The shares of the world’s largest pumps and motors manufacturers hit a 20 percent upper circuit of Rs 1,269.95 apiece after the company’s net profit and revenue increased by 309 percent and 57 percent respectively in the third quarter.
With a market capitalization of Rs 2,334.19 crore, the shares of Shakti Pumps (India) Ltd were trading at Rs 1,269.95 per share, increasing around 20.00 percent as compared to the previous closing price of Rs 1,058.30 apiece.
Looking into the company’s Performance, Shakti Pumps (India) Ltd’s revenue increased by 224 percent on a quarter-on-quarter basis from Rs. 153 crores in Q2FY24 to Rs. 496 crores in Q3 FY24. Further, revenue increased by 57 percent year on year from Rs. 314 crores in Q3FY23 to Rs.496 crores in Q3FY24.
Shakti Pumps (India) Ltd’s net profit increased by 650 percent on a quarter-on-quarte basis from Rs.6 crore in Q2FY24 to Rs. 45 crore in Q3FY24. Further, net profit increased by 309 percent yearly from Rs. 11 crore in Q3FY23 to Rs.45 crore in Q3FY24.
The company has got the first order under Component C for 3,011 Grid Connected Solar Water Pumping Systems worth Rs. 149.7 crores. Shakti Pumps has started working on several orders and will fulfill them within the stated time limit.
The company’s focus on technology has resulted in 4 additional patents awarded, bringing the total to 7 out of 29 applied for. Shakti’s technological expertise gives them a competitive advantage in the business.
The firm has a 5,00,000-unit pump manufacturing plant in Pithampur (MP), which is strongly backed by excellent in-house R&D and solid backend support. Shakti Pumps is the only firm that manufactures all of its own components, including Variable Frequency Drives, for solar pump installation.
The company’s new products, including Small Pump Structure and Universal Solar Pump Controller, aim to increase B2C customer share and boost profits.
Shakti Pumps (India) Ltd is primarily involved in the manufacture of pumps and motors of various types. It also provides modern water pumping systems for a wide range of applications, including irrigation, horticulture, home water supply, and commercial and industrial use.
Written by:- Abhishek Singh
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