Servotech Power Systems net profit grows three-fold to Rs 3.12 crore in Q2

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New Delhi, Oct 30 (PTI) Servotech Power Systems Ltd (SPSL) has posted over three-fold jump in its net profit at Rs 3.12 crore during the quarter ended September 2023, aided by higher revenues.

It had clocked a net profit of Rs 78 lakh during the July-September period of preceding 2022-23 fiscal, the company said in a regulatory filing on Monday.

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

Servotech Power Systems Managing Director Raman Bhatia said: "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 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. PTI ABI KKS HVA