Servotech Power Systems Q1 net profit grows manifold to Rs 4.10 cr

Servotech Power Systems on Friday posted a manifold jump in its consolidated net profit to Rs 4.10 crore in the June quarter, boosted by higher revenues. Additionally, demand for its solar products remained strong due to its functional design, durability, and user-friendly features, it said.

Servotech Power Systems on Friday posted a manifold jump in its consolidated net profit to Rs 4.10 crore in the June quarter, boosted by higher revenues. It had posted a net profit of Rs 35 lakh in the corresponding period last year, the company said in a BSE filing. The company's total revenue more than doubled to Rs 79.81 crore from Rs 32.06 crore in the year-ago quarter. In a statement, Servotech Power Systems Ltd said the margins were supported by strong demand for the company's electric vehicle (EV) products. Additionally, demand for its solar products remained strong due to its functional design, durability, and user-friendly features, it said. Servotech Power Systems is a leading manufacturer of solar, EV chargers, power-backup and other smart power solutions.