Shakti Pumps (India) Limited (SPIL), a leading manufacturer of solar stainless-steel submersible pumps, pressure booster pumps, pump-motors, controllers, and inverters among other products, today announced the financial results for the quarter and fiscal year ended 31 st March 2024.
Shakti Pumps (India) Limited Chairman, Mr. Dinesh Patidar, expressed his delight over the company’s recent performance, “FY24 has been a remarkable year for SPIL, as the company delivered its strongest performance ever in terms of Revenue and Profitability. This is well supported by our outstanding performance in both our government and export businesses which reported a revenue growth of ~52% and ~23% YoY respectively in FY24. Our impressive order book, amounting to ~Rs. 2,400 Crores as of 31st March 2024, has expanded with the recent addition of three new orders worth Rs. 250.62 Crores from Haryana and Maharashtra, secured since the beginning of January 2024. SPIL remains optimistic about the continued expansion of its order book, driven by our persistent
endeavours to enhance the prominence of solar pumps amidst the farming community.
During the quarter, the company successfully raised Rs. 200 Crores through a QIP, garnering subscription from two marquee mutual funds. A significant portion of these funds will be directed towards scaling up the production capacities of pumps/motors, inverters/VFDs, and supporting structures.
Our dedication to Research & Development remains unwavering, as we strive to define ourselves as an innovation-centric enterprise. This commitment is evidenced by two additional patents we have recently acquired, bringing our total to 13 patents obtained out of the 29 filed, thereby highlighting our technological ingenuity and R&D strength.
The Solar Pumps industry, spearheaded by PM KUSUM Scheme, is set for extensive growth with an estimated installation demand of over 14 lakh Off-grid and 35 lakh On-grid Solar Pumps. There are a large number of farmers in various states who have applied for electricity connections to irrigate their farms. Discoms to provide them the basic infrastructure has a cost involved plus the electricity has to be provided at an extremely subsidized rates which is further dent on the discoms financials. Despite this, many farmers are deprived with the electricity connections and their needs remain unmet. A shift to subsidized solar pumps, with ~60-70% of costs absorbed through state and central schemes, offers a viable solution for government. This initiative promises to balance the subsidies with savings in just 2-3 years while providing reliable power to farmers, steering towards sustainability and contentment. Positioned strategically, SPIL is gearing up for robust and ongoing growth, ready to capitalize on the forecasted surge in orders and aptly position itself for prospective opportunities. With these encouraging developments, we maintain confidence in our ability to constantly deliver robust outcomes for all our stakeholders in the future.”