The company’s growth is driven by its focus on electric vehicle (EV) charging and solar solutions, with plans to expand EV charger production and market share in the coming year.
Servotech Renewable Power System Limited (formerly Servotech Power Systems Limited), a manufacturer of electric vehicle (EV) chargers and provider of solar solutions and power-backup systems, announced its financial results for the third quarter and nine months ended December 31, 2024. The company reported a 315.3% increase in consolidated revenue to ₹21,683.2 lakh in Q3 FY25 from ₹5,220.6 lakh in Q3 FY24, while EBITDA grew 420.1% to ₹1,672.8 lakh from ₹321.6 lakh. Profit before tax (PBT) increased by 590.2% to ₹1,282.5 lakh compared to ₹185.8 lakh in the same period last year, and profit after tax (PAT) rose 616.8% to ₹798.7 lakh from ₹111.4 lakh.
For the nine-month period, revenue increased 142.1% to ₹52,934.0 lakh from ₹21,861.0 lakh in FY24, and PAT grew 184.1% to ₹2,371.9 lakh, with margins improving to 4.5% from 3.8%. On a standalone basis, revenue grew 264.8% to ₹18,185.7 lakh in Q3 FY25 from ₹4,984.5 lakh in Q3 FY24, and EBITDA increased 433.0% to ₹1,698.1 lakh from ₹318.6 lakh. PBT rose 616.0% to ₹1,309.4 lakh from ₹182.9 lakh, while PAT increased 659.8% to ₹829.7 lakh from ₹109.2 lakh. For the nine-month period, standalone revenue rose 148.6% to ₹46,236.9 lakh from ₹18,601.6 lakh in FY24, and PAT increased 200.3% to ₹2,441.8 lakh, with margins improving to 5.3% from 4.4%.
Managing Director Raman Bhatia attributed the company’s growth to its focus on EV and solar solutions, highlighting plans to expand its market share in the EV charging sector to 50-55% by manufacturing 12,000 DC fast chargers in FY25. He stated that EV chargers are expected to account for 70-75% of the company’s revenue, with solar products contributing the remaining portion.
