Paras Defence and Space Technologies Ltd. on Monday announced that it bagged an order worth Rs 64 crore for an avionics suite for Saras MK-2 aircraft from the Council of Scientific and Industrial Research (CSIR)- National Aerospace Laboratories (NAL), Bengaluru.

Share Market Live

NSE

The contract was awarded on March 18.

The avionics suite for the Saras MK-2 aircraft will be delivered in the next financial year. Saras is the first Indian multi-purpose civilian aircraft in the light transport aircraft category designed by the CSIR-NAL.

The avionics suite of the Saras MK–2 aircraft is a complete glass cockpit of the aircraft comprising all the equipment pertaining to control, monitoring, communication, navigation, weather and anti-collision systems along with an auto-pilot system.

Paras Defence and Space Technologies offers high-precision products and turnkey solutions to the defence and space sector.

Last week, Paras Defence announced that it has signed a memorandum of understanding (MoU) with Israel-based Precision Technologies Ltd. (CONTROP). The pact was signed to expand both the companies in the defence sector in India and overseas markets.

In February, Paras Defence collaborated with Yantra India, under the Ministry of Defence, during Aero India 2023 in Bengaluru to jointly address the requirements of Indian Defence Forces and export markets.

In the December quarter, the company posted revenue growth of around 40 percent compared to the same period last year while net profit surged 28 percent.

Shares of Paras Defence and Space Technologies Ltd. are trading 2.04 percent lower at Rs 475.25.

(Edited by : Rukmani Krishna)