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The contract was awarded by the Instrument Research & Development Establishment (IRDE), a government-owned research and development laboratory under the Ministry of Defence, Government of India.
The contract is for supplying optronic periscopes, including installation support, for Integrated Combat System (ICS).
The contract is worth approximately Rs 53 crore. The contract will be executed in two phases, with partial delivery in FY24 and balance delivery by FY25 or earlier.
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 on March 2023, the Government of India held 58.94% in the company.
The company's consolidated net profit rose 4.5% to Rs 10.76 crore on 6.3% increase in sales to Rs 65.10 crore in Q4 FY23 over Q4 FY22.
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