Corporate Features     

Published: October 31, 2023
Updated: October 31, 2023

Servotech Power Systems

FY 2024 starts on buoyant note: Declares 20% dividend for FY 2023

The company has started fiscal 2024 on a buoyant note, putting up a gratifying show for the first quarter (April-June 2023). With total revenues recording a stellar growth of 48.9 per cent from Rs 32.1 crore in Q1 FY2023 to Rs 79.8 crore, EBIDT has shot up by 415.3 per cent from Rs 1.14 crore to Rs 7.1 crore, improving from 4.3 per cent in Q1 FY2023 to 8.9 per cent in the first quarter of this year. This follows an increasing scale of operations and higher- value products. Meanwhile, the profit at net level has surged from a meagre Rs 0.4 crore to Rs 4.1 crore.

Commenting on the results, Raman Bhatia, Managing Director of the company, said, “We experienced remarkable growth, primarily driven by the introduction of cutting-edge technology-driven solutions in the electric vehicle (EV) and solar sectors. We are delighted to announce that we maintain a strong

position as a key player in the sustainable energy industry, boasting ~25% market share in the EV charging solutions segment. Moreover, our solar solutions, known for their easy installation, cost-effectiveness, and dependability, have gained significant momentum in the market, largely due to the enthusiastic adoption by our targeted customer base

“We are immensely proud of our role in advancing the EV charging infrastructure and solar industry, and our dedication to continuous innovation and enhancement.” Pointing out that “moreover, in order to remain ahead of the competition, we implemented SAP S/4 HANA in a record-breaking time of two and a half months,” Mr Bhatia added that “this achievement is a testimony to our dedication to drive digital innovation.”

GREEN SOLUTIONS

Stressed Mr Bhatia, “We steadfastly uphold our vision of delivering customer-centric solutions in the realm of sustainable, clean and green energy. To accomplish this, we have expanded our product portfolio and streamlined our processes for greater efficiency. As we venture into the future, we acknowledge the substantial potential within the markets we serve and find ourselves in an advantageous position to seize growth opportunities, as evidenced by our strong order pipeline.”

Earlier, Servotech Power Systems had entered into a partnership with Dubai-based Al Ansari Motors to provide electric vehicle (EV) charging solutions to the Middle Eastern and African markets.

According to Mr Bhatia, the two entities have signed a sole distributorship agreement, which would see Al Ansari bring Servotech’s EV charging capabilities to the potential electric vehicle-adopting segment in these markets. Al Ansari Motors LLC is involved in motor vehicles and accessories trading

Tie-up with EMCOR, Kuwait to Boost EV charging infrastructure

In a landmark development aimed at advancing the EV charging infrastructure, Servotech Power Systems Ltd, a distinguished NSE-listed manufacturer of EV chargers in India, and EMCOR Power Solutions, a prominent name in providing advanced EV charging CPO (Charge Point Operator) solutions and advanced batteries, have signed an MoU to revolutionize the EV charging infrastructure in India. EMCOR Power Solutions is the Indian business start-up of EMCOR International, a renowned Kuwait-based general trading company with a strong focus on the oil and gas sector.

Under the MoU terms, EMCOR Power Solutions is committed to providing Servotech Power Systems with 1,000 CPO sites in India. These sites will serve as the foundation for the installation of EV chargers, as outlined by the agreement. Servotech Power Systems will take on the role of manufacturer and installer of 30 kW and 60 kW and even highercapacity DC fast EV chargers, strategically distributed across India to cater to the varying power requirements of different locations.

The project will be executed in phases, with the initial phase encompassing the installation of 100 DC fast EV chargers in South India, followed by further expansion panIndia. This tie-up will mark a significant development in the quest for efficient and well-equipped EV charging infrastructure in India. Raman Bhatia, Managing Director of Servotech, expressed his enthusiasm about the partnership, stating, “The signed MoU aims to accelerate nationwide adoption of electric vehicles

by developing a well-equipped and technologically advanced EV charging infrastructure. We understand that the widespread adoption of EVs requires more than just cutting-edge EV chargers; it demands a comprehensive and robust charging infrastructure that is accessible to all. Our goal, as the leading EV charger manufacturer in India with a substantial marketshare, is to transform this vision into reality. We are confident that our deep industry knowledge and expertise in manufacturing high-quality, reliable and affordable charging solutions will make this partnership a resounding success.”

DUAL SYNERGY

EMCOR Power Solutions Managing Director Byju Kiniyil pointed out, “As the leading sustainable energy and power protection solutions provider, we understand that the path to sustainability is paved through innovation, dedication and strategic alliances. In the pursuit of fulfilling our vision of accelerating the transition to sustainable mobility, we have forged strategic partnerships. The partnerships signify our dedication to bringing world-class expertise and cting- edge technology to the forefront of sustainable mobility solutions. We are fully committed to leveraging our vast experience and resources to drive transformative change in the sustainable mobility landscape.

Through this partnership, we aim to enter the realm of EV charging and are excited about the possibilities this partnership holds and the positive impact it will bring to our nation’s mobility landscape.” (Servotech Power Systems offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic. Servotech is also known for its high-end LED lighting and UV-C disinfection products, along with medical-grade oxygen concentrators.)