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Kolkata, October 2023: Servotech Power Systems Ltd. (SPSL), a manufacturer of EV Chargers and Solar Products has announced that it has approved declaration of Dividend at the rate of 20% (Rs. 0.20 per share) for the financial year ended 31st March 2023. Earlier, in the company’s board meeting in August, the board had approved the declaration of this dividend, which was subject to approval of shareholders. The shareholders approved the same in the company’s AGM held on 30 September 2023.
Earlier in August, the company announced stellar earnings for Q1FY24. Total Revenue witnessed stellar growth of 148.9% in Q1 FY24 to Rs. 79.8 Crs from Rs. 32.1 Crs in Q1 FY23 on YoY basis respectively. EBITDA increased by 415.3% from ₹1.4 Crs in Q1 FY23 to ₹7.1 Crs in Q1 FY24, margins improved from 4.3% in Q1 FY23 to 8.9% in Q1 FY24 on account of increasing scale of operations and higher value products. Net PAT stood at ₹4.1 Crs in Q1 FY24, compared to ₹0.4 Crs in Q1 FY23, margins improved from 1.1% in Q1 FY23 to 5.1% in Q1 FY24.
Commenting on the results, Servotech Power Systems Ltd. Managing Director Raman Bhatia stated, “We experienced remarkable expansion, primarily driven by the introduction of cutting-edge technology-driven solutions in the electric vehicle (EV) and solar sectors. We are delighted to announce that we maintain a strong position as a key player in the sustainable energy industry, boasting ~25% market share in the EV charging solutions segment. Moreover, our solar solutions, known for their easy installation, cost-effectiveness, and dependability, have gained significant momentum in the market, largely due to the enthusiastic adoption by our targeted customer base.
We are immensely proud of our role in advancing the EV Charging Infrastructure and Solar industry, and our dedication to continuous innovation and enhancement.
Further, in order to remain ahead of the competition, we implemented SAP S/4 HANA in the record-breaking time of two and a half months. This achievement is a testimony to our dedication to drive digital innovation.
We steadfastly uphold our vision of delivering customer-centric solutions in the realm of sustainable, clean and green energy. To accomplish this, we have expanded our product portfolio and streamlined our processes for greater efficiency. As we venture into the future, we acknowledge the substantial potential within the markets we serve and find ourselves in an advantageous position to seize growth opportunities, as evidenced by our strong order pipeline.”
Earlier, Servotech Power Systems had entered into a partnership with Dubai-based Al Ansari Motors to provide electric vehicle (EV) charging solutions to the Middle Eastern and African markets
The two entities have signed a sole distributorship agreement, which would see Al Ansari bring Servotech’s EV charging capabilities to the potential electric vehicle-adopting segment in the mentioned markets, Servotech Power said. Al Ansari Motors LLC is involved in motor vehicles and accessories trading, it added.
Servotech Power Systems is an NSE-listed organization that develops techenabled EV Charging solutions leveraging their over two decades of experience and expertise in the electronics space. We offer an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic. With our comprehensive engineering capabilities, we plan to play a pivotal role in developing India’s EV tech infrastructure. A trusted brand with a strong pan-India presence, our legacy is marked by proven innovation and distribution of high-end LED lighting and UV-C disinfection products, along with medical-grade oxygen concentrators and its makings.
(This story has not been edited by News Mania staff and is published from a Media Release)
