Q1 FY2024-25: Servotech Power Systems Reports INR 4.48 Crore PAT and 41 Percent Revenue Rise

Servotech Power Systems Ltd., a manufacturer of Electric Vehicle chargers, solar solutions, and power backup solutions, has announced strong financial results for the first quarter of FY2024-25.

As per the firm, the company's consolidated Profit After Tax (PAT) surged to INR 4.48 crore, marking a 9 percent increase from INR 4.10 crore in the same period last year. Revenue soared by 41 percent, reaching INR 112.43 crore compared to INR 79.81 crore in Q1 FY2023-24. Further, EBITDA also saw a substantial 20 percent rise, amounting to INR 8.53 crore, up from INR 7.12 crore year-over-year.

On a standalone basis also the firm showcased remarkable growth. As the firm said in its note that the total revenue surged by 43 percent, reaching INR. 9,775.48 lakhs, up from INR 6,838.98 lakhs in Q1 FY2023-24. While, EBITDA saw a notable increase of 25 percent, climbing to INR 869.66 lakhs from INR 696.60 lakhs year-over-year. Gross profit also experienced significant growth, rising by 35 percent to INR 1,940.26 lakhs  compared to INR 1,439.27 lakhs in the previous year. Profit Before Tax (PBT) improved by 17 percent, reaching INR 630.44 lakhs, up from INR 538.39 lakhs. The net Profit After Tax (PAT) witnessed an 18 percent increase, standing at INR. 474.33 lakhs, compared to INR 402.93 lakhs in Q1 FY2023-24.

Commenting on the results, Raman Bhatia, Founder and Managing Director, Servotech Power Systems Ltd. said, "We got outstanding results in Q1FY25, but we are not satisfied and working for even better and are confident that we will achieve our goals in the coming quarters. We are committed to providing our customers with the best possible products and services and are constantly innovating and improving them. We are also expanding our sales and marketing efforts. We are excited about the future of our company. With the Safiabad plant set to become fully operational soon, we will be able to significantly increase our production capacity to meet the growing demand of our products and this plant will become a major asset to our company. We are confident that we have a bright future ahead, and remain committed to achieving high growth and becoming a leading player in the global market."

In recent developments, Servotech is reported to have secured a major order from Bharat Petroleum Corporation Limited (BPCL) for 400 DC Fast EV Charger units, valued at around INR 20 crore.This project involves the manufacturing, supplying, and deploying of these chargers at BPCL petrol stations as part of the BPCL E-drive Project.

As per reports, Servotech's subsidiary, Incharz, has entered into an agreement with real estate developer Prateek Group to establish e-charging stations across the Delhi-NCR region. Incharz focuses on establishing and managing EV charging stations. It is involved in the design, supply, installation, commissioning, operation, and maintenance of these stations.