Shares of Shakti Pumps (India) were locked at 5 percent upper circuit at Rs 2,845 per share on June 18 after the company announced that its long-term rating was upgraded by INDIA Ratings & Research.
So far this year, shares of Shakti Pumps more-than-doubled over 178 percent, outperforming benchmark Nifty 50 index that rose only by 8 percent during the same period.
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"We are glad to inform that the INDIA Ratings & Research has assigned the ratings for bank facilities on the basis of recent developments including operational and financial performance of the company," the company said in an exchange filing.
The company's term loan due in FY25 has been upgraded to IND A+/Stable. Likewise, its long-term fund-based limits' rating has been upgraded, and the short-term rating remains at IND A+/Stable/IND A1. It has also received a new long-term rating for its non-fund-based limits, with the short-term rating also affirmed at IND A+/Stable/IND A1.
Shakti Pumps India manufactures submersible pumps for domestic, industrial, horticultural, and agricultural use. It operates internationally, exporting products to over 100 countries and has branches in the USA, Australia, and UAE.
ALSO READ: Shakti Pumps Standalone March 2024 Net Sales at Rs 587.12 crore, up 234.98% Y-o-Y
In the March-ended quarter, Shakti Pumps posted a multi-fold jump in its consolidated net profit to Rs 89 crore, while revenues surged over three-fold YoY to Rs 609 crore.
During the quarter, the company also raised Rs 200 crore via a qualified institutional placement (QIP) process. A significant portion of these funds will be directed towards scaling up the production capacities of pumps/motors, inverters and supporting structures, the company said.
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