Servotech Power gains after bagging orders to install EV charging stations in Kerala

Servotech Power Systems rose 3.56% to Rs 135.42 after the company has secured contract from the Agency for New and Renewable Energy Research and Technology (ANERT) for installing EV charging stations in Kerala.

Under the said contract, the company will build 12 electric vehicle (EV) charging stations with 30KW Fast DC EV chargers at the various locations of Kerala Motor Vehicle Department. This contract involves Servotech supplying, commissioning and construction of EV charging stations.

This pilot project whose execution has already begun will be executed in phases with the 1st phase involving the installation of 4 EV charging stations and the 2nd phase will involve the installation of 8 EV charging stations.

"This initiative will prove to be beneficial in facilitating Keralas shift towards sustainable transportation solutions by substantially improving the states EV charging network. As the demand for EV mobility grows, there is a corresponding requirement for convenient and accessible charging infrastructure for electric vehicles. These charging stations will enable EV owners to recharge their vehicles conveniently while on the move," the company stated in regulatory filing.

Sarika Bhatia, director of Servotech Power Systems, said, "We are elated to be working on this pilot project for ANERT. As a leading EV Charging player who is very actively working towards making India transition towards green transportation, this step brings us closer to achieving our collective dream of seeing India as an EV-powered nation.

We are creating our green footprints, starting from Kerala, we plan to increase our footprints to other states as well. Our efficient hardware and software solutions will ensure dependable EV charging stations, catering to the growing demand for sustainable travel options. This initiative will prove to be essential for facilitating infrastructure development to support the expanding EV customer base and enable its strategic expansion in EV charging infrastructure at places with high charging demand."

Servotech Power Systems develops tech enabled EV Charging solutions. The company offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic.

The companys consolidated net profit increased 9.3% to Rs 4.48 crore during the quarter as compared with Rs 4.10 crore in Q1 FY24. Revenue from operations jumped 41% YoY to Rs 112.19 crore in Q1 FY25.

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