Marine Electricals arm inks pact to set up EV charging stations

Marine Electricals (India) announced that its subsidiary, Evigo Charge, has entered into revenue sharing agreement with Panchshil Tech Park, Pune.

Evigo will be set up electric vehicle charging station at Panchshil premises for general public.

The company said that the profit is to be shared as mutually agreed between the parties. "The term of this agreement shall be for a period of 10 years unless and until earlier terminated as mentioned in the agreement," it added.

Marine Electricals (India) is engaged in manufacturing and sale of all types of marine and industrial electrical & electronic components like switch-gears, control-gears etc. and is also engaged in renewable energy sector specifically solar. It also provides services like designing, fabricating etc. for all types of electrical & electronic installations in India and abroad and undertake annual maintenance contracts.

On consolidated basis, the company's net profit slipped 23% to Rs 2.93 crore on 15.9% decline in net sales to Rs 90.36 crore in Q2 FY23 over Q2 FY22.

The scrip advanced 0.15% to Rs 33.10 on the NSE.

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