Shakti Pumps Q4 FY23 Result Update:
- Future orders: It gives me great pleasure to announce that the Solar Energy Corporation of India Limited (SECI) has sanctioned the issuance of new tenders for approximately 8.57 lakh solar pumps under the PM-Kusum scheme III, and Shakti Pumps has qualified in 21 states to provide Off Grid Solar Photovoltaic Water Pumping Systems. As the bidding process has concluded, we expect orders to be received from various states in the next 1 month. The major states, including Maharashtra, Haryana, Rajasthan, Madhya Pradesh, and Punjab, make up 80% of the total requirement mentioned under the current tenders in the KUSUM scheme. Total no. of pumps are 857000 at the price of Shakti Pumps and letter of acceptance has been shared with GOI. It will be completed in 2 years. Margins for this order will be better than previous orders. Revenue Realization will start from July, 2023. No price escalation is allowed if the raw material prices.
- Uganda Project has begun (revenue realizations from Q1 FY24) which will encourage other African countries for collaboration. US & Middle East already prefer to partner with Shakti Pumps and planning to expand their presence.
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