Servotech Power Systems Ltd Share Price – NSE

Capital Goods - Electrical Equipment, Small Cap

Servotech Power Systems will hold a meeting of the Board of Directors of the Company on 21 January 2025.

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In a regulatory filing made during market hours today, the company informed that it has secured an order of approx. 1,100 Grid-connected Agriculture Pumps under “KUSUM Component C-1 Scheme” from Uttar Pradesh New and Renewable Energy Development Authority (UPNEDA), Govt. of Uttar Pradesh.

The project valued at around Rs 31 crore will involve manufacturing, supplying, installation, testing & commissioning of grid connected agriculture pumps along with solar power plants.

Furthermore, the project involves for Servotech to provide comprehensive warranty maintenance for the next 5 years for pumps ranging from 2 HP, 3 HP and 5 HP with solar power plant with capacities of 3 kW, 4.5 kW, and 7.5 kW, for a total of 1094 solar pumps across Uttar Pradesh contributing to the state’s renewable energy goals.

Sarika Bhatia, director, Servotech Renewable Power System, said: “We are excited to get this order from UPNEDA to support Uttar Pradesh's green energy initiatives.”

Servotech Power Systems develops tech-enabled EV charging solutions. The company offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic.

The company’s consolidated net profit surged 262.5% to Rs 11.31 crore on 132.4% jump in net sales to Rs 199.67 crore in Q2 FY25 over Q2 FY24.

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The firm stated that this order will act as a major push in building a solar-powered state overall, bringing India closer to becoming a solar-powered nation.

The project entails designing, supplying, installation, net metering, testing and commissioning of on-grid rooftop solar power plants.

Further, the project also involves Servotech to deliver comprehensive warranty maintenance for the next 5 years, tending to 1 kW‐1500 kW on‐grid rooftop solar installations done at various strategic locations, which include government offices, colleges, buildings, hospitals and institutions, etc. across the state contributing to the state’s renewable energy goals and decarbonisation.

Sarika Bhatia, Director of Servotech Power Systems, said, “We’re elated to work with UREDA in enhancing our green efforts by capitalising on enhancing the energy access and sustainability for the natives in Uttarakhand. The company's proven track record of providing exceptional and efficient solar solutions has established the company as a reliable partner among the nodal agencies and created a strong niche in India's renewable energy market.

We are confident that our reliable solar solutions will empower Uttarakhand with clean, reliable, and affordable solar energy. This project aligns with our vision of a sustainable future and will contribute to the state's energy security and environmental goals.”

Servotech Power Systems develops tech-enabled EV charging solutions. The company offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic.

The company’s consolidated net profit surged 262.5% to Rs 11.31 crore on 132.4% jump in net sales to Rs 199.67 crore in Q2 FY25 over Q2 FY24.

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Net profit of Servotech Power Systems rose 262.50% to Rs 11.31 crore in the quarter ended September 2024 as against Rs 3.12 crore during the previous quarter ended September 2023. Sales rose 132.36% to Rs 199.67 crore in the quarter ended September 2024 as against Rs 85.93 crore during the previous quarter ended September 2023.

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