Paras Defence and Space Technologies Ltd.'s board of directors have approved the incorporation of a subsidiary that will develop thermal products for aviation, defence and space, and allied industries.
Mechtech Thermal Pvt. will use advanced nano technology, power metallurgy, diffusion-bonding techniques to optimise the space and weight to meet the advanced thermal solutions, according to an exchange filing on Wednesday.
CapitalÂ
The proposed authorised and paid-up capital of the subsidiary will stand at Rs 10 lakh and will be divided into 1 lakh equity shares of Rs 10 each.
Paras Defence will hold 70% of the equity shares in the proposed subsidiary and will subscribe to 70,000 equity shares for cash consideration of Rs 7 lakh.
Company Performance
In the second quarter, Paras Defence's net profit grew 7.7% to Rs 8.8 crore, while revenue rose 10% to Rs 61.3 crore. Ebitda increased 10% as it maintained its margin on a yearly basis.
The company considers space programmes, quantum technology and airborne electro-optical/infrared systems as future opportunity areas of growth.
Shares of the company have rallied 32% in the past month and 17% in the past year. The stock was trading 1.15% higher at Rs 739.15 apiece on the NSE compared to a 1.17% advance in the benchmark Nifty 50 as of 9.55 a.m.
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