Shakti Pumps (India), a leading manufacturer of stainless-steel submersible and other pumps based in Pithampur, Madhya Pradesh, has reported ₹6.9 crore profit after tax in the first half of the current fiscal, down 35.5 per cent from ₹10.6 crore in the corresponding period of 2022-23.
The turnover of the company dropped 43.5 per cent to ₹265.8 crore in April-September 2023-24 from ₹470.8 crore in the year-ago period, the company said in a statement releasing the financial results for the first half and second quarter.
Shakti Pumps also manufactures pressure booster pumps, pump-motors, controllers, and inverters among other products.
“We started receiving orders (in second quarter) under the PM KUSUM III Scheme. Under Component B of the scheme, we received two orders for 17,781 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) amounting to ₹651.0 crore cumulatively (from Haryana Renewable Energy Department and Agriculture Department of UP,” company’s chairman Dinesh Patidar said in a statement.
He also said that the company has also received one Letter of Empanelment for 50,000 SPWPS pumps amounting to ₹1,603.0 crore from Maharashtra State Electricity Distribution Company Ltd for Component B. It expects to start receiving orders in the upcoming quarters, Patidar added.
Further, Shakti Pumps has received first order under Component C from Ajmer Vidyut Vitran Nigam, Rajasthan for the implementation of 3,011 Grid Connected Solar Water Pumping Systems for ₹149.7 crore.
“Going forward the current influx of orders is projected to drive a business upturn in H2 FY24. Additionally, the inflow of orders from several other states will further support this trend,” he said.