Shakti Pumps Secures Rs 24-Crore Order from MEDA for Solar Water Pumping Systems
Introduction:
Shakti Pumps (India) has achieved another milestone by securing a prestigious order worth Rs 23.91 crore from the Maharashtra Energy Development Agency (MEDA). The company has been awarded the contract to install 877 Solar Photovoltaic Water Pumping Systems (SPWPS) across Maharashtra under the government’s PM-KUSUM scheme (Component-B).
Project Scope and Implementation
Under this contract, Shakti Pumps will be responsible for the complete lifecycle of the project, which includes:
- Designing solar water pumping systems
- Manufacturing high-efficiency solar pumps
- Supplying equipment and components
- Transporting the systems to various project locations
- Installing, testing, and commissioning the solar water pumps
The project is expected to be completed within 120 days from the issuance of the work order, ensuring timely execution and deployment of renewable energy solutions to the agricultural sector.
Strengthening India’s Renewable Energy Goals
The PM-KUSUM scheme aims to promote solar-powered irrigation by reducing dependence on conventional electricity and diesel pumps. By integrating sustainable energy solutions, the initiative not only supports farmers but also contributes to India’s ambitious renewable energy targets.
Financial Performance of Shakti Pumps
Shakti Pumps has demonstrated impressive financial growth in recent quarters. In Q3 FY25, the company’s consolidated net profit soared by 130.3% YoY to Rs 104.05 crore, compared to Rs 45.19 crore in Q3 FY24. Additionally, the company’s revenue from operations witnessed a 30.9% YoY increase, reaching Rs 648.77 crore for the quarter ending December 31, 2024.
Stock Performance and Market Reaction
Despite securing this notable contract, Shakti Pumps’ stock experienced a slight dip, closing 3.28% lower at Rs 808.50 on February 28, 2025. Market fluctuations often respond to multiple factors, and investors will be keenly watching the company’s execution of this significant order.
About Shakti Pumps
Shakti Pumps (India) is a leading manufacturer of high-efficiency pumps, motors, and related components. The company specializes in:
- Solar pumps for sustainable water solutions
- Industrial pumps for diverse applications
- Engineered pumps tailored to industry needs
With a strong commitment to innovation and renewable energy solutions, Shakti Pumps continues to expand its footprint in both domestic and international markets.
Conclusion
This latest order from MEDA reaffirms Shakti Pumps’ leadership in the solar water pumping sector. As the company moves forward with its execution, this project will significantly contribute to Maharashtra’s renewable energy infrastructure, benefiting thousands of farmers and promoting sustainable agriculture.
FAQs
1. What is the recent order secured by Shakti Pumps from MEDA?
Shakti Pumps has received a Rs 23.91 crore order from the Maharashtra Energy Development Agency (MEDA) to install 877 Solar Photovoltaic Water Pumping Systems (SPWPS) across Maharashtra under the PM-KUSUM scheme.
2. What is the PM-KUSUM scheme?
PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) is a government initiative aimed at promoting solar energy use in the agricultural sector by replacing diesel and electric pumps with solar-powered water pumps.
3. What does the project scope include?
The project involves the design, manufacturing, supply, transportation, installation, testing, and commissioning of 877 solar water pumping systems in Maharashtra.
4. What is the timeline for completing the project?
Shakti Pumps is expected to complete the project within 120 days from the issuance of the work order.
5. How will this order impact Shakti Pumps’ business?
This contract strengthens Shakti Pumps’ position as a leader in solar-powered water solutions and contributes to the company’s revenue growth while supporting India’s renewable energy goals.
6. How has Shakti Pumps performed financially in Q3 FY25?
Shakti Pumps reported a 130.3% YoY increase in net profit, reaching Rs 104.05 crore in Q3 FY25, while revenue from operations rose by 30.9% YoY to Rs 648.77 crore.
7. How did the stock market react to this announcement?
Despite securing the order, Shakti Pumps’ stock price declined 3.28%, closing at Rs 808.50 on February 28, 2025. Stock fluctuations are influenced by multiple factors beyond company announcements.
8. What products does Shakti Pumps manufacture?
Shakti Pumps specializes in solar pumps, industrial pumps, engineered pumps, and their related spare parts, catering to agricultural, industrial, and commercial sectors.
9. How does this project benefit farmers?
By providing solar-powered water pumps, the project will reduce farmers’ dependency on grid electricity and diesel, lowering operational costs while promoting sustainable farming practices.
10. What are Shakti Pumps’ future prospects?
With a growing focus on renewable energy and government-backed projects, Shakti Pumps is expected to expand its market presence and continue delivering innovative water solutions in India and globally.
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