1000 EV Charging Stations in India: This multibagger micro-cap company signs an MoU with EMCOR Power Solutions!

The stock delivered multibagger returns, with a 187 per cent increase in just 6 months, a 306 per cent increase in 1 year, and a staggering 2,890 per cent increase in 3 years.

As a major step forward in developing a state-of-the-art EV charging network, Servotech Power Systems Ltd., a distinguished NSE-listed manufacturer of EV chargers in India, and EMCOR Power Solutions, a prominent name in providing remarkable and technologically EV charging CPO solutions and advanced battery have signed an MOU to Revolutionize EV Charging Infrastructure in India.

EMCOR Power Solutions is the Indian business start-up of EMCOR International, a renowned Kuwait-based general trading company with a strong focus on the Oil and Gas sector, along with various ministerial departments.

Under the terms of this MOU, EMCOR Power Solutions commits to providing Servotech Power Systems with 1000 CPO (Charge Point Operator) sites in India. These sites will serve as the foundation for the installation of EV chargers, as outlined by the agreement.

Servotech Power Systems will take on the role of manufacturer and installer of 30kW and 60kW and even higher capacity DC fast EV chargers, strategically distributed across India to cater to the varying power requirements of different locations.

The project will be executed in phases, with the initial phase encompassing the installation of 100 DC fast EV chargers in South India, followed by further expansion across PAN India. This tie-up will mark a significant development in the quest for efficient and well-equipped EV charging infrastructure in India.

On July 28, 2023, the stock traded ex-split of equity shares of the company having a face value of Rs 2 each (fully paid-up) into 2 equity shares of face value of Rs 1 each (fully paid-up).

According to the Quarterly Results, Revenue from Operations grew by 148.34 per cent to Rs 79.57 crore and PAT skyrocketed by 1,056.34 per cent to a net profit of Rs 4.10 crore in Q1FY24 over Q1FY23.

According to the annual results, the net sales increased by 87.63 per cent to Rs 269.57 crore and net profit increased by 173.43 per cent to Rs 11.04 crore in FY23 over FY22. 

On Friday, shares of Servotech Power Systems gained 1.35 per cent to Rs 74.90 per share with an intraday high of Rs 74.90 and an intraday low of Rs 72.40.

The stock delivered multibagger returns, with a 187 per cent increase in just 6 months, a 306 per cent increase in 1 year, and a staggering 2,890 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.