Crompton Greaves Secures ₹4.24 Cr Solar Pumping Order in MP ☀️

Investors, get ready for some electrifying news from Crompton Greaves Consumer Electricals Limited! The company, trading under the symbol CROMPTON, has just announced a significant order win that underscores its growing presence in the renewable energy sector.

Crompton Greaves has received a Letter of Empanelment from the Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL). This isn’t just any order; it’s for the design, manufacture, supply, transport, installation, testing, and commissioning of 159 Off-grid DC & AC Solar Photovoltaic Water Pumping Systems (SPWPS). These systems come in various capacities – 2 HP, 3 HP, 5 HP, and 7.5 HP – and are part of the Component -B of the PM KUSUM B scheme, which is being implemented in Madhya Pradesh as the PM Krishak Mitra Surya Yojana. 🚜

For those unfamiliar, the PM KUSUM scheme is a fantastic government initiative aimed at providing financial and water security to farmers by promoting solar energy. By securing this order, Crompton Greaves is directly contributing to India’s green energy goals and supporting the agricultural sector.

The total work order value, excluding GST, stands at approximately ₹4.24 Crores. The company is expected to complete the installation within 60 days from the date of issuance of the work order. This is a domestic order, highlighting Crompton’s commitment to national projects.

While the company notes that this order is not considered material in terms of its materiality policy, it’s a clear indicator of Crompton’s strategic push into sustainable solutions and government-backed infrastructure projects. It’s a positive step that diversifies its revenue streams and strengthens its position in the burgeoning solar market.

As of its last traded price, CROMPTON shares were at ₹333.15, showing a slight dip of 0.6%. However, such strategic wins often lay the groundwork for future growth and can be a long-term positive for the company’s trajectory. Keep an eye on Crompton Greaves as it continues to power up India’s renewable energy landscape! 💡

source: Corporate Announcement

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