Shakti Pumps Q1 net profit jumps to Rs 93 crore

It had clocked a Profit After Tax (PAT) of Rs 1 crore in the April-June quarter of the preceding fiscal, the company said in a statement.

Shakti Pumps Q1 net profit jumps to Rs 93 crore
Madhya Pradesh-based Shakti Pumps (India) manufactures solar pumps, energy-efficient stainless-steel submersible pumps, pressure booster pumps, pump motors, and other related products. (Credit - official website)

Shakti Pumps on Monday said it has posted a manifold jump in its consolidated profit after tax to Rs 92.6 crore during the June 2024 quarter, on the back of higher revenues and healthy order book.

It had clocked a Profit After Tax (PAT) of Rs 1 crore in the April-June quarter of the preceding fiscal, the company said in a statement.

During the first quarter, the company's revenue from operations rose four-fold to Rs 567.6 crore from Rs 113.1 crore in the year-ago quarter.As of June 2024, the company had an order book of around Rs 2,000 crore, the statement said.

"We reported an outstanding start to FY25, with the first quarter demonstrating robust revenue growth and enhanced profitability. Our performance is attributable to the accelerated execution of the existing orders in both domestic and export markets," Shakti Pumps (India) Ltd Chairman Dinesh Patidar said.

The improvement in margins was achieved due to a decline in raw material prices, coupled with economies of scale resulting from higher execution during the quarter, he said.

Madhya Pradesh-based Shakti Pumps (India) manufactures solar pumps, energy-efficient stainless-steel submersible pumps, pressure booster pumps, pump motors, and other related products.

 

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Written By: PTI
Updated: Mon, Jul 22, 2024
05:49 PM IST
PTI
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