Shakti Pumps (India) Ltd has announced that its subsidiary, Shakti Energy Solutions Ltd, has been allotted 113 acres of land by the Madhya Pradesh Industrial Development Corporation Limited (MPIDC) for a solar cell and photovoltaic (PV) module manufacturing facility. The land is located in the Smart Industrial Township, Sector-7, Pithampur, District Dhar.
The planned facility will use wafers as input material for solar cell and module production. This expansion marks the company’s move into solar energy manufacturing.
Shakti Pumps also reported financial results for the third quarter ending December 31, 2024. Net profit rose 130.09% year-on-year to INR 1.04 billion, compared to INR 452 million in the same period of the previous year. Revenue from operations increased by 31% to INR 6.488 billion. EBITDA grew 117.46% to INR 1.544 billion, with an EBITDA margin of 23.8%, up from 14.3% in the corresponding quarter of the previous fiscal year.