Shakti Pumps (India) Limited shares traded flat even after receiving work orders under the KUSUM‐3 scheme from Haryana Renewable Energy Department (HAREDA) for 2,130 pumps.

The first from the work order amounts to approximately Rs 32 crore, inclusive of Goods and Services Tax (GST). The company expects to complete the order/contract within 120 days from the date of issuance of the work order, as per the notification released on March 13 by the company over the regulatory.

In a previous notification as on February 24, the company announced it had received an order under the KUSUM-3 scheme from Haryana Renewable Energy Department (HAREDA) for 2,443 pumps, amounting to approximately Rs 30 crore, inclusive of GST.

For the third quarter of the financial year 2024, Shakti Pumps (India) Limited’s revenue increased by 57.7% Year-on-Year from Rs 4.2 crore to Rs 5.6 crore. Their exports stood at Rs 2 crore in Q3FY24.

The company’s Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) was Rs 1.0 crore in Q3FY24, compared to Rs 9 crore reported in Q3FY23. Furthermore, the Profit After Tax (PAT) increased to Rs 2 crore from Rs 1.2 crore, registering a sharp growth of 301.8% YoY.

Founded in 1982 as a partnership firm, Shakti Pumps (India) Limited later converted to a public limited company in 1995.

They manufacture solar pumps, energy-efficient stainless-steel submersible pumps, pressure booster pumps, pump motors, and other products. Shakti Pumps (India) Limited 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.

However, at 3:30 pm, the shares of Shakti Pumps closed 4.95% lower at 1,157.00 on NSE.