Servotech Power Systems net nearly quadruples; company declares interim dividend

Servotech Power Systems' consolidated net profit nearly quadrupled to Rs 3.87 crore in December, 2022 quarter compared to a year ago mainly on the back of higher revenues.

The consolidated net profit of the company was Rs 1.07 crore in the quarter ended on December 31, 2021, an NSE filing showed.

Total revenues of the company more than doubled to Rs 86.35 crore in the quarter from Rs 41.42 crore in the same period a year ago.

Servotech Power Systems is a leading manufacturer of solar, power-backup, electric vehicle (EV) chargers, and other smart power solutions.

Servotech Power Systems Managing Director Raman Bhatia stated in a statement that this quarter turned out to be a strong period for Servotech.

The company's Q3 profitability has seen a one-off impact of its strong market strategy, expanded footprint, and advances on the channel front. ''With the bulk of the integration cost behind us and in view of the growth tailwinds ahead, our endeavour is to achieve even healthier profitability in Q4,'' he stated.

''There is also a greenfield of synergies and projects for us to explore. This will result in long-term and sustainable profitability. By expanding our pool of talent, stepping up our innovation efforts, and refining our go-to-market strategy, we will be able to provide our customers with smarter lifestyle solutions, scale up our team's opportunities, and create profitable whitespaces for our clients,'' he said.

In the board meeting on Saturday, the organisation also announced the decision of stock split.

The board had also discussed and approved the payment of an interim dividend to shareholders.

Additionally, Servotech has established the record date for the share division or split and will pay an interim dividend of Rs 0.20 per equity share to its shareholders.

The company has fixed the record date for the split of equity shares with a face value of Rs 10 per share and payment of interim dividend as February 3, 2023.

The amount of interim dividend shall be credited in the respective bank accounts of eligible shareholders on or around Saturday, 18th February, 2023.

Servotech had previously declared that the board had approved a 1:5 stock split. An equity share of face value Rs 10 each will be split into five equity shares of face value of Rs 2 each.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)