Shakti Pumps Announces Financial Results for Quarter and Half Year Ended 30 September, 2023
Expect Business Upturn in H2FY24 as orders starts flowing-in under PM KUSUM III Scheme.
November 04, 2023. By News Bureau
Shakti Pumps (India) Limited, a manufacturer of stainless-steel submersible pumps, pressure booster pumps, pump-motors, controllers, and inverters among other products announced the financial results for the quarter and half year ended 30th September 2023.
Shakti Pumps (India) Limited Chairman, Dinesh Patidar, commented on the performance, “We are delighted to report that this has been a breakthrough quarter for the company as we started receiving orders under the PM KUSUM III Scheme.
Under Component B of the scheme, we received two orders for 17,781 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) amounting to Rs. 651.0 Crores cumulatively (from Haryana Renewable Energy Department and Department of Agriculture, UP). Along with that we have received one Letter of Empanelment for 50,000 SPWPS pumps amounting to Rs. 1,603.0 Crores (from Maharashtra State Electricity Distribution Company Limited) for Component B, for which we expect to start receiving orders in the upcoming quarters.
To add to this, we also received our first order under Component C (from Ajmer Vidyut Vitran Nigam Limited) for implementation of 3,011 Grid Connected Solar Water Pumping Systems for Rs. 149.7 Crores. We have already commenced work on some of these orders and will ensure to execute these in desired timeline.
Furthermore, in line with our continued focus on technology, we have been granted 4 new patents, taking the total to 7 patents received, out of the 29 total patents we have applied for. This showcases our technological prowess which provides us an edge in the industry.
Out of these 4 new patents, one pertains to our innovation in the EV space where our subsidiary Shakti EV Mobility Pvt. Ltd. has also been making progress. The Company Board has approved an investment of Rs. 114.29 Crores over the next five years in this subsidiary, as we anticipate the EV industry to flourish in the next few years.
Going forward the current influx of orders is projected to drive a business upturn in H2FY24. Additionally, the inflow of orders from several other states will further support this trend. With these encouraging developments, we hold a strong belief in delivering strong performances in the future.”
Revenue in Q2FY24 at Rs. 1,528 Million and at Rs. 2,658 Million in H1FY24. Exports segment continues its steady growth, up by 12.7% YoY in Q2FY24 at Rs 699 Million. In H1FY24, Exports Revenue grew by 31.1% YoY to Rs. 1,346 Million. EBITDA at Rs. 152 million in Q2FY24, up by 22.2% YoY, with an EBITDA margin of 10.0%, expanded by 420 bps. PAT in Q2FY24 increased to Rs. 59 Million from Rs. 19 Million, registering a growth of 208.5% YoY Other Highlights: SPIL has received 4 new patents from Government of India until October 2023.
This takes the total number of patents granted to 7, with another 22 patent applications pending. SPIL Board has approved to make investments of Rs. 114.29 Crores in Shakti EV Mobility Private Limited (formerly known as Shakti Green Industries Private Limited), in one of more tranches, over the next five years. Prior to this, SPIL has invested Rs. 13.76 Crores in the subsidiary over multiple tranches. Shakti EV Mobility Private Limited is in the business of manufacturing of EV Chargers, EV Motors, and controllers.
SPIL has received further renewal of the Recognition of In-House R&D Unit(s) from Department of Scientific and Industrial Research until 31 March 2026. The company has received this recognition in 2018 which was valid till 31 March 2020, which got renewed till 31 March 2023
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