Servotech Power Systems Ltd

Net profit of Servotech Power Systems declined 43.05% to Rs 3.44 crore in the quarter ended March 2024 as against Rs 6.04 crore during the previous quarter ended March 2023. Sales rose 18.09% to Rs 136.17 crore in the quarter ended March 2024 as against Rs 115.31 crore during the previous quarter ended March 2023.

For the full year,net profit rose 6.52% to Rs 11.76 crore in the year ended March 2024 as against Rs 11.04 crore during the previous year ended March 2023. Sales rose 27.00% to Rs 353.68 crore in the year ended March 2024 as against Rs 278.48 crore during the previous year ended March 2023.

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Servotech Power Systems has revised the meeting of the Board of Directors which was scheduled to be held on 11 May 2024. The meeting will now be held on 9 May 2024.

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Servotech Power Systems will hold a meeting of the Board of Directors of the Company on 11 May 2024.

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The company has announced collaboration for a jointly owned revolutionary EV charger technology, for which they filed for patents recently. These ground-breaking solutions enable fast DC charging of any GB/T Bharat DC 001 vehicle (which is on sub 200V DC platforms) from the CCS2 charging network through the addition of a connector using a small additional gadget.

The firm stated that this need was established by Electra EV serving their OEM and fleet customers. This innovation paves the way for seamless charging compatibility, eliminates the need for expensive dual infrastructure deployment, and benefits both passenger services and commercial vehicles that rely on the GB/T Bharat DC 001 protocol.

Arun Handa, chief technical officer (CTO), Servotech Power Systems, said, This collaboration brings together exceptional technological expertise and a commitment to innovation. The joint ownership of these patents will accelerate the development of next-generation EV charging ecosystem that benefits businesses and consumers alike.

Samir Yajnik, CEO, Electra EV, said, This breakthrough technology aligns perfectly with Electra EV’s mission to pioneer the transition to electric vehicles. We see incredible potential for solutions from this collaboration in progressing India’s EV growth journey.

Servotech Power Systems is engaged in the end-to-end manufacturing, procurement and distribution of a range of high-end yet advanced solar products, medical devices as well as energy-efficient lighting solutions. Having forayed into the EV market recently with the launch of high-tech EV charging equipment, the company intends to establish EV charging tech infrastructure pan India.

The company reported 71.24% decline in consolidated net profit to Rs 1.11 crore on 39.74% fall in revenue from operations to Rs 52.01 crore in Q3 FY24 over Q3 FY23.

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The company is constructing a cutting-edge manufacturing facility focused on the production of Power Modules, Control Circuits, and PLCs – essential elements at the core of EV chargers. This move marks a decisive shift away from reliance on imports and positions India as a key player in the global EV charger supply chain.

The company said that the new plant will have an initial annual production capacity of 24,000 power modules and will ramp up its production capacity to 2.4 lakh power modules annually in order to cater with the rapidly growing Indian EV market which will require around 6 lakh units annually. This scalable approach demonstrates its ambition to capture a significant share of the expanding EV charging sector. The new plant is expected to be fully operational by December 2024

Arun Handa, chief technical officer, Servotech Power Systems, said, “Our goal is to make Servotech a preferred supplier of EV chargers as well as preferred OEM supplier of power modules for Indian EV charger manufacturers. By establishing a robust domestic supply chain, we contribute to the overall growth of the EV ecosystem, making charging solutions more affordable and accessible to a wider public.”

Servotech Power Systems is engaged in the end-to-end manufacturing, procurement and distribution of a range of high-end yet advanced solar products, medical devices as well as energy-efficient lighting solutions. Having forayed into the EV market recently with the launch of high-tech EV charging equipment, the company intends to establish EV charging tech infrastructure pan India.

The company reported 71.24% decline in consolidated net profit to Rs 1.11 crore on 39.74% fall in revenue from operations to Rs 52.01 crore in Q3 FY24 over Q3 FY23. The scrip fell 4.98% to end at Rs 85.80 on Thursday, 7 March 2024.

The domestic market is closed today, on account of mahashivratri.

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Shares of Servotech Power Systems rose 1.71% to Rs 101 while Indian Oil Corporation of India jumped 2.63% to Rs 169.90 on NSE.

The order secured by IOCL involves manufacturing, supplying and installing of DC EV chargers nationwide, prioritizing deployment at Indian Oil petrol pumps and other said locations. The company will also manufacture and supply the rest of the chargers to EV charger OEMs.

