Shakti Pumps Q3 Profit Soars 4x to Rs 45 Crore

New Delhi, Jan 29 (PTI) Water pump company Shakti Pumps on Monday posted a fourfold jump in consolidated net profit to Rs 45.20 crore for the October-December quarter, aided by higher revenues.

It had clocked a net profit of Rs 11.20 crore during the October-December period of 2022-23, the company said in a statement.

The company's revenue rose by 57.7 per cent to Rs 495.6 crore from Rs 314.2 crore in the year-ago quarter.

During the nine-month period ending December 2023, Shakti Pump's net profit more than doubled to Rs 52.1 crores from Rs 21.9 crores in April-December 2022.

Its revenues in April-December stood at Rs. 761.5 crore, down over Rs 785 crore in 9MFY23.

"During the period, the company received 4 new patents from Government of India for its innovations. The total number of patents awarded to SPIL is now 11," the statement said.

Shakti Pumps (India) Limited Chairman Dinesh Patidar said during the quarter, the company recorded the highest-ever revenue driven by a strong order book.

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

Shakti Pumps manufactures solar pumps, energy-efficient stainless-steel submersible pumps, pressure booster pumps, pump motors, and other products.

The company has two manufacturing facilities with a combined capacity of 500,000 pumps per year in India.