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Paras Defence signs MoU with Israel's HevenDrones to form JV for defence logistics dronesShares of Paras Defence and Space Technologies Ltd ended at ₹1,375.70, up by ₹27.90, or 2.07%, on the BSE.By Jomy Jos Pullokaran   May 5, 2025, 9:14:53 PM IST (Published)2 Min ReadDefence engineering company, Paras Defence and Space Technologies Ltd, on Monday (May 5) announced that it has signed a Memorandum of Understanding (MoU) with Israel-based HevenDrones Ltd to explore opportunities in the defence and civil drone markets.

"We are pleased to inform you that Paras Defence and Space Technologies Limited (‘PARAS’) has entered into an MOU (Memorandum of Understanding) on May 05, 2025 with Hevendrones Ltd., (‘HD’), Israel with an intent to create new opportunities and expand both parties' business in the Indian and Global Defence sector," Paras Defence said in a regulatory filing.

As part of the agreement, both companies intend to establish a Joint Venture (JV) in India aimed at developing and manufacturing logistics and cargo drones. The partnership will align with the Government of India’s Make in India initiative and seeks to serve both domestic and global markets.

Also Read: Paras Defence expects order book to cross ₹1,000 crore soon, eyes ₹1,500 crore in near term

For the fourth quarter, Paras Defence reported a 97% jump in its net profit to ₹19.7 crore from the ₹10 crore bottom line it reported during the same quarter last year. Revenue for the company went up by 35.8% from the year-ago period to ₹108.2 crore. Topline for last year's quarter stood at ₹79.7 crore.

Paras Defence's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at ₹28.3 crore from ₹3.4 crore last year, while margins expanded by nearly 10 percentage points to 26.2% from 15.6% last year.

Additionally, the company's board has also approved splitting one equity share, which currently carries a face value of ₹10 each, into two equity shares of ₹5 each. The record date for the stock split will be informed in due course.

Also Read: Paras Defence to make key tech for India’s first homegrown MRI machine

Shares of Paras Defence and Space Technologies Ltd ended at ₹1,375.70, up by ₹27.90, or 2.07%, on the BSE.Continue ReadingCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsParas Defence and Space Technologiesshare market today