The shares of green charging solutions provider hit 5 percent upper circuit of Rs 85.50 apiece after the company came into partnership with Electra EV for innovative EV Charging Technologies.
With a market capitalization of Rs 1,854.53 crore, the shares of Servotech Power Systems Ltd were trading at Rs 85.50 per share, increasing around 4.97 percent as compared to the previous closing price of Rs 81.45 apiece.
According to the company filing, Servotech Power Systems Ltd came into partnership with Electra EV for innovative EV Charging Technologies to create India’s first fast-charging interoperability solutions between GB/T and CCS2 protocols.
Furthermore, the solution will allow fast DC charging of any GB/T Bharat DC 001 cars (with sub 200V DC platforms) via the CCS2 charging network by adding a connector using a modest extra device.
“This partnership combines excellent technological skills and a dedication to innovation. “The joint ownership of these patents will accelerate the development of a next-generation EV charging ecosystem that benefits both businesses and consumers,” said Arun Handa, Chief Technical Officer of Servotech Power Systems Ltd
Looking at the company’s financials, Servotech Power Systems Ltd’s sales decreased by 40% from Rs 82.49 crore in Q3FY23 to Rs 49.65 crore in Q3FY24. During the same time frame, net profit decreased by 69% from Rs 3.59 crore to Rs 1.09 crore.
Recently, Servotech has got orders for 1500 DC Fast EV chargers from HPCL and OEMs. The business also secured an order from BPCL for 1800 DC EV chargers.
In all, the business has received 4700 EV charger orders from oil marketing organizations and OEMs. The total value of the combined orders is 333 crore.
Servotech plans to deploy all chargers by the end of Fiscal Year 2024-25. The business plans to deploy 5% of its 4700 DC EV chargers by March 31st, 2024. Servotech will complete the deployment of 2,649 AC EV chargers ordered by BPCL by March 31, 2024.
Servotech Power Systems Limited produces, procures, and sells advanced solar products, medical devices, and energy-efficient lighting solutions. The business is working on a number of projects, including installing solar panels for battery charging and photovoltaic (PV) ports.
Written by:- Abhishek Singh
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