In an exchange filing made before market hours today, the company said that Paras Aerospace has received the contract for procurement of 400 units of Agri-Drones for IFFCO Nano Fertilisers, including two years AMC, totaling to approximately Rs 42.4 crore.

Offering further details on the same, the company informed that the value of deliveries including drones, accessories & spares is approximately Rs 34.7 crore and value of AMC for two years is approximately Rs 7.7 crore.

Paras Aerospace has to deliver the said agri-drones by 31 March 2024.

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.