The said order includes two charger variants of 60 kW and 120 kW. The company has committed to install all these chargers by the end of the FY 2024-25. It will deploy 5% of the 4700 units of DC EV chargers by 31 March 2024. Additionally, it will also complete the deployment of 2649 AC EV chargers order received by BPCL by the same 31 March 2024. The total order is valued at Rs 111 crore.

Sarika Bhatia, Director of Servotech Power Systems, said “We are honored to contribute to India's EMobility revolution alongside major oil marketing companies like IOCL, HPCL, and BPCL. Together, we are committed to accelerating the transition to a sustainable future. It's a source of pride that these industry leaders have chosen us based on our manufacturing capabilities and quality conscious EV chargers. As a premier EV charger manufacturer, we aim to transform India into a nation where EVs are not just a vision but a reality. With shared vision and unwavering dedication, we believe in making this dream come true. Leveraging the network of oil marketing companies and installing EV chargers at their petrol pumps, we're building a robust infrastructure for EVs, making them accessible to all, everywhere”.

Our top-notch DC fast EV chargers are poised to create e-mobility hubs, streamlining transactions, enhancing accessibility, simplifying user experience, and aiding navigation for EV drivers. With our proactive assistance, we're driving a seamless shift toward a greener, more sustainable transportation landscape” said Sarika Bhatia.

Servotech Power Systems is engaged in the end-to-end manufacturing, procurement and distribution of a range of high-end yet advanced solar products, medical devices as well as energy-efficient lighting solutions. Having forayed into the EV market recently with the launch of high-tech EV charging equipment, the company intends to establish EV charging tech infrastructure pan India.

Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 December 2023, the Government of India held 51.50% stake in the company.

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The scope of the work includes manufacturing, supplying and installing DC EV chargers nationwide, prioritizing deployment at HPCL's retail outlets. Additionally, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs.

It will also promote decarbonized mobility and cater to the evolving needs of the sustainable automotive industry, stated the company.

The order is valued at 102 crore and involves two charger variants of 60 kW and 120 kW.

Sarika Bhatia, director of Servotech Power Systems, said, “We are confident that our high-quality and technologically advanced DC fast EV chargers will help to establish e-mobility touchpoints, optimize transactions, improve availability, simplify discovery, and facilitate navigation for EV users.”

Servotech Power Systems is engaged in the end-to-end manufacturing, procurement and distribution of a range of high-end yet advanced solar products, medical devices as well as energy-efficient lighting solutions. Having forayed into the EV market recently with the launch of high-tech EV charging equipment, the company intends to establish EV charging tech infrastructure pan India.

The company reported 71.24% decline in consolidated net profit to Rs 1.11 crore on 39.74% fall in revenue from operations to Rs 52.01 crore in Q3 FY24 over Q3 FY23.

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Net profit of Servotech Power Systems declined 71.24% to Rs 1.11 crore in the quarter ended December 2023 as against Rs 3.86 crore during the previous quarter ended December 2022. Sales declined 39.74% to Rs 52.01 crore in the quarter ended December 2023 as against Rs 86.31 crore during the previous quarter ended December 2022.

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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.

The project encompasses two charger variants, 60 kW and 120 kW and the company aims to complete this extensive project by the end of 2024.

Serovtech Power Systems and BPCL had previously worked together to transform the E-Mobility landscape. Recently 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% of supply and installation and the entire project will be completed by March’24.

Sarika Bhatia, director of Servotech Power Systems, said: “We take immense pride in accelerating India's E-Mobility revolution in collaboration with BPCL. Our partnership focuses on establishing a dynamic EV charging network that makes EV charging accessible for EV owners nationwide. Through cutting-edge DC Fast EV Chargers, Servotech Power Systems aims to play a pivotal role in realizing India's ambitious goals in the E-Mobility sector, bringing the nation closer to becoming an EV-powered nation.

As India wholeheartedly embraces electric mobility, Servotech stays at the forefront of developing a robust EV charging infrastructure and has already successfully supplied 4000 EV Chargers across India (as of Jan 2024).”

Servotech Power Systems develops tech enabled EV Charging solutions. The company offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic.

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Servotech Power Systems will hold a meeting of the Board of Directors of the Company on 6 February 2024.

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