Paras Defence and Space Technologies, one of India's leading defence equipment and space technology company, has set its major focus on the domestic market as it sees the opportunities in India are on a rise.

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In an exclusive interview with CNBC-TV18, Amit Mahajan, Director-Technical and R&D at Paras Defence and Space Technologies, shed light on the company's current strategic direction and projected growth.

Mahajan emphasised that the company's immediate priorities lie within the borders of India. This decision reflects a strategic realignment of resources and efforts to tap into the immense opportunities that the domestic market currently presents.

“The export percentage is anything between 10 and 20 percent. It varies from year-to-year. The company’s focus is on exports as of now. The reason being the domestic market is so buzzing and so full of opportunities, I cannot see a need for us to step up and do exports,” he said.

The Indian defense and space technology firm, known for its cutting-edge innovations, has made a deliberate shift in focus towards the domestic market.

One of the key factors fueling Paras Defence & Space Technologies’ confidence in the Indian market is its impressive order book, which has surpassed a staggering value of Rs 550 crore. Mahajan expressed optimism that this figure will continue to grow in the upcoming quarter, bolstering the company's prospects further.

Projections for the financial year 2024 (FY24) indicate an exceptional leap in revenue growth for Paras Defence and Space Technologies. Mahajan anticipates a remarkable 40 to 50 percent surge in revenue, doubling the growth rate achieved in the previous fiscal year (FY23), which stood at 20 percent.

This optimistic outlook for FY24 is underpinned by the company's substantial order book. The size and nature of the orders received provide a solid foundation for the projected revenue surge. The combination of existing orders and the expected influx of new ones positions Paras Defence and Space Technologies for accelerated growth in the coming year.

By focusing on the domestic market, the company aims to strengthen its position as a leading player in India's burgeoning defense and space industries.

With a robust order book and a renewed focus on the domestic market, Paras Defence & Space Technologies is poised for a remarkable period of growth and success. Their visionary approach, coupled with their commitment to technological advancement, positions them as a key player in India's defense and space sectors.

In a strategic move aligned with the Make in India initiative, Paras Defence & Space Tech has recently entered into a joint venture agreement with CONTROP Precision Technologies. This partnership aims to establish a robust manufacturing, installation, and support framework in the field of electro-optic infra-red technology.

Under the terms of the agreement, Paras Defence & Space Tech will hold a 30 percent stake in the joint venture, while CONTROP will possess the remaining 70 percent.

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(Edited by : C H Unnikrishnan)