Agriculture has been close to my heart from childhood.
I have been exposed to water and electricity challenges faced by Indian farmers.
As a result the concern for environment and energy efficiency was always my priority.
The convergence of power electronics solar energy and stainless steel fabricationfinally resulted in an unprecedented breakthrough addressing energy and waterefficiencies.
The last leg of the solution (power electronics) would always provoke me contemplatecutting-edge product development. Shakti Pumps encountered a number of hurdles incommissioning a power electronic design centre in Central India from scratch with no priorexperience.
If there is one feature that pulled Shakti Pumps through it was self-belief. We werecompetently placed in this regard. In our multi-decade journey we had been exposed to anumber of situations when it appeared that our growth prospects had plateaued out. On eachof these occasions we invested deeper in research helping us reinvent our productsredefine our relevance and strengthen our business sustainability. This commitment wasshowcased when the Company intended to extend its product towards power electronics.Rather than merely import the relevant technology the Company embarked on a decisivegame-changing initiative: it established a full-fledged R&D initiative in thecutting-edge area of electronics and control coupled with research collaborations withpremium institutes like IIT Delhi and IISc Bangalore. The commitment was soon validated;the R&D unit was recognised by DSIR Ministry of Science & Technology Governmentof India in 2018.
The effectiveness of the Company's research commitment was soon evident. The Company'smass production facility was commissioned stabilised and scaled. The Company successfullymanufactured more than 10000 units of VFDs around the highest quality and efficiencystandards during the financial year under review. The result is that the indigenisedproduct enhanced the effectiveness of the overall solar pumping solution system on the onehand and reduced imports on the other. The innovative power electronics productsmanufactured by the Company have widened our operational versatility. The Company iscapable of new generations of products addressing diverse applications like off-grid andon-grid solar irrigation solar drinking water supply variable speed motors andindustrial process pumps. Besides all our solutions and products are IoT-enabledgraduating what would have just been another standalone product into an active player inthe larger eco-system. Besides this extension has helped deepen our presence as acustomer-centric organisation committed to systemic environment integritysustainability quality reliability and durability. This commitment to stay ahead of thecurve has strengthened our brand as one of the leaders in the solar pumping sector inIndia and a respected player in several countries comprising USA
Europe Middle East and Africa. This entire exercise of graduating from the mechanicalto the automatic to the electronic has reinforced our respect as a responsive playerdelivering cutting-edge futuristic solutions.
Digital solutions company
The two important words in our positioning are digital' and solutions'.This is probably the first time these words are being used in connection with submersiblepumps anywhere in the world.
The word digital' in our context stands for digital products being used in ourcomprehensive solution that enhance our reliability and convenience. In a worldincreasingly centred round the smartphone connecting a solar submersible pump to ahand-held communication device will make it possible for a farmer to achieve theunthinkable: operate the pump regulate water-flow to the fields without needing to bephysically present there control temperature and power and the report of every minuteday week month and year is received. Moreover if there is any network problem then thedata will be sent from the bluetooth to the phone and the data will also be saved for thenext five years.
We believe that in a conventional business influenced largely by hands-on control thisconvenience can bring out unprecedented transformation. By liberating the farmer fromon-farm presence we would be providing him / her with a rare opportunity to engage instrategic decision-making over routine matters.
The word solution' is also increasingly relevant. At Shakti Pumps we have notmerely connected the solar panel to the submersible pump; we have designed innovated andmanufactured complementary products on-grid invertor digital pump digitalinvertor hybrid invertor and universal controller - that provide a range of conveniences.The complement of products being manufactured by one company is possibly unprecedented inthe global solar submersible sector strengthening our recall around digital powerelectronics. We also believe that the solar extension of the solar pump provides a robustplatform around which the Company can potentially grow its power electronics scalecompetence and economies.
This development represents the beginning of an evolution that will transform ourpersonality into a strong digital power electronics company.
We intend to create a market for a digital solar submersible pump and account for alarge value chain of components going into it. The size of our digital power electronicsbusiness should be twice the size of our pumps business across the foreseeable future.
The result is there will soon come a time when we will be known less as a solarsubmersible pumps company that has extended into power electronics and be known more as abroadly diversified digital power electronics company also manufacturing solar submersiblepumps. In the last few years we evolved our submersible pump into a solar equivalent andgraduated the mechanical product into a power electronics hybrid that now provides ourbusiness with a competitive edge.
This transformation shall make it possible to consistently outperform the growth of thepumps sector. It took Shakti Pumps 34 years of experience to manufacture motors and pumpsin this position We believe that we will compress this growth in a shorter time span andemerge as a Rs. 5000 cr revenues company by 2022-23 (80% revenues derived from theintegrated solar solution).
Our best is round the corner.
Dinesh Patidar Managing Director