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Industrial Machinery company Shakti Pumps (India) announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue surged by 233.6% YoY to Rs 609.3 crore from Rs 182.7 crore in Q4FY23.
- EBITDA for Q4FY24 reached Rs 130.7 crore from Rs 10.9 crore in Q4FY23. The EBITDA margin in Q4FY24 was 21.5%, notably higher than the 6.0% recorded in Q4FY23, mainly due to economies of scale and increased execution rate.
- Profit After Tax (PAT) soared to Rs 89.7 crore in Q4FY24, a remarkable growth from Rs 2.2 crore in Q4FY23. The PAT margin stood at 14.7% in Q4FY24, compared to 1.2% in Q4FY23.
FY24 Financial Highlights:
- Revenue for FY24 increased by 41.7% YoY to Rs 1,370.7 crore, up from Rs 967.7 crore in FY23.
- Revenue from government projects saw a robust growth of 51.7% YoY, reaching Rs 945.1 crore, while export revenue stood at Rs 286.1 crore, up by 23.0% YoY.
- EBITDA stood at Rs 224.8 crore in FY24, a significant rise from Rs 66.6 crore in FY23. The EBITDA margin expanded to 16.4% in FY24, an increase of 953 basis points (bps) YoY from 6.9% in FY23.
- PAT experienced a remarkable growth of 487.2% YoY, reaching Rs 141.7 crore in FY24, compared to Rs 24.1 crore in FY23. The PAT margin expanded by 784 bps to 10.3% in FY24, compared to 2.5% reported in FY23.
Other Key Highlights:
- SPIL has been awarded 2 additional patents by the Government of India, recognizing its innovative efforts. This brings the total number of patents awarded to SPIL to 13.
- Madhya Pradesh Industrial Development Corporation Limited (MPIDC) has allotted 46 acres of land to SPIL in Pithampur, Madhya Pradesh. This land allocation is earmarked for the company's future expansion plans.
- SPIL has made an investment of Rs 5.08 crore in Shakti EV Mobility Private Limited (formerly known as Shakti Green Industries Private Limited), a wholly-owned subsidiary, to kickstart and expand its business operations. With this investment, SPIL's consolidated investment in the subsidiary has now reached Rs 32.00 crore.
Shakti Pumps (India) Chairman, Dinesh Patidar, expressed his delight over the company’s recent performance, “FY24 has been a remarkable year for SPIL, as the company 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 ~Rs 2,400 crore as of 31st March 2024, has expanded with the recent addition of three new orders worth Rs 250.62 crore from Haryana and Maharashtra, secured since the beginning of January 2024. SPIL remains optimistic about the continued expansion of its order book, driven by our persistent endeavours to enhance the prominence of solar pumps amidst the farming community.
During the quarter, the company successfully raised Rs 200 crore through a QIP, garnering subscription from two marquee mutual funds. A significant portion of these funds will be directed toward scaling up the production capacities of pumps/motors, inverters/VFDs, and supporting structures."
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