the National Stock Exchange (NSE).
Story continues below Advertisement Remove AdParas Defence and Space Technologies offers high-precision products and turnkey solutions to the defense and space sector, operating in three main verticals defence and space optics, defence electronics solutions, and heavy engineering.
Follow our market blog to catch all the live actionOn a year-on-year (YoY) basis, however, Paras Defence's net profit declined.
Story continues below Advertisement Remove AdAlso Read | Paras Defence Standalone March 2024 Net Sales at Rs 65.12 crore, up 12.18% YoYAt 12:04 pm, Paras Defence shares were trading nearly 6 percent higher at Rs 909.80 apiece on NSE.
In the last one year, Paras Defence stock has delivered handsome returns of around 84 percent, compared to 24 percent rise in benchmark Nifty 50.
Shares of Paras Defence and Space Technologies witnessed a surprising uptick of over 8 percent on May 27 after the company's consolidated net profit jumped 63.82 percent to Rs 96 crore in Q4FY24 as compared with Rs 58.6 crore in the previous quarter.
Its revenue from operations increased by 24.17 percent QoQ to Rs 79.69 crore in the under review. On Monday, the stock hit a 52-week high of Rs 928 on the National Stock Exchange (NSE).
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Paras Defence and Space Technologies offers high-precision products and turnkey solutions to the defense and space sector, operating in three main verticals defence and space optics, defence electronics solutions, and heavy engineering. As of March 31, the Government of India held a 58.94 percent stake in the company.
Follow our market blog to catch all the live action
On a year-on-year (YoY) basis, however, Paras Defence's net profit declined. The company reported decline of 7.34 percent year-on-year in net profit for the quarter at Rs 9.97 crore. Its net sales saw a surge of 22.41 percent YoY to Rs 79.69 crore.
The FY24's financials painted a more subdued picture for Paras Defence, with net profit declining by 11.12 percent YoY to Rs 32.06 crore, down from Rs 36.07 crore in FY23
On the positive side, sales for FY24 increased by 13.97 percent, climbing to Rs 253.50 crore. Despite the disappointing YoY figures, investors seemed optimistic about Paras Defence's future prospects, driving a surge in the company's share prices.
Analysts attributed this unexpected market response to various factors, including the company's robust sales growth and potential for long-term expansion in the defence and space technology sectors.
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Also Read | Paras Defence Standalone March 2024 Net Sales at Rs 65.12 crore, up 12.18% YoY
At 12:04 pm, Paras Defence shares were trading nearly 6 percent higher at Rs 909.80 apiece on NSE. So far in the day, a total of 64 lakh shares of the company changed hands on BSE and NSE combined compared to 1-week and 1-month average trading volume of 26 lakh and 8 lakh equity shares, respectively.
In the last one year, the stock has delivered handsome returns of around 84 percent, compared to 24 percent rise in benchmark Nifty 50.
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