Stock Market Today: Multibagger Shakti Pumps India Ltd share price with gains of 5% hit upper circuit on Thursday. This was the third consecutive session when stock price was locked in the upper circuit. The same has been fueled by strong Q4 performance reported by the company a few days back after which stock has risen more than 15% in three trading sessions.
Shakti Pumps share price having risen more than 173% in last one year, having given Multibagger returns to the investor.
Shakti Pumps ended FY24 with a strong performance for the quarter ending March '2024. Shakti Pumps net profits at ₹89.7 crore grew multifold compared to ₹2.2 Crore in the year-ago quarter and almost doubled over ₹45.2 crore reported in the December quarter.
Shakti pump operating performance remained strong with earnings before interest, tax, depreciation and amortisation (Ebitda) at ₹130.7 crore rising 1,100.4% over the year ago quarter and 84.2% sequentially.
Shakti pump operating revenues during the March quarter at ₹609.3 crore grew 233.6% over the year-ago quarter and 22.9% sequentially.
The rising contributions from government projects and increasing exports are driving growth for Shakti Pumps.
For the financial year 2024 its revenue improved by 41.7% year-on-year to Rs. 1,370.7 Crores as compared to Rs. 967.7 Crores in FY23.
Revenue from government projects were up by 51.7% YoY at Rs. 945.1 Crores and Export revenue at Rs. 286.1 Crores up by 23.0% YoY .
Shakti Pumps also highlighted having received 2 additional patents from the Government of India in recognition of its innovative endeavors. Consequently, the cumulative number of patents awarded to Shakti Pumps now stands at 13.
For future expansions Shakti pumps will use the 46 Acres of Land that has been allotted to it by Madhya Pradesh Industrial Development Corporation (MPIDC) in Pithampur, Madhya Pradesh,
Shakti Pumps Chairman, Dinesh Patidar, in a statement said that, “FY24 has been a remarkable year for Shakti Pumps, as the company delivered its strongest performance ever in terms of revenue and profitability". This as per Patidar is well supported by Shakti Pumps outstanding performance in both government and export businesses which reported a revenue growth of 52% and 23% YoY respectively in FY24.
Shakti Pumps order book, amounting to Rs. 2,400 Crores as of 31st March 2024, has grown well with the award of three new orders worth Rs. 250.62 Crores from Haryana and Maharashtra, secured since the beginning of January 2024.
With the support of two marquee mutual funds, Shakti Pumps was able to successfully raise Rs. 200 crores throughout the quarter through a qualified institutional placement (QIP). The majority of this sum will go toward increasing the production capacities of supporting structures, inverters/VFDs, and pumps/motors.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions
