Shares of Paras Defence and Space Technologies Ltd rose 1% to hit a day’s high of Rs 723.70 on 25th November, after the company announced on Monday (24th November) that it has signed a memorandum of understanding with the Inter-University Accelerator Centre (IUAC), New Delhi, to develop commercial-grade MRI magnet systems in India jointly.

The IUAC is an autonomous institute under the University Grants Commission. It is part of the Ministry of Education and focuses on particle-accelerator research and development.

Under the new partnership, Paras Defence and IUAC will combine their technical strengths. They aim to develop superconducting MRI magnet technology in India. The company said this aligns with the Aatmanirbhar Bharat initiative, which encourages domestic manufacturing and self-reliance.

Paras Defence Second Quarter Results

The company delivered a strong performance in Q2, reporting a net profit of Rs 21 crore. This was a 50% YoY increase from Rs 14 crore in the prior year.

Revenue rose 21.8% YoY to Rs 106 crore. This was supported by steady execution across its optics, defence electronics, and space engineering divisions.

EBITDA climbed 32% to Rs 30 crore from Rs 22.7 crore a year ago. Meanwhile, the EBITDA margin improved to 28.3% from 26.1%, reflecting stronger profitability.

At 2:27 PM, shares of Paras Defence were trading 0.65% higher at Rs 713.50 on NSE.

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