Sunday, May 19, 2024

SHAKTI PUMPS REVENUE CROSSED Rs 10 BILLION+ FIRST TIME EVER HIGHEST EVER REVENUE REPORTED SINCE INCEPTION

Shakti Pumps (India) Limited ( “SPIL”), a leading manufacturer of solar pumps, stainless-steel submersible pumps, pressure booster pumps, pump-motors, controllers, inverters and others in India, today announced the financial results for the fourth quarter and full year ended 31 st March, 2022.

Speaking about the performance, Mr. Dinesh Patidar, Chairman &Managing Director, Shakti Pumps (India) Limited said, “I am delighted to say that Shakti Pumps has achieved its highest ever revenue and have crossed Rs 10 billion+ revenue milestone for the first time since inception. This is the result of our team united effort and our emphasis on innovation and technological development. We reported a strong revenue performance in Q4 FY22 backed by significant contribution from government business on account of implementation of the KUSUM scheme. The trend remained similar in full year FY22 performance, where the revenue reported an increase of 26.8% YoY and registered all time high of Rs 11,785 million. Inflationary pressures have impacted the operating margin, resulting in lower profitability.”

He further added, “Government focus on renewable energy and specifically in the field of solar power generation with Phase 2 of KUSUM scheme already commenced, remains a key trigger for company’s growth in future. We believe improved traction in export business and increasing contribution of retail business coupled with strong emphasis on technological advancement and acceptance of new products (like automatic structure, Universal Solar Pump Controller and Small Structure Pumps) will enable the company to report steady revenue growth and consistent operating margin going forward.”

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