2650 EV charging stations nationwide: This micro-cap EV company bagged the order for manufacturing, supplying and installing AC EV Chargers from BPCL.

The stock delivered multibagger returns over 500 per cent in 1 year and a staggering 3286.96 per cent increase in 3 years.

Servotech Power Systems Ltd., a prominent EV charger manufacturer, has secured a substantial order of 2649 AC EV chargers from Bharat Petroleum Corporation Limited (BPCL). This contract involves the manufacturing, supply, and installation of strategically positioned AC EV chargers across major Indian cities as part of the BPCL E-drive Project, a crucial initiative to advance EV charging infrastructure nationwide. The charger range for this project includes 3 kW and 7 kW options, with production already underway and deliveries scheduled to commence on December 15th, concluding within three months.

Building on their successful collaboration, Servotech Power Systems and BPCL had previously deployed 800 units of 30 KW DC fast EV chargers at various locations under BPCL's E-drive project. The current initiative places Servotech Power Systems in charge of installation, commissioning, and maintenance of AC EV chargers. The objective is to establish widespread e-mobility touchpoints that streamline transactions, improve availability, aid in discovery, and simplify navigation for EV users, ensuring convenient access to the charging network.

The company reported strong financial results for the quarter ended September 30, 2023. Revenue from operations increased by 114 per cent year-over-year in Q2FY24. EBITDA grew by 148 per cent year-over-year in Q2FY24. PAT increased by 301 per cent year-over-year in Q2FY24. These results reflect the company's strong performance across all segments and its ability to capitalize on the growing demand for its products and services.

Quarterly Development (Q3 Updates)

Servotech Power Systems Ltd. successfully established a new subsidiary, 'Servotech EV Infra Pvt. Ltd.,' marking its entry into the EV Charge Point Operator business. The company also filed two patents for groundbreaking energy management technologies, optimizing grid services and maximizing renewable energy value through battery energy storage systems. Furthermore, collaborative efforts with IIT Roorkee resulted in the development of Rectifier Units for CCS2 Chargers and Onboard Chargers for Electric Vehicles. An MOU with EMCOR Power Solutions aimed to set up 1000 EV Charging Stations in India, enhancing the company's strategic initiatives.

The stock delivered multibagger returns over 500 per cent in past 1 year and a staggering 3286.96 per cent increase in 3 years. Investors should keep an eye on this multibagger micro-cap stock.

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