5,000 per cent multibagger returns: This EV-company signs a contract with Adani Total Energies E-Mobility for EV chargers – know more here!
From Rs 1.88 to Rs 97.25 per share, the stock delivered multibagger returns of 5,000 per cent in 3 years.
Servotech, India's top EV charger maker, signed a deal with Adani Total Energies to provide and install AC chargers at airports and other key locations, accelerating the deployment of EV charging infrastructure crucial for India's 2030 decarbonization goals, with manufacturing and deliveries already underway in the first phase.
Servotech Power Systems has signed a major contract to manufacture, supply, install, and maintain EV chargers as part of Adani Total Gas Ltd's ambitious plan to install 75,000 stations by 2030. This deal not only aligns with Gautam Adani's vision for sustainable e-mobility in India but also positions Servotech as a key player in building a user-friendly charging network with convenient access, streamlined transactions, and easy navigation, ultimately accelerating the adoption of electric vehicles nationwide.
Leveraging over two decades in electronics, Servotech Power Systems (NSE-listed) develops cutting-edge AC/DC EV chargers for various applications (commercial/domestic) across diverse EV models. Committed to building India's EV tech infrastructure, their proven innovation spans high-end LED lighting, UV-C disinfection, medical-grade oxygen concentrators, and their components, solidifying their trusted brand with a strong pan-India presence.
Earlier, Servotech Power Systems Ltd bagged a major order of 1,800 DC Fast EV chargers from Bharat Petroleum Corporation Limited (BPCL). The project valued at Rs 120 crore will involve Servotech manufacturing, supplying, installing and strategically deploying these 1800 EV chargers across the nation, particularly at BPCL petrol pumps in major cities, as part of the BPCL E-drive Project. Furthermore, the company also bagged an order to supply and install 2,649 AC EV Chargers at different locations across the country for BPCL’s E-drive project. Servotech has already completed 36 per cent of supply and installation and the entire project will be completed by March 2024.
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According to the Quarterly Results, the company reported net sales of Rs 49.65 crore, operating profit of Rs 3 crore and net profit of Rs 1.83 crore in Q3FY24 while in the same quarter last year, the company reported net sales of Rs 82.49 crore, operating profit of Rs 5.68 crore and net profit of Rs 4.80 crore. In its nine-month results, the net sales increased by 37.8 per cent to Rs 217.51 crore, the EBITDA increased by 64.6 per cent to Rs 16.32 crore and the net profit increased by 66.6 per cent to Rs 8.35 crore in 9MFY24 compared to 9MFY23.
In a recent development, the promoter, Raman Bhatia, along with Foreign Institutional Investors (FIIs) such as Eminence Global fund PCC- EUBILIA Capital Partners Fund, AG Dynamic Funds Limited, Minerva Ventures Fund, Forbes EMF, and Coeus Global Opportunities Fund as well as non-promoters including Rakhee Mahesh Vaze, Nikhil Batra, and Aparna Jain, collectively acquired 89,00,000 shares through a preferential issue.
Raman Bhatia secured 5,00,000 warrants, FIIs were granted 80,00,000 warrants, and the remaining 4,00,000 warrants were allotted to non-promoters, highlighting a strategic move to enhance ownership and participation in the company.
After rising nearly rising 500 per cent over the period of 12 months, shares of Servotech Power Systems Ltd are undergoing a correction and have hit the lower circuit for the second straight day. Today, shares of Servotech Power Systems Ltd plunged 5 per cent to Rs 97.25 per share from its previous closing of Rs 102.35. The 52-week high of the stock is Rs 108.7 and the 52-week low of Rs 16.48 with a market cap of over Rs 2,000 crore.
From Rs 1.88 to Rs 97.25 per share, the stock delivered multibagger returns of 5,000 per cent in 3 years. Investors should keep an eye on this multibagger EV stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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