Servotech installs 5.6k EV chargers amid e-mobility push by govt

The Indian auto industry is gearing up to roll out an array of electric vehicle models over the next few years amid a renewed push by the government to encourage environment-friendly mobility solutions with the unveiling of a new policy. Amid this, Servotech Power Systems Ltd (SPSL) has informed exchanges that it has installed over 5,600 EV chargers (AC + DC) across India. According to information shared by the company, it has installed a maximum of 600 EV chargers in Karnataka followed by Maharashtra and Tamil Nadu.

The company also informed exchanges that it has incorporated a new subsidiary named “Servotech EV Infra Pvt. Ltd.” on November 10, 2023 to carry on the Charge Point Operators business by installing and operating a network of charging stations and other allied activities across India.

"Currently, we hold a considerable market share in the EV charging sector, having deployed over 5,600 chargers across India by March 31, 2024. Moreover, we are a partner of choice for prominent OEM’s and the testimony to same lies in our recent order wins from HPCL and IOCL worth ₹213 Crs and successful completion of supply of 2,649 AC chargers to BPCL," the company said in an exchange filing.

Servotech Power Systems Q4 Results

Meanwhile, Servotech Power Systems has reported a 43 per cent fall in its consolidated net profit to Rs 3.45 crore in the fourth quarter ended March 31, 2024, dragged by higher expenses.

It had posted a profit of Rs 6.05 crore in the corresponding period of the previous fiscal, the company said in a regulatory filing on Thursday.

Consolidated revenue from operations during the quarter under review stood at Rs 136.65 crore as against Rs 119.98 crore in the year-ago period, it added.

Total expenses in the fourth quarter were higher at Rs 132 crore as compared to Rs 112.25 crore in the same period a year ago.
Among the expenses, the cost of raw materials rose to Rs 121.05 crore from Rs 102.89 crore in Q4 FY23.

In a separate statement, the company said its profit after tax increased by 6.69 per cent to Rs 11.80 crore in FY24, while EBITDA increased by 18.05 per cent to Rs 22.36 crore during the year on account of an increase in scale of operations led by improving efficiencies and higher value products.

With PTI inputs