Shakti Pumps on Saturday posted a multifold jump in its consolidated profit after tax to Rs 89.70 crore during the quarter ended March 2024 on the back of higher revenues.
The company's order book stood at Rs 2,400 crore as of March 31, 2024, which includes three new orders worth Rs 250.62 crore from Haryana and Maharashtra
Shakti Pumps on Saturday posted a multifold jump in its consolidated profit after tax to Rs 89.70 crore during the quarter ended March 2024 on the back of higher revenues.
It had clocked a net profit after tax (PAT) of Rs 2.2 crore during the fourth quarter of the preceding fiscal, the company said in a statement.
During FY24, the company's PAT grew manifold to Rs 141.7 crore from Rs 24.1 crore in FY23.
Its revenues surged over three-fold to Rs 609.3 crore from Rs 182.7 crore in the year-ago quarter.
In FY24, Shakti Pumps' revenue jumped 41.7 per cent to Rs 1,370.7 crore from Rs 967.7 crore in FY23.
Shakti Pumps (India) Limited Chairman Dinesh Patidar said, "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 per cent and 23 per cent YoY, respectively, in FY24".
The company's order book stood at Rs 2,400 crore as of March 31, 2024, which includes three new orders worth Rs 250.62 crore from Haryana and Maharashtra for installation of solar pumps, he added.
During the quarter, the company also raised Rs 200 crore through a QIP. A significant portion of these funds will be directed towards scaling up the production capacities of pumps/motors, inverters and supporting structures.
Madhya Pradesh-based Shakti Pumps is a leading manufacturer of pumps with two manufacturing facilities with a combined capacity of 5,00,000 pumps per year (India).