In a regulatory filing made during market hours today, the company announced that Yantra India (YIL), (formerly a part of Ordnance Factory Board), a Government of India Enterprise under Ministry of Defence, has entered into ‘memorandum of understanding' (MoU) with Paras Defence and Space Technologies during the ongoing Aero India 2023 at Bangalore, to establish a framework for cooperation between YIL and Paras Defence to jointly address the requirements of Indian Defence Forces and export markets.

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.

The company's consolidated net profit rose 27.25% to Rs 9.76 crore on a 31.09% increase in sales to Rs 60.88 crore in Q3 FY23 over Q3 FY22.

The scrip rose 0.29% to currently trade at Rs 499.85 on the BSE.