Servotech Power Systems' Q4 profit jumps multi-fold to Rs 6 crore

Clean energy solution provider Servotech Power Systems on Monday posted multi-fold jump in consolidated net profit to Rs 6.05 crore for March quarter 2022-23 on the back of higher revenues.

In the year-ago period, it logged a profit of Rs 1.3 crore, a company statement said.

Total revenue rose to Rs 120 crore from Rs 51.10 crore in the same period a year ago.

In entire fiscal year 2022-23, profit rose to Rs 11.06 crore from Rs 4.05 crore in the pervious year. Total revenue in the fiscal increased to Rs 278.64 crore from Rs 144.25 crore in 2021-22.

"We witnessed robust growth during financial year 2023, led by launch of innovative tech-enabled solutions in the EV and solar space. Our advanced EV charging solutions offer fast and reliable service, while prioritizing safety, gained 25 per cent market share," company's Managing Director Raman Bhatia said.

Additionally, the company's solar solutions which are characterized by their ease of installation, cost-effectiveness, and reliability gained traction in the market due to rapid product acceptance by the targeted customers, he said.

"Both our solar and EV charging solutions have created lasting value for our clients like IOCL (Indian Oil), BPCL (Bharat Petroleum), HPCL (Hindustan Petroleum), GAIL and others.

"To further increase our market share, we have outlined a strategic plan that includes partnership with key players in the industry, expanding our talent pool, increasing our innovation efforts, and enhancing our distribution network," he added.

Servotech is a leading manufacturer of solar, electric vehicle (EV) chargers, power-backup and other smart power solutions.