{"id":158087,"date":"2024-01-29T07:41:45","date_gmt":"2024-01-29T12:41:45","guid":{"rendered":"https:\/\/44.250.171.167\/?p=158087"},"modified":"2024-01-29T07:49:00","modified_gmt":"2024-01-29T12:49:00","slug":"shakti-pumps-india-limited-q3-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/shakti-pumps-india-limited-q3-fy24-earnings-conference-call-insights\/","title":{"rendered":"Shakti Pumps (India) Limited Q3 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Shakti Pumps (India) Limited (SHAKTIPUMP) Q3 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Financial Performance<\/strong>\n<ul>\n<li>Quarterly revenue was the highest ever at INR495.6 crores, up 57.7% from INR314.2 crores in Q3 FY23.<\/li>\n<li>Strong export business with revenue of INR62.2 crores.<\/li>\n<li>EBITDA for the quarter was INR71 crores against INR21.9 crores in Q3 FY23, increased by 224.2%.<\/li>\n<li>EBITDA margin expanded to 14.3% from 7% in Q3 FY23.<\/li>\n<li>PAT was INR45.2 crores, up 301% from INR11.2 crores, with PAT margin at 9.1%.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Order Book<\/strong>\n<ul>\n<li>Current order book stands at INR2,250 crores to be completed in next 21 months.<\/li>\n<li>Continues to receive new solar pump orders in addition to ongoing orders.<\/li>\n<\/ul>\n<\/li>\n<li><strong>R&amp;D Developments<\/strong>\n<ul>\n<li>Filed key patent and received 11 approved patents to be utilized by the company.<\/li>\n<li>Developing EV motors and controllers, with investment approval of INR13-16 crores.<\/li>\n<li>Significant role in KUSUM scheme to install 20 lakh solar pumps by 2028.<\/li>\n<li>Pilot project ongoing for component C to install 15 lakh solar pumps.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Raw Material Price Stability<\/strong>\n<ul>\n<li>Prices like copper have stabilized over last 2-3 quarters.<\/li>\n<li>Solar cell prices have also declined and stabilized.<\/li>\n<li>One year fixed price contracts signed with solar manufacturers for supply.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Market Size<\/strong>\n<ul>\n<li>Total target is 35 lakh pumps under KUSUM scheme, with 20 lakh in component B and 15 lakh in component C.<\/li>\n<li>Launched turnkey Beautiful Homes service in 11 cities.<\/li>\n<li>As of December 2022, over 12 lakh allotted to states, of which 2.8 lakh installed.<\/li>\n<li>Company has 25-30% market share currently.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Growth Guidance<\/strong>\n<ul>\n<li>Previous guidance of INR1,200 crores will be exceeded given current run-rate.<\/li>\n<li>Q3 revenue was INR495 crores, will do over INR500 crores next quarter.<\/li>\n<li>Expecting 25% growth next year to around INR1,600-1,700 crore revenue.<\/li>\n<li>Sufficient capacity available without major expansion needed.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Gross Margin Trajectory<\/strong>\n<ul>\n<li>Higher export sales diluted margins slightly in Q3 but offset by higher EBITDA.<\/li>\n<li>Going forward, with increasing scale and stable input costs, expect gross margins to improve.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Scheme Execution<\/strong>\n<ul>\n<li>Delayed execution in initial years.<\/li>\n<li>Policy and pricing issues being resolved.<\/li>\n<li>Current order book and results indicate better implementation ahead.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Market Consolidation<\/strong>\n<ul>\n<li>Company has about 30% market share currently.<\/li>\n<li>Fragmented market is now more consolidated.<\/li>\n<li>Company well positioned for growth going forward.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Margin Stability<\/strong>\n<ul>\n<li>Raw material price fluctuations handled through contracts.<\/li>\n<li>Helped protect margins over last few quarters.<\/li>\n<li>Expect margin stability to continue with increasing scale.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Capacity\/International Expansion<\/strong>\n<ul>\n<li>Looking to expand capacity from current INR2,500 crores.<\/li>\n<li>Proposing QIP issue of INR200 crores for expansion.<\/li>\n<li>Will support 25% growth guidance for next year.<\/li>\n<li>INR5 crores sales done in Uganda in Q3.<\/li>\n<li>Targeting INR5 million quarterly sales going forward.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Export Outlook<\/strong>\n<ul>\n<li>Exports revenue at INR197 crores in 9M FY24.<\/li>\n<li>Growth over INR166 crores exports last year.<\/li>\n<\/ul>\n<\/li>\n<li><strong>EV Business Plans<\/strong>\n<ul>\n<li>EV motor and controller production starting June 2024.<\/li>\n<li>Targeting domestic and international markets.<\/li>\n<li>Capacity planned for 2 lakh units annually.<\/li>\n<li>Considering 4-wheeler segment also.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Shakti Pumps (India) Limited (SHAKTIPUMP) Q3 FY24 Earnings Concall Financial Performance Quarterly revenue was the highest ever at INR495.6 crores, up 57.7% from INR314.2 crores in Q3 FY23. Strong export business with revenue of INR62.2 crores. EBITDA for the quarter was INR71 crores against INR21.9 crores in Q3 FY23, increased by 224.2%. [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5753,5],"tags":[9478,11772],"class_list":["post-158087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","category-latest","tag-industirals","tag-pumps"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":158234,"url":"https:\/\/alphastreet.com\/india\/bharat-electronics-ltd-q3-fy24-earnings-conference-call-insights\/","url_meta":{"origin":158087,"position":0},"title":"Bharat Electronics Ltd Q3 FY24 Earnings Conference Call Insights","author":"Praveen","date":"January 31, 2024","format":false,"excerpt":"Key highlights from Bharat Electronics Ltd (BEL) Q3 FY24 Earnings Concall Financial Performance Revenue increased 4.35% YoY to INR11,485 crores in Q3FY24. 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