Latest News | Shakti Pumps India Posts Consolidated Profit of Rs 30.4 Cr for Mar Quarter

Mumbai, May 18 (PTI) Shakti Pumps India has reported a consolidated net profit of Rs 30.39 crore for the quarter ended March 31.

The company had posted a loss of Rs 6.14 crore in the corresponding period of 2019-20, Shakti Pumps India said in a BSE filing.

Its revenue from operations during January-March 2021 surged Rs 319.71 crore, compared with Rs 92.55 crore in the year-ago period.

For the year, the firm's profit was at Rs 75.58 crore as compared with a loss of Rs 14.07 crore during 2019-20.

Shakti Pumps India Chairman and Managing Director Dinesh Patidar said, "We are glad to declare good financial performance on account of robust growth in our domestic solar pumps market. The PM-KUSUM scheme has contributed to our growth during the financial year."

He added that the scheme has great potential as diesel pumps are unviable for farmers and electric pumps have limitations. "We expect to supply more pumps under the scheme."

The PM-KUSUM scheme is aimed at ensuring energy security for farmers in India.

The scheme is doing well, as in the first year of its implementation, 50,000 solar agricultural pumps were installed across the country as against a target of 1.80 lakh set for the financial year 2020-21, he stated.

"We had installed 15,000 solar pumps under the scheme. We are expecting more demand during the current financial year and going forward as awareness increases among farmers," Patidar said.

Patidar also said that for the second year, the government's target is to install 3.20 lakh agriculture solar pumps, "which is where we see our growth coming from during the current financial year too".

Shares of the company on Tuesday closed at Rs 578.40, up 3.57 per cent, on the BSE. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)