Charging Up the Market: EV manufacturer sees 74 per cent revenue from chargers; PAT zooms over 200 per cent QoQ

From Rs 2.08 to Rs 89.70 per share, the stock delivered multibagger returns of over 4,200 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:

Servotech Power Systems reported strong growth in net sales for Q4FY23, with a 13.9 per cent increase year-over-year to Rs 136.65 crore compared to Rs 119.98 crore in Q4FY22. This represents a significant jump of 161.7 per cent compared to Rs 52.21 crore in Q3FY24. However, net profit for Q4FY23 showed a decrease of 43 per cent year-over-year, reaching Rs 3.45 crore compared to Rs 6.05 crore in Q4FY22. Despite this YoY decline, net profit grew a substantial 210.8 per cent compared to Rs 1.11 crore in Q3FY24.

Servotech Power Systems Ltd reported strong financial performance in FY24 with a net sales increase of 27.49 per cent to Rs 355.26 crore, driven by robust demand for their tech-enabled solutions in the solar and EV sectors. Profit after tax (PAT) also grew by 6.69 per cent to Rs 11.80 crore, while EBITDA increased by 18.05 per cent to Rs 22.36 crore, benefitting from increased operational scale due to improved efficiencies and higher-value products.

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Details of FY24 Revenue

About Servotech Power Systems Ltd

Servotech Power Systems, a trusted brand with a nationwide presence on the NSE, has over 20 years of experience in electronics. They leverage this expertise to design and manufacture cutting-edge AC and DC charging solutions for electric vehicles. Their chargers cater to both commercial and domestic applications, ensuring compatibility with a wide range of EVs. With their comprehensive engineering capabilities, Servotech is positioned to be a key player in building India's EV charging infrastructure. Backed by a history of innovation and advanced technology development, Servotech is committed to shaping the future of e-mobility in India.

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 89.70 per share, the stock delivered multibagger returns of over 4,200 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.