Shakti Pumps (India) hits upper circuit on stellar Q4 and FY24 results

Shares of Shakti Pumps (India) rose 5% on Monday to hit their upper circuit following the company announcing an upbeat set of numbers for the fourth quarter and fiscal year 2024.

Revenue from operations rose 233.6% year-on-year (YoY) to ₹609.3 crore in the fourth quarter of the year 2024 (FY24). Earnings before interest, tax, depreciation, and amortisation rose nearly 12x to ₹130.7 crore. EBITDA margin for the quarter rose to 21.5% from 6% in the same period of the previous fiscal, largely driven by economies of scale and higher execution rate.

Net profit for the quarter rose over 40x YoY to ₹89.7 crore.

For FY24, revenue rose 41.7% YoY at ₹1,370.7 crore while EBITDA grew over 3x to ₹224.8 crore. Net profit for the year rose nearly 6x to ₹141.7 crore.

Revenue from government projects was up by 51.7% YoY at ₹945.1 crore while export revenue stood at ₹286.1 crore, up by 23% YoY.

Shakti Pumps (India) Chairman Dinesh Patidar said FY24 has been a remarkable year for the company as it delivered its strongest performance ever in terms of revenue and profitability.

“This is well supported by our outstanding performance in both our government and export businesses which reported a revenue growth of ~52% and ~23% YoY, respectively in FY24.

Our impressive order book, amounting to nearly ₹2,400 crore as of March 31, 2024, has expanded with the recent addition of three new orders worth ₹250.62 crore from Haryana and Maharashtra, secured since the beginning of January 2024,” he said.

Patidar also pointed out that the company remains optimistic about the continued expansion of its order book.

Shakti Pumps (India) is a manufacturer of solar stainless-steel submersible pumps, pressure booster pumps, pump motors, controllers, and inverters.

Shares of the company have gained over 82% since the beginning of the year. The stock has risen over 336% in the last one year.