Shakti Pumps gains on ₹114.6 crore order win from Maharashtra Energy Dept

Shares of Shakti Pumps rose 4 per cent after it received a letter of award from the Maharashtra Energy Department Agency

Shares of Shakti Pumps India Ltd rose nearly 4 per cent in Thursday's intraday session after it received a letter of award (LoA) worth ₹114.58 crore from the Maharashtra Energy Department Agency. 

 

The pumps and diesel engines maker. Shakti Pump's stock rose as much as 3.91 per cent during the day to ₹1,002.5 per share, the best intraday gain since June 9 this year. The stock pared gains to trade 3.4 per cent higher at ₹997 apiece, compared to a 0.32 per cent decline in Nifty 50 as of 11:00 AM. 

 

Shares of the company snapped a two-day losing streak and are up over 20 per cent from their May lows of ₹828 per share. The counter has fallen 6.07 per cent this year, compared to a 6.2 per cent advance in the benchmark Nifty 50.  Shakti Pumps has a total market capitalisation of ₹12,069.14 crore, according to BSE data.   Track LIVE Stock Market Updates Here

 

Shakti Pumps' ₹114.58 crore order win

Shakti Pumps received a LoA from the Maharashtra Energy Development Agency for the installation of 4,500 off-grid solar photovoltaic water pumping systems across Maharashtra, according to an exchange filing on Thursday. 

 

The project, awarded under Component B of the MNRE’s PM-KUSUM scheme, is valued at ₹114.58 crore (inclusive of GST). The scope includes design, manufacturing, supply, transport, installation, testing, and commissioning of the systems. The entire project is to be completed within 90 days from the date of the work order, the statement said. 

Shakti Pumps Q4 results 

Solar pumps maker posted around 23 per cent growth in profit to ₹110.23 crore in the March quarter, driven by higher income. It had reported ₹89.67 crore profit in the January-March period of the 2023-24 fiscal year.

 

The company's total income rose to ₹669.76 crore from ₹610.13 crore in the fourth quarter a year ago. The topline growth was driven by strong performances in both domestic and export businesses, according to the management. The profitability and margins were further improved by the company's focus on operational efficiencies. 

About Shakti Pumps 

The company is a leading manufacturer of innovative water pumping solutions, offering a wide range of products such as submersible pumps, solar pumps, pressure booster pumps, and wastewater pumps. 

 

In addition to pumps, the company also provides controllers, mechanical seals, and other essential components. Known for their quality and durability, Shakti Pumps’ products cater to diverse applications, including irrigation, horticulture, domestic water supply, and commercial and industrial needs.