The solar pump market in India is experiencing significant growth, driven by government initiatives and increasing demand for sustainable agricultural practices.
The Indian government has set ambitious targets under the PM KUSUM scheme, aiming to install millions of solar-powered pumps to enhance irrigation and reduce dependency on conventional power sources.
Listed below is one such penny stock that is involved in Solar Pump Technology:
Ishan International Ltd
With a market capitalization of Rs. 58.4 crores, the shares of the engineering company started Thursday’s trading session on a lower note at Rs. 2.70, locking a lower circuit compared to its previous close of Rs. 2.80 apiece.
Coming onto the company’s financial statements, the revenue zoomed by 134 percent from Rs. 9.01 crores in H1FY24 to Rs. 21.12 crores in H2FY24. In addition, the net profits magnified by 2,700 percent from Rs. 2 lakhs to Rs. 56 lakhs during the same timeframe.
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In terms of key financial metrics, the company reported a Return on Equity (RoE) of 2.17 percent and a return on capital employed (RoCE) of 5.22 percent for the period spanning FY22-23. Additionally, the company has a low debt-to-equity ratio of 0.20 percent which means it has not relied much on debt to fund its operation.
Earlier, Ishan International Ltd secured a substantial Rs 150 crore order from the Maharashtra government under the PM-KUSUM scheme.
This project will see the installation of over 5,000 solar-powered agricultural pumps throughout the state, supporting sustainable energy solutions for farmers. It is anticipated to boost the company’s annual turnover by an additional Rs 180 million.
Additionally, On July 27, 2024, Ishan International Limited and Rite Water Solutions (India) Private Limited held a significant event in Chandwad Taluka to celebrate the commissioning of the first two solar-powered pumps under the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) scheme.
Furthermore, on 12th August Ishan International Limited signed a subcontract with Rite Water Solutions (India) Private Limited for the supply, installation, commissioning, and maintenance of agricultural submersible pumps under the popular Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan Yojna (PM-KUSUM YOJNA).
The first batch of 20 solar-powered submersible pumps is currently being installed in Chandwad and Niphad Talukas of Nashik District, Maharashtra.
Incorporated in 1995, Ishan International Limited is engaged in contracting and building projects that focus on supplying machines, erection/installation, commissioning, and operational training for sugar plants, jaggery plants, pharmaceutical plants, hydropower plants, and pollution control systems.
Written By Vaibhav Patil
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