Servotech Power Systems Limited, one of the leading manufacturers of smart power solutions, has recently released its financial results for Q4 FY23, reporting impressive growth in revenue from operations, EBITDA, and profits. The company’s innovative tech-enabled solutions in the EV and solar space have driven demand from targeted customers, leading to a surge in revenue and profits.
Servotech Power Systems Limited has reported impressive financial results for the fourth quarter of the fiscal year 2023, showcasing significant growth in critical areas. The leading manufacturer of smart power solutions, including solar and electric vehicle (EV) chargers and power backup, released its quarterly financial results for March 31, 2023, during its recent Board of Directors meeting. The company’s revenue from operations experienced an astounding increase of 134.8% to Rs. 120 Crores during Q4 FY23, while YoY growth in the same metric was 93.2%, amounting to Rs. 278.6 Crores in FY23. The growth was driven by robust demand from targeted customers for Servotech’s innovative tech-enabled solar and EV solutions.
In addition, Servotech Power Systems reported a 216.0% YoY growth in EBITDA, amounting to Rs. 9.0 Crores in Q4 FY23 and 96.0% YoY growth in the same metric, amounting to Rs. 18.9 Crores in FY23. The company’s margins improved by 194 basis points in Q4 FY23, which can be attributed to the increased scale of operations, higher-value products, and improved efficiencies. Furthermore, the company’s PAT surged by 363.4% to Rs. 6.05 Crores in Q4 FY23, and by 172.7% YoY to Rs. 11.1 Crores in FY23.
Raman Bhatia, the Managing Director of Servotech Power Systems, attributed the company’s impressive growth to launching innovative tech-enabled solutions in the EV and solar space, which garnered acceptance from targeted customers. The company’s advanced EV charging solutions, prioritizing safety, have gained approximately 25.0% market share, while its solar solutions are known for being easy to install, cost-effective, and reliable.
Raman Bhatia expressed pride in Servotech‘s contributions to the EV Charging Infrastructure and Solar industry and pledged further innovation and improvement. The company plans to expand its talent pool, increase innovation efforts, enhance distribution networks, and form partnerships with key industry players to increase market share. With a robust pipeline of orders and a positive outlook on their markets, Servotech Power Systems is poised for continued growth and cementing its position as a leading player in the industry.
