Home / Business and Economy / Shakti Pumps Shares Soar After Maharashtra Contract Win
Shakti Pumps Shares Soar After Maharashtra Contract Win
11 Dec
Summary
- Shakti Pumps secured a ₹443.78 crore solar pump order from Maharashtra.
- The company's order book stood at ₹13,000 crore as of September end.
- Revenue rose 5% year-on-year despite monsoon and raw material challenges.
Shakti Pumps experienced a notable surge in its share price following the announcement of a significant contract win from the Maharashtra State Electricity Distribution Company. This order, valued at ₹443.78 crore, is for the supply and installation of off-grid DC solar photovoltaic water pumping systems, to be executed within sixty days.
The company's financial performance in the September quarter showed a 5% year-on-year revenue growth, reaching ₹6,664 million. However, this growth was somewhat constrained by an unusually long monsoon season that hampered installation activities. Additionally, rising prices for key raw materials like copper and steel impacted operating margins.
Despite these operational headwinds, Shakti Pumps maintains a strong order book of ₹13,000 crore as of the end of September. The company also continues to expand its global footprint, with successful project executions in several international markets and growing demand from regions like the USA, Middle East, and Africa.
