Haryana Renewable Energy Department Awards Order for 7,781 Pumps to Shakti Pumps

Shakti Pumps Secures Order for 10,000 Pumps from Department of Agriculture, Uttar Pradesh

Shakti Pumps has announced receiving its first work order under the KUSUM-3 Scheme from Haryana Renewable Energy Department (HAREDA). The contract is for 7,781 pumps. The work order for the pumps is valued at close to INR 358 crores. This is inclusive of GST.

Recently,  Shakti Pumps reported a net sale at INR 101.01 crore in June 2023. This is slide of 57 per cent on a year-on-year (YoY) basis. Meanwhile, the quarterly net profit stood at INR 4.42 crore. This is a YoY reduction of 41 per cent. The EBITDA slid to 46 per cent to INR 10.65 crore for April-June period.

Based in Pithampur, Shakti Pumps is a firm that delves into the manufacturing of submersible pumps for domestic, industrial, horticultural and agricultural use. The firm exports to over 100 countries, and has units in USA, Australia and UAE. The company began its business as a core pumping Solutions Company and went on to manufacture India’s first-ever 100% stainless-steel pumps and energy-efficient motors. It was also awarded India’s first BEE 5 Star-rated pump.  The venture claims that it has more than 35 percent market share in the PM-KUSUM scheme of the government.

Earlier, Shakti Pumps announced the commencement of its operations in Uganda. The company has also opened its office in the country to coordinate its expanding business better. The Uganda government awarded the order to the company for supplying solar-powered water pumping systems in March 2021 at a total contract price of USD 35.30 million.