Servotech Renewable Power Q3 results: Net profit grows to Rs 8 cr

Servotech Renewable Power System on Tuesday reported a manifold rise in its consolidated net profit to nearly Rs 8 crore in the December quarter, pushed by higher revenues.

It had posted a net profit of Rs 1.11 crore during the October-December period of 2023-24 financial year, the company said in a regulatory filing.

The company's total revenue rose over four-fold to Rs 216.83 crore from Rs 52.20 crore a year ago.

Expenses too jumped to Rs 204 crore against Rs 50.34 crore in the same period of the preceding fiscal.

Servotech Renewable Power System is a leader in tech-enabled EV charging and solar solutions.

In a separate statement, the company's Managing Director Raman Bhatia said the quarter experienced stellar growth.

"As a market leader in India's EV charging sector, currently holding a 35-40 per cent market share, we are strategically positioned to capture 50-55 per cent by manufacturing 12,000 direct current (DC) fast chargers in FY25, meeting the rapidly surging demand for EV infrastructure," he said.

EV chargers are projected to constitute 70-75 per cent of the company's total revenue, with solar products contributing the remaining portion, Bhatia said.