EV-charger & solar products manufacturer – Servotech Power Systems unveiled its financial results for the quarter and year ended March 31, 2024; PAT zooms over 200 per cent

From Rs 2.08 to Rs 84.80 per share, the stock delivered multibagger returns of 3,977 per cent in 3 years. 

Servotech Power Systems Ltd (NSE: SERVOTECH), a prominent manufacturer of cutting-edge Solar Products and Electric Vehicle (EV) chargers, unveiled its financial results for the quarter and year ended March 31, 2024. Here are the details:

Quarterly Results (Q4FY24 vs Q4FY23 vs Q3FY24)

The net sales increased by 13.9 per cent (YoY) and increased by 161.7 per cent (QoQ) to Rs 136.65 crore in Q4FY23 vs Rs 119.98 crore in Q4FY23 and Rs 52.21 crore in Q3FY24.

The net profit decreased by 43 per cent (YoY) and increased by 210.8 per cent (QoQ) to Rs 3.45 crore in Q4FY23 vs Rs 6.05 crore in Q4FY23 vs Rs 1.11 crore in Q3FY24.  

Annual Results (FY24 vs FY23)

The net sales increased by 27.49 per cent in the year ended FY24 to Rs 355.26 crore on a YoY basis respectively led by robust demand for our tech-enabled solutions in the solar and EV space by our targeted customers.  

PAT increased by 6.69 per cent to Rs 11.80 crore in FY24 compared to FY23. EBITDA increased by 18.05 per cent to Rs 22.36 crore in FY24 on account of an increase in scale of operations led by improving efficiencies and higher-value products.

Reflecting on these stellar results, Servotech’s Managing Director, Raman Bhatia, commented we have reported powerhouse results and our impressive growth can be attributed to our goal of delivering cutting-edge, technologically advanced solutions in the EV and solar sectors. We've made significant strides in enhancing product quality and efficiency, which has made our products the preferred choice of our target audience, consequently driving market growth. We have increased our manufacturing capacity and have also introduced impactful innovations in EV chargers and solar solutions. Having deployed more than 5,600 EV chargers we are delighted to maintain a strong foothold as a key player in the EV charging industry, holding the potential to capture significant market share in the EV charging solutions segment.

Raman Bhatia further added as we step into the future, we are closely aware of the substantial potential within the markets we serve and are well-prepared to seize the growth opportunities that lie ahead. We take immense pride in our role in advancing the EV Charging Infrastructure and Solar industry and are dedicated to maintaining our leading position in this dynamic industry.

About Servotech Power Systems Ltd

Servotech Power Systems is an NSE-listed organization that develops tech-enabled EV Charging solutions leveraging over two decades of experience and expertise in the electronics space. The company offer an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic. With its comprehensive engineering capabilities, the company plans to play a pivotal role in developing India's EV tech infrastructure. As a trusted brand with a strong pan-India presence, the company’s legacy is marked by proven innovations and development of the advanced technologies.  

The 52-week high of the stock is Rs 108.70 and the 52-week low of Rs 30.489 with a market cap of Rs 1,777 crore. From Rs 2.08 to Rs 84.80 per share, the stock delivered multibagger returns of 3,977 per cent in 3 years. 

Disclaimer: The article is for informational purposes only and not investment advice.