Multibagger solar product and EV chargers manufacturing stock at Rs 85 - Company signs MoU with 3ECO; details inside!

From Rs 1.90 to Rs 81.55 per share, the stock delivered multibagger returns of 4,190 per cent in 3 years.

Incharz, an EV Charge Point Operator has signed an MoU with 3ECO, a prominent manufacturer of L-3 & L-5 cargo vehicles and an EV Cargo Fleet Operator to develop exclusive EV charging stations for 3ECO for their entire fleet pan India. This initiative aims to establish a nationwide network of EV charging infrastructure, strategically positioned to meet the charging requirements of 3ECO's vehicle fleet. The EV charging stations will charge approximately 200-300 EV cargo vehicles per day. By targeting 1000 of 3ECO’s cargo vehicles for charging by the end of 2024, Incharz will play a significant role in accelerating the adoption of EVs, advancing green mobility and contributing to a more sustainable future.

3ECO will provide fleet hubs to Incharz for setting up EV charging stations. Incharz will be responsible for designing, installing, operating, and maintaining electric vehicle charging stations at various locations throughout India. The stations will feature cutting-edge technology to facilitate efficient charging. Moreover, they will support multiple charging standards and be compatible with various electric vehicle models, ensuring accessibility and convenience for all capacities

About INCHARZ

Incharz is a brand of Servotech EV Infra Pvt Ltd., an EV Charge Point Operator that provides end-to-end EV charging services and a subsidiary of Servotech Power Systems Ltd. With a strong dedication to creating a world where EVs are mainstream through an extensive EV charging network, Incharz ensures a seamless and reliable charging experience for all users, supporting the transition to build a cleaner, more sustainable world.

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 its 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.

Servotech Power Systems capped off a positive fiscal year with a solid performance in Q4FY24. Their net sales jumped significantly by 161.7 per cent compared to the previous quarter, reaching Rs 136.65 crore. This strong showing continues a trend of year-over-year growth, with a 13.9 per cent increase compared to Q4FY23. While net profit for Q4FY24 did see a decrease year-over-year, it's important to note the substantial growth of 210.8% when compared to Q3FY24. This momentum points towards a company on an upward trajectory.

Looking at the full fiscal year (FY24), Servotech Power Systems continued to impress. Their net sales grew by a robust 27.49 per cent to Rs 355.26 crore, fuelled by the increasing demand for their innovative solutions in the solar and electric vehicle sectors. This focus on cutting-edge technology is paying off, as evidenced by the growth in profit after tax (PAT) by 6.69 per cent and a healthy 18.05 per cent increase in EBITDA. This financial strength is further bolstered by their expanding operations and the introduction of higher-value products.

The 52-week high of the stock is Rs 108.70 and the 52-week low of Rs 48.63 with a market cap of Rs 1,800 crore. From Rs 1.90 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.