Servotech Achieves Stellar Profit Surge Amidst EV Boom

Servotech Renewable Power System saw its net profit skyrocket to nearly Rs 8 crore in Q4, aided by a surge in revenues. The company, a leader in EV charging solutions, plans to capture 50-55% market share by producing 12,000 DC fast chargers. EV chargers will dominate its revenue stream.

Servotech Renewable Power System has reported a significant increase in its consolidated net profit, reaching nearly Rs 8 crore in the December quarter, a growth driven primarily by higher revenues. In its previous financial report for the same quarter in 2023-24, the company had posted a net profit of Rs 1.11 crore.

The company witnessed a more than fourfold increase in total revenue, climbing to Rs 216.83 crore from Rs 52.20 crore last year. However, expenses also rose substantially to Rs 204 crore compared to the previous figure of Rs 50.34 crore.

As a dominant force in the tech-enabled EV charging and solar solutions sector, Servotech is aiming to enhance its market position. Currently holding a 35-40% market share in India's EV charging sector, the company is planning strategic expansions to reach a 50-55% market share by manufacturing 12,000 direct current (DC) fast chargers by the fiscal year 2025. Managing Director Raman Bhatia highlighted that these EV chargers are projected to account for 70-75% of the company's total revenue, with the rest coming from solar products.

(With inputs from agencies.)