“Servotech Renewable Power Q3: Net Profit Surges to ₹8 Crore”

It had earned a net profit of Rs 1.11 crore during the October-December period of FY 2023-24.

The Servotech Renewable Power System said on Tuesday that its net profit had increased several times to nearly Rs 8 crore in the December quarter, due to higher revenue.

The company said in its regulatory filing that it had recorded a net profit of Rs 1.11 crore during the October-December period of the financial year 2023-24.

The total revenue of the company increased four times to Rs 216.83 crore from Rs 52.20 crore a year ago.

Expense also increased to Rs 204 crore from Rs 50.34 crore in the same period last year.

The most reliable power system is leading in technologically efficient EV charging and all solutions.

In a separate statement, the company’s Managing Director Raman Bhatia said the quarter witnessed phenomenal growth.

“As a market leader in India’s EV charging sector, currently holding 35-40 per cent market share, we are strategically positioned to achieve 50-55 per cent share by manufacturing 12,000 direct current (DC) fast chargers in FY25, which will meet the rapidly growing demand for EV infrastructure,” he said.

Bhatia said EV chargers are estimated to account for 70-75 per cent of the company’s total revenue, while the remaining will come from solar products.