Leading manufacturer of solar, electric vehicle (EV) chargers, power-backup and other smart power solutions – Servotech Power Systems Ltd. presented its financial results for the fourth quarter this Sunday.
The company witnessed a 134.8 per cent growth in its total revenue in Q4 to Rs. 120 crore. An overall growth of 93.2 per cent in FY23 to Rs. 278.6 crore on YoY basis, led by a surging demand for tech-enabled solutions in the Solar and EV space by targeted customers.
EBITDA increased by 216 per cent to Rs. 9 crore in the fourth quarter. It showed a surge of 96 per cent to Rs. 18.9 crore in 2022-23, with margins improving by 194 bps in Q4 on account of increase in scale of operations by improving efficiencies and higher value products. PAT increased by 363.4 per cent to Rs. 6.05 crore in Q4 and 172.7 per cent to Rs. 11.1 crore in FY23.
Raman Bhatia, Managing Director, Servotech Power Systems Ltd. commented, “We witnessed robust growth during the financial year 2023, led by launch of innovative tech-enabled solutions in the EV and solar space. Our advanced EV charging solutions gained a 25 per cent market share. Both our solar and EV charging solutions have created lasting value for our clients like IOCL, BPCL, HPCL, GAIL and others. To further increase our market share, we have outlined a strategic plan that includes partnership with key players in the industry, expanding our talent pool, increasing our innovation efforts, and enhancing our distribution network. By executing on these initiatives, we aim to solidify our position as a leading player in our industry.”