Servotech Power rises 5% on bagging order of agriculture pumps from UP govt

Shares of Servotech Power Systems rose 4.99 per cent at Rs 169.41 a piece on the NSE in Monday’s intraday trade. This came after Servotech secured an order of 1,100 Grid-connected Agriculture Pumps under “Kusum Component C-1 Scheme” from Uttar Pradesh New and Renewable Energy Development Authority (UPNEDA), Govt. of Uttar Pradesh. 

 

The project valued at around Rs 31 crores will involve manufacturing, supplying, installation, testing & commissioning of Grid Connected Agriculture Pumps along with solar power plants. 

 

Furthermore, the project involves for Servotech to provide comprehensive warranty maintenance for the next 5 years for pumps ranging from 2 HP, 3 HP and 5 HP with solar power plant with capacities of 3 kW, 4.5 kW, and 7.5 kW, for a total of 1094 solar pumps across Uttar Pradesh contributing to the state’s renewable energy goals.

 

“This project will be a huge step towards solarising farming of Uttar Pradesh and driving India closer to being a solar-powered nation,” the company said in a statement. 

 

Servotech Power Systems reported a significant increase in consolidated net profit for the September quarter of financial year 2024-25, recording Rs 11.24 crore, more than three times its profit of Rs 3.12 crore in the same period of the previous fiscal. This growth was driven by a substantial rise in income. 

 

The company's total income surged over twofold to Rs 200.06 crore compared to Rs 86.59 crore in the corresponding quarter last year. For the April-September period, Servotech reported a twofold rise in net profit, reaching Rs 15.73 crore, up from Rs 7.23 crore in the same period of the prior fiscal.

 

At 11:54 AM, the stock price of the company advanced by 4.86 per cent at Rs 169.19 a piece on the NSE. By comparison, the NSE’s Nifty 50 was up 0.33 per cent to 23,891.85 level.

 

The company specialises in manufacturing energy-efficient lighting solutions for residential, industrial, and commercial applications. Its product range includes LED light bulbs, downlights, floodlights, panel lights, tube lights, bay lights, and outdoor lighting solutions like street lights and floodlights.