Servotech Power Systems Quarterly Results: Servotech Power Systems, which is in the business of high-end solar products and EV chargers, has announced its second quarter for the financial year 2024-25. The consolidated net profit of the company in the September quarter was Rs 11.24 crore. This is an over three-fold rise in the net profit of Rs 3.12 crore in the July-September period of the preceding 2023-24 fiscal. The company announced quarterly results on Monday.
According to an exchange filing, the total income of Servotech Power Systems surged over two-fold to Rs 200.06 crore from Rs 86.59 crore in the year-ago period.
In the six months of April-September, the company reported a two-fold