Q2 Results: Servotech Power Systems net profit zooms three-fold

Servotech Power Systems on Monday reported over three-fold rise in consolidated net profit at Rs 11.24 crore in the September quarter, aided by higher income.

Its "net profit for the period" was at Rs 3.12 crore in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing.

The company's total income rose over two-fold to Rs 200.06 crore from Rs 86.59 crore in the year-ago period.

In the April-September, the company has reported a two-fold rise in net profit to 15.73 crore from Rs 7.23 crore recorded in the six-month period last fiscal.

Meanwhile, the company said it has introduced a new range of energy solutions.

"High-tech range of solar on-grid inverters, solar hybrid inverters, solar micro inverters, battery energy storage systems, and solar pump controllers have been brought in alignment with schemes like PM Surya Ghar Muft Bijli Yojana and PM-KUSUM Scheme," the company said.

The solutions targeting residential and commercial rooftops segment will also empower farmers to harness solar energy and promote sustainable farming practices.

Raman Bhatia, Founder and Managing Director, said: "These solutions not only help individuals and businesses reduce their carbon footprint but also drive sustainable growth. As a global leader in the renewable energy sector, we are at the forefront of accelerating a more productive and sustainable future."