Shakti Pumps (India) Q1 results: Consolidated PAT zooms 120% to Rs 7 cr

MUMBAI: Shakti Pumps (India) on Saturday reported a 120 per cent growth in consolidated profit after tax (PAT) during the April-June quarter to Rs 7.29 crore compared to Rs 3.31 crore in the same period of 2020-21.

The consolidated net revenue of the company for April-June 2021-22 grew by 69.5 per cent to Rs 156.31 crore compared to Rs 92.20 crore in the same quarter of FY21, Shakti Pumps said in a statement.

"We are glad that the financial year 2021-22 has started well. This performance is satisfactory as this quarter has faced different levels of lockdown in different parts of the country and the world," Shakti Pumps (India) Chairman and Managing Director Dinesh Patidar said.

"During the quarter, our domestic solar pump market remained strong, thanks to the PM-KUSUM scheme. With the rise in the price of diesel, the importance of solar pumps can certainly be emphasized enough," he said.

He said that the huge potential of PM-KUSUM scheme for the country's agro-economy and energy sector has come to the fore.

“After installing 15,000 solar pumps out of the total 50,000 installed by the Central government and 6,500 by the states, in the last financial year, we are now looking forward to install more pumps. The government has increased its target for the second year to 4,00,000 pumps, out of which we plan to install about 1,00,000 pumps," he added.