SHAKTI PUMPS Q1 FY24 Result Update:
- Little delay in orders of Kusum scheme so revenue should start recognizing from Q3 FY24. GST issue has been resolved so now orders will start coming in.
- The company expects to start execution of KUSUM 3 orders in September and anticipates a monthly installation capacity of 10,000-15,000 pumps. Shakti Pumps expects to install 1 lakh pumps in the next 2 years and is prepared with working capital and factory capacity.
- In terms of export performance, the quarter has been robust, witnessing a YoY increase of 59.1% in Q1FY24. Revenue reached Rs. 647 million compared to Rs. 407 million in Q1FY23. We anticipate maintaining a consistent growth rate of approximately 25% annually in the export market by initiating similar projects to the one in Uganda in the upcoming quarters.
- Regarding electric vehicles, our subsidiary Shakti EV Mobility Pvt. Ltd. has successfully developed EV Motors and EV Controllers, garnering substantial acclaim. Few companies have endorsed our products, leading us to initiate the design and production of these components for these companies.
- The company anticipates a 20-25% revenue growth in FY24 and aims for an EBITDA margin of 10%.
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