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Multibagger EV Stock engaged in the business of providing end-to-end solutions for EV Chargers, Solar power products, and many more hit a 5 percent upper circuit upon receiving an order worth Rs. 102 Crores from HPCL for the supply of EV Chargers. 

With a market capitalization of Rs. 2,080 Crores, the shares of Servotech Power Systems Limited hit a 5 percent upper circuit at Rs. 97.80. 

Servotech Power Systems Limited has won a significant order worth Rs. 102 Crores from Hindustan Petroleum Corporation Limited and other EV charger OEMs for the supply of nearly 1500 DC fast EV chargers involving two charger variants of 60 kW and 120 kW. 

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The order involves 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. 

Servotech Power Systems Limited is engaged in the business of providing end-to-end solutions for the manufacturing, procurement, and distribution of advanced EV Chargers, solar products, medical devices, energy-efficient lighting solutions, and many more. 

It has reported a return on equity (ROE) of 16.8 percent and a return on capital employed (ROCE) of 17.7 percent, it is making good returns on its equity and capital employed. 

Its revenue from operations grew 86 percent from Rs. 134 Crores in FY22 to Rs. 249 Crores in FY23, accompanied by increasing profits of Rs. 4 Crores to Rs. 11 Crores. 

Written by: Bharath K.S 

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