Shakti Pumps (India) announced a sharp rise in standalone net profit for the quarter ended June 2014. During the quarter, the profit of the company rose 55.46% to Rs 67.92 million from Rs 43.69 million in the same quarter previous year.

Commenting on the results, Dinesh Patidar, chairman & MD, Shakti Pumps said, ''The results show that the company strategy is on course. The current market environment has also been conducive for our growth in the quarter that ended. Going forward we will continue to focus on exports and expand our domestic business well by rolling out new energy efficient products and tapping new market segments. The announcements in the Union Budget making an overall allocation of Rs. 1,000 crore for the renewable energy sector with a focus on solar energy will benefit the industry as a whole. Also there in an announcement of 1,00,000 solar pumps in the current budget indicates the more positive outlook towards solar pumping segment. The company since April 1, 2014 restructured its dealership model to exclusive outlets. This will give farmers the choice of buying products customized for their requirements and not generic products.''

Shares of the company gained Rs 65.15, or 39.53%, to settle at Rs 229.95. The total volume of shares traded was 40,548 at the BSE (Monday).