Shakti Pumps jump 15%; stock at 52-week high on Rs 358 crore order

Shakti Pumps received its first work order worth Rs 358 crore under the KUSUM-3 scheme from HAREDA for 7,781 pumps

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Shares of Shakti Pumps jumped 15 percent in early trade on August 30 post a Rs 358 crore order win. At 11:21 am the scrip of Shakti Pumps was trading 15.86 percent up on the National Stock Exchange. The share price is now closing in on its record high of Rs 910, which it hit in June 2021.

Share price of the company have nearly doubled this year, rising as much as 92 percent so far. The stock has risen in three out of the last four years, having doubled in 2021 and gained 51 percent in 2020. Shares dropped 36 percent last year.

According to the exchange filling on BSE, Shakti Pumps has received its first work order under the KUSUM-3 scheme from the Haryana Renewable Energy Department (HAREDA) for 7,781 pumps. The total amount of the work order is for around Rs 358 Crore.

The company is primarily engaged in manufacturing of pumps and motors of various kinds. It also offers advanced water pumping solutions to a wide range of applications such as irrigation, horticulture, domestic water supply, commercial and industrial applications.

Q1FY24 financial performance

Shakti Pumps reported consolidated quarterly Net Sales at Rs 113.06 crore in June 2023 down 55.57 percent from Rs. 254.48 crore in June 2022. Quarterly Net Profit stood at Rs. 1.00 crore in June 2023 down 88.6 percent year-on-year (YoY).

On the operating front, earnings before interest, taxes, depreciation and amortization EBITDA stood at Rs. 8.46 crore in June 2023 down 62.27 percent from Rs. 22.42 crore in June 2022.

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