Q4 Results FY2024 - Servotech registers YoY revenue growth of 13.89%

Homegrown EV charger manufacturing company Servotech Power Systems has announced Q4 results for FY2024. The company said that its total revenue grew by 13.89 per cent Year-on-Year in the fourth quarter of the financial year ending March 31 to Rs 136.65 crore. The company has attributed the revenue growth to robust demand for tech-enabled solutions in the solar and electric vehicle space.

The company's revenue for the entire FY23 jumped by 27.49 per cent YoY to Rs 355.26. However, the net profit in the fourth quarter declined by 43.05 per cent to Rs 3.44 crore. It was Rs 6.04 crore in the same quarter of last fiscal.

PAT increased by 6.69 per cent to Rs 11.80 crore in FY24. EBITDA increased by 18.05 per cent to Rs 22.36 crore in FY24 on account of an increase in the scale of operations led by improving efficiencies and higher-value products.

"We have increased our manufacturing capacity and have also introduced impactful innovations in EV chargers and solar solutions. Having deployed more than 5600 EV chargers we are delighted to maintain a strong foothold as a key player in the EV charging industry," Raman Bhatia, Managing Director, of Servotech said while commenting on the results.

Earlier, Servotech said it had bagged an order worth Rs 102 crore for providing around 1,500 DC fast chargers.

The order was received from Hindustan Petroleum Corporation and other original equipment manufacturers (OEMs).

It is valued at Rs 102 crore and involves two charger variants of 60 kW and 120 kW, the company said in a statement. According to the statement, Servotech Power Systems has bagged an order for nearly 1,500 DC fast EV chargers from Hindustan Petroleum Corporation Ltd (HPCL) and other EV charger OEMs.

The order secured by HPCL involves Servotech's manufacturing, supplying and installing DC EV chargers nationwide, prioritising deployment at HPCL's retail outlets. Additionally, Servotech will manufacture and supply the rest of the chargers to EV charger OEMs.