The shares of the solar power products manufacturers gained up to 4 percent after the company received an order for 1400 DC fast EV chargers worth Rs 111 crore.
With a market capitalization of Rs 2,162.69 crore, the shares of Servotech Power Systems Ltd were trading at Rs 101.70 per share, increasing around 2.42 percent as compared to the previous closing price of Rs 99.30 apiece.
According to the company filing, Servotech Power Systems Ltd has received an order of 1400 DC fast EV chargers worth Rs 111 crore that involve two charger variants of 60 kW and 120 kW from Indian Oil Corporation Limited (IOCL).
Furthermore, The IOCL deal calls for Servotech to manufacture, produce, and install DC EV chargers across the country, with a focus on deployment at Indian Oil petrol stations and other specified sites.
Additionally, Servotech will build and deliver the remaining chargers to EV charger OEMs. This action promotes decarbonized mobility and meets the increasing demands of the EV charging infrastructure.
Looking at the company’s financials, Servotech Power Systems Ltd’s sales decreased by 40% from Rs 82.49 crore in Q2FY23 to Rs 49.65 crore in Q2FY24. During the same period, net profit decreased by 69% from Rs 3.59 crore to Rs 1.09 crore.
Recently, Servotech received 1500 DC Fast EV charger orders from HPCL and OEMs. The company also received an 1800 DC EV chargers order from BPCL.
The company’s total number of EV charger orders from oil marketing companies and EV charger OEMs stands at 4700 units. The total value of the combined orders stands at 333 crores.
Servotech is installing all chargers by the end of the FY 2024-25. The company will deploy 5% of the 4700 units of DC EV chargers by March 31st, 2024. Additionally, Servotech will also complete the deployment of the 2,649 AC EV chargers order received by BPCL by the same deadline i.e. 31st March 2024.
Servotech Power Systems Limited manufactures and distributes sophisticated solar goods, medical gadgets, and energy-efficient lighting solutions. The company has installed solar panels for battery charging and photovoltaic (PV) ports across several projects.
Written by:- Abhishek Singh
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