EV Charger Maker Plans to Manufacture 12,000 Chargers in FY25; Secures Order for 11 EV Stations in Karnataka
India’s leading EV charger manufacturer to electrify Karnataka’s green mobility, securing an order to install 11 public EV charging stations for BESCOM.
Servotech Power Systems Limited announced in a press release that it has secured an order to install 11 public EV charging stations (11 DC fast chargers) for Bangalore Electricity Supply Company Limited (BESCOM).
This contract involves Servotech installing public electric vehicle (EV) charging stations at 11 Regional Transport Office (RTO) premises across Karnataka. The project aims to support the expanding EV customer base and strategically scale EV charging infrastructure in high-demand areas.
Servotech will manage the entire project execution, from planning and design to final installation. This includes developing a comprehensive plan for the placement of EV charging stations at each RTO location, ensuring optimal positioning and capacity. Additionally, Servotech will provide warranty support and handle all necessary electrical connections and power supply arrangements.
As a leading player in the EV sector, Servotech recently collaborated with the Agency for New and Renewable Energy Research and Technology (ANERT), Government of Kerala, and now with BESCOM. The company’s management stated in a press release that it plans to enhance its presence further by collaborating with other nodal agencies and DISCOMs in the future.
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In Q1FY25, the company’s revenue reached Rs 112.19 crore, representing a strong 41 per cent growth compared to the same period last year. This substantial increase was primarily driven by the rising adoption of electric vehicles (EVs) and continued success in securing orders for various EV chargers from diverse clients.
As of August 2024, Servotech has installed over 5,800 chargers, and its order book stands at around 8,000–8,500 chargers. The company intends to manufacture over 12,000 chargers this year.
Servotech Power Systems is a leading player in the EV sector, developing tech-enabled EV charging solutions, leveraging over two decades of experience in the electronics space. It offers an extensive range of AC and DC chargers compatible with various EVs, serving multiple applications such as commercial and domestic use.
The stock is trading at Rs 143, with a market capitalisation of over Rs 3,196 crore. So far in 2024, the stock price has rallied more than 86 per cent on a year-to-date basis.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice.