Servotech Power's profit jumps three-fold to over Rs 3 cr in September quarter

EV charger maker Servotech Power Systems has reported more than three-fold increase in net profit the second quarter at Rs 3.12 crore.

The Delhi-based company has reported a net profit of Rs 78 lakh during the same quarter period of preceding 2022-23 fiscal.

The profit in the quarter was aided by higher revenues, the company said in a regulatory filing on Monday.

The revenue in the second quarter also more than doubled to Rs 86.59 crore from Rs 40.24 crore in the same quarter a year ago.

"Our success can be attributed to our steadfast dedication to delivering cutting-edge, technology-driven solutions in the fields of electric vehicles and solar energy," Servotech Power Systems Managing Director Raman Bhatia said.

Servotech is a leading manufacturer of solar, electric vehicle (EV) chargers, power-backup and other smart power solutions. The company recently signed an agreement with the Uttar Pradesh government to set up an EV charger manufacturing plant in the state at an investment of Rs 300 crore.

Servotech shares closed in green at Rs 77.25 on NSE during Monday's trade.