Revenue for the period under review was Rs 495.6 crore, up by 57.7% YoY from Rs. 314.2 crore recorded in the same period last year. Export in Q3 FY24 stood at Rs 62.2 crore.

EBITDA improved significantly to Rs 71 crore in Q3 FY24 from Rs 21.9 crore reported in Q3 FY23. EBITDA margin in Q3 FY24 was 14.3% as against 7% in Q3 FY23.

In Q3 FY24, the company received 4 new patents from Government of India for its innovations. The total number of patents awarded to SPIL is now 11.

SPIL has invested Rs 13.16 crores in Shakti EV Mobility to initiate and expand the business of the wholly owned subsidiary. The consolidated investment of SPIL in the subsidiary has now reached Rs. 26.92 crore.

Dinesh Patidar, chairman, Shakti Pumps (India), said, "Q3 FY24 has been a breakthrough quarter for the company, as we recorded the highest ever numbers, both in terms of revenue and profitability. This robust performance is attributed to our strong order book, which we have secured over the last 6 months from the state of Haryana, Uttar Pradesh, Rajasthan, and Maharashtra (LOE).

Notably, in December 2023, we received a new order for 6,408 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) amounting to Rs. 258 crore from Haryana Renewable Energy Department. As on date, we have approximately Rs 2,250 crore worth of orders to be executed over the next 21 months, ensuring a sustained and strong growth momentum in the future.

The acquisition of four new patents brings our total secured patents to 11 out of the 29 filed. This affirmation not only validates our technological prowess but also instils confidence as we venture into the newly added Electric Vehicle (EV) segment within our portfolio. We are strategically planning for a capacity of 200,000 for motors and controllers catering to the EV sector.

PM KUSUM scheme, led by the government has big potential, as it is estimated that there are over 20 lakh solar pumps to be installed under Component B (Off grid pumps) till FY28. Additionally, under Component C (on grid pumps) we have 15 lakh solar pumps to be installed. With an average minimum rate of around Rs 3 lakh per pump, the total opportunity in this regard amounts to around Rs 1,050 billion. As a market leader in the industry, SPIL is poised for substantial growth in the upcoming years.”

Shakti Pumps (India) manufactures solar pumps, energy-efficient stainless-steel submersible pumps, pressure booster pumps, pump-motors, and other products. SPIL is the only company that manufactures a wide range of products for solar pump installation in-house, including variable frequency drives, structures, motors, inventors, and so on.