Industrial Machinery company Shakti Pumps (India) announced Q1FY24 results: Revenue from operations was at Rs 1,131 million in Q1FY24. EBITDA stood at Rs 79 million in Q1FY24 with an EBITDA margin of 7.0% PAT at Rs 10 million in Q1FY24 Export business at Rs 647 million in Q1FY24 Shakti Pumps (India) Chairman, Dinesh Patidar, commented on the performance, “The Solar Energy Corporation of India (SECI) had sanctioned the release of tenders for 8.57 lakh pumps in March 2023, and as communicated earlier, we had expected orders to begin in Q1FY24. However, due to a delay in receiving final approval from the Ministry of New and Renewable Energy (MNRE), the orders did not materialize during the quarter. Nevertheless, with MNRE now approving the same, we have commenced the process for the Letter of Empanelment (LOE) with various states. It is encouraging to inform you that we have almost finalized LOE with one state, and we anticipate orders to start by the end of August 2023. Concurrently, discussions with several other states for LOE are also progressing, and we aim to conclude this process shortly. Based on that, we foresee a resurgence in momentum from Q3FY24, leading to a strong recovery in the Solar EPC business. 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. In Q1FY24, our Solar EPC business experienced setbacks as we executed pending orders at the previous pricing, impacting the overall performance. However, we project a return to normalcy as new orders begin to flow, bolstered by our in-house manufacturing capabilities enabling swift execution. 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.” Result PDF