Shakti Pumps (India) Ltd on Friday said its December quarter net profit fell by 23 per cent to Rs 11.25 crore on account of increased expenses.
The firm had clocked a net profit of Rs 14.78 crore in the year-ago period, it said in a regulatory filing.
However, the company’s total revenue from operations rose to Rs 315.09 crore during the October-December quarter of the ongoing fiscal, up 17 per cent from Rs 270.87 crore a year ago.
Expenses were also higher at Rs 300.25 crore as against Rs 250.64 crore.
In a separate statement, the company’s Chairman and Managing Director Dinesh Patidar said, “the company’s performance during Q3 was decent with positive revenue numbers supported by strong growth in solar EPC and export business. Our export business delivered export revenue growth by 24.5 per cent y-o-y. Margins remained muted due to the challenging environment with the prevailing high input costs.” Further, he said that Shakti Pumps (India) will be participating in tenders of 6.66 lakh solar pumps floated by the Solar Energy Corporation of India Limited (SECI) during December 2022.
“Major states, including Maharashtra, Haryana, Rajasthan, Madhya Pradesh, and Punjab, together account for 82.5 per cent of the total requirement mentioned under the current tenders in the PM-KUSUM scheme. We are hopeful of securing decent orders in the current round of tenders,” Patidar said.
Shares of the company on Friday ended 1.11 per cent higher at Rs 410.45 apiece on the BSE.