Shakti Pumps’ stock continues its impressive rally, surging an additional 18% to reach a new all-time high. The stock has witnessed a remarkable 44% gain in the current month, maintaining a consistent upward trend since March 2023, with eight out of the nine subsequent months closing in positive territory.
Including the January surge, the stock has delivered an outstanding return of 264% in less than a year.
In a recent exchange filing on January 29, the company announced that Madhya Pradesh Industrial Development Corporation Limited (MPIDC) has granted 46 acres of land to Shakti Pumps at A-10 and B-86, Smart Industrial Township, Sector 7, Pithampur, Indore (M.P.). The company intends to utilize this land for future expansion.
Stellar Q3 Performance:
Shakti Pumps released its Q3FY24 results on January 27, reporting the highest-ever revenue and profitability in a quarter. During the quarter, revenue from operations surged to ₹495.6 crore, marking a substantial 57.7% increase from ₹314.2 crore reported in Q3FY23.
Q3FY24 EBITDA stood at ₹71.0 crore, a significant rise from ₹21.9 crore in Q3FY23, with the EBITDA margin expanding impressively by 735 basis points to 14.3%.
Consolidated profit after tax for Q3FY24 came in at ₹45.2 crore, reflecting a remarkable 301.8% YoY growth. For 9MFY24, PAT grew by 137.9% YoY to ₹52.1 crore from ₹21.9 crore in 9MFY23.
This stellar performance can be attributed to Shakti Pumps’ robust order book, secured over the last six months from states including Haryana, Uttar Pradesh, Rajasthan, and Maharashtra (LOE). The company secured new orders in December for 6,408 Off-Grid solar photovoltaic water pumping systems (SPWPS) valued at ₹258 crore from the Haryana Renewable Energy Department.
As of now, the company holds approximately ₹2,250 crore worth of orders to be executed over the next 21 months, ensuring sustained and robust growth momentum in the future.
About Shakti Pumps:
Shakti Pumps is a leading manufacturer of stainless-steel submersible pumps, pressure booster pumps, pump motors, controllers, and inverters. It is a significant player in the Indian solar pumping sector, holding a 30%+ share of the PM Kusum scheme. With a strong domestic presence and a global footprint in over 100 countries, Shakti Pumps has positioned itself as a leader in the industry.
At 11:00 am, the stock was trading with a gain of 14% at ₹1,446 apiece.
Wow amazing blog layout How long have you been blogging for you made blogging look easy The overall look of your web site is magnificent as well as the content