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Shakti Pumps Announces Financial Results for Q3 & 9M FY24

Shakti Pumps (India) Limited announced the financial results for the quarter and nine months ended 31st December 2023.

January 31, 2024. By News Bureau

Shakti Pumps (India) Limited announced the financial results for the quarter and nine months ended 31st December 2023.

Shakti Pumps (India) Limited Chairman, Dinesh Patidar, commented on the performance, “Q3FY24 has been a breakthrough quarter for the company, as we recorded the highest ever numbers, both in terms of revenue and profitability. This robust performance is attributed to our strong order book, which we have secured over the last 6 months from the state of Haryana, Uttar Pradesh, Rajasthan, and Maharashtra (LOE).

Notably, in December 2023, we received a new order for 6,408 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) amounting to INR 258.0 Crores from Haryana Renewable Energy Department. As on date, we have approximately INR 2,250 crs worth of orders to be executed over the next 21 months, ensuring a sustained and strong growth momentum in the future.  

We wish to emphasize that our primary focus continues to be on research and development, with a commitment to being recognized as a technology-driven company. The acquisition of four new patents brings our total secured patents to 11 out of the 29 filed. This affirmation not only validates our technological prowess but also instils confidence as we venture into the newly added Electric Vehicle (EV) segment within our portfolio. We are strategically planning for a capacity of 200,000 for motors and controllers catering to the EV sector.  

PM KUSUM scheme, led by the government has big potential, as it is estimated that there are over 20 lakh solar pumps to be installed under Component B (Off grid pumps) till FY28. Additionally, under Component C (on grid pumps) we have 15 lakh solar pumps to be installed. With an average minimum rate of around INR 3 lakh per pump, the total opportunity in this regard amounts to around Rs 1,050 billion. As a market leader in the industry, SPIL is poised for substantial growth in the upcoming years.

Our journey has been substantial, and it's attributed to our robust team, cutting-edge manufacturing facilities, and research and development capabilities. We will always remain committed to our stakeholders, and we strive to continually create value for them.  

Anticipating a surge in orders, we foresee a positive impact on our business performance. With these encouraging advancements, we have confidence in consistently delivering strong results in the times ahead.”
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