This impressive rally has propelled the stock to a 44% gain in the current month so far. What’s even more remarkable is the stock’s consistent upward trend since March 2023, closing eight of the nine subsequent months in positive territory.
With the January surge included, the stock has delivered a remarkable return of 264% in less than a year.
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In an exchange filing on Monday (January 29), the company informed investors that Madhya Pradesh Industrial Development Corporation Limited (MPIDC) has sanctioned 46 acres of land to the company, located at A-10 and B-86, Smart Industrial Township, Sector. 7, Pithampur, Indore (Member of Parliament). The company said it is using this land for future expansion.
Stellar Performance in Q3
On January 27, the company released its December quarters (Q3FY24), reporting the highest ever revenue and profitability in a quarter. The income from operations during the quarter soared to ₹495.6 crores, marking a 57.7% increase compared to the ₹314.2 crore reported in Q3FY23.
EBITDA for Q3FY24 stood at ₹71.0 crore, a significant increase from the ₹21.9 crore reported in Q3FY23, and the EBITDA margin expanded impressively by 735 basis points to 14.3%.
The consolidated profit after tax came in at ₹45.2 crore in Q3FY24 from ₹11.2 crore, reflecting 301.8% YoY growth. For the 9MFY24, PAT grew by 137.9% YoY to ₹52.1 crores of ₹21.9 crore in 9MFY23.
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This stellar performance can be attributed to the company’s robust order book, secured over the last six months from the states of Haryana, Uttar Pradesh, Rajasthan and Maharashtra (LOE). The company secured new orders in December for 6,408 Off-grid solar photovoltaic water pumping systems (SPWPS), valued at ₹258 crore, from the Haryana Renewable Energy Department.
As of now, the company holds approx ₹2,250 crore orders to be executed over the next 21 months, ensuring continued and robust growth in the future, the company highlighted in its earnings report.
About Shakti Pumps
Shakti Pumps is a leading manufacturer of stainless steel submersible pumps, booster pumps, pump motors, controllers and inverters, among other products. It is one of the largest Indian solar pumping companies, with a 30%+ share of the PM Kusum scheme. Over the past few years, SPIL has developed a highly advanced in-house R&D team and infrastructure.
SPIL offers more than 1,200 product variants across all categories, with applications ranging from agriculture to construction services, power, oil and gas, metals and mining, and others.
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It has a strong presence in the domestic market, with more than 500 dealers, 400 service centers, and 18 state-based marketing branches, and sells all its products under the “Shakti” brand.
The company has a presence in more than 100 countries and is present on all continents, according to the company’s recent exchange.
At 11:00 am, the stock was trading with a gain of 14% at ₹1,446 each.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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Published: 30 Jan 2024, 11:24 IST