Shares of Paras Defence and Space Technologies shot up sharply after the company posted its earnings for the quarter ended June on Monday afternoon.

What Happened: The defence contractor’s consolidated net profit for the June quarter came in at ₹14.85 crore, more than double the ₹6 crore profit it booked in the same quarter last year. Revenue from operations for the quarter stood at ₹83.57 crore, up 73% from the ₹48.3 crore posted in the same quarter of the previous year.

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The optics and optronic systems segment’s revenue surged 101% to ₹38.57 crore, compared to the ₹19.14 crore reported in the year-ago period. The defence engineering segment’s revenue went up to ₹45 crore, compared to ₹29 crore reported in the first quarter of FY23.

Shares of the firm that were trailing in the red on Monday along with other Defence stocks, shot up as soon as the results came out.

Price Action: Paras’ share price was up 3.58% to trade at ₹1,295 in the late hours of trading on Monday.

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