Shares of Servotech Power Systems have become multibagger in the last one year. The Delhi-based company manufactures solar products including UPS, inverters and EV chargers. The total revenue of the company has more than doubled in the financial year 2022-23.
According to an exchange filing, the total revenue in FY23 was Rs 279 crore, as against Rs 144 crore in the previous fiscal. Its comprehensive income grew to Rs 110 crore from Rs 406 crore in FY23. The total expenditure was Rs 264 crore.
The electrical equipment company had split its equity shares in February this year. The company had sub-divided its shares of nominal value of Rs 10 into five shares of Rs 2 each.
Shares of Servotech Power have given multibagger returns in the last one year. The stock has gained a whopping 227 per cent in a span of one year. It is one of the biggest gainers so far in 2023, climbing 71 per cent so far.
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The market cap of the small cap company is Rs 590 crore. Meanwhile, the clean energy solutions provider has entered into an agreement with the National Solar Energy Federation of India (NSEFI) to set up a solar-powered Electric Vehicle (EV) charging carport at the Ministry of New and Renewable Energy’s premises in Delhi.
The scope of the project will include Servotech designing, manufacturing and installing a PV-plus storage carport with EV charging capabilities. This innovative structure will be paired with a 5kW solar system, with two DC fast EV chargers of 11kW each.
Last year, the Uttar Pradesh government awarded a letter of intent (LOI) to Servotech Power Systems for a major 1.8 MW off-grid solar project. The company will install solar powered modules of various capacities across the state.
As a renewable source of electricity, solar energy has an important role in reducing greenhouse gas emissions and mitigating climate change.