Shakti Pumps bags ₹754.30 crore order for 25,000 solar water pumps in Maharashtra – CNBC TV18

Water pump company Shakti Pumps (India) Ltd on Wednesday (December 11) said it has secured a ₹754.30 crore order (inclusive of GST) from Maharashtra State Electricity Distribution Company Ltd (MSEDCL).

“…we would like to inform you that Shakti Pumps (India) Ltd has received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Ltd for 25000 Stand-alone Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS) pumps for the entire state of Maharashtra under Magel Tyala Saur Krushi Pump Scheme,” Shakti Pumps said in a regulatory filing.

The order entails the design, manufacture, supply, installation, testing, and commissioning of 25,000 stand-alone off-grid DC solar photovoltaic water pumping systems across Maharashtra under the “Magel Tyala Saur Krushi Pump Scheme.”

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The contract, valued at ₹662.82 crore before taxes, is to be executed within 60 days of receiving the work order or NTP/JSR approval from the respective circle office. “The total value of the 25000 pumps is around ₹754.30 crores (inclusive of GST) which is to be executed within 60 days from the issuance of NTP/work order.

Shakti Pumps (India) reported a multifold jump in consolidated profit after tax in the quarter ended September to ₹101.4 crore, on account of a surge in revenues. It had posted ₹6 crore profit after tax (PAT) in the July-September quarter of the preceding 2023-24 fiscal, the company said in a statement.

During the second quarter, the company’s revenue from operations also rose four-fold to ₹634.6 crore, from ₹152.8 crore a year ago. In April-September, the PAT was at ₹194.1 crore, up from ₹6.9 crore in the first half of the last financial year.

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While revenues rose to ₹1,202.2 crore in the first half from ₹265.8 crore in the six-month period of FY24. The company had an outstanding order book of around ₹1,800 crore as of September 30, 2024.

Shakti Pumps (India) manufactures solar pumps, energy-efficient stainless-steel submersible pumps, pressure booster pumps, pump motors, and other products. The company owns and operates two manufacturing facilities with a combined capacity of 5,00,000 pumps and motors per year.

Shares of Shakti Pumps (India) Ltd ended at ₹804.30, up by ₹24.10, or 3.09% on the BSE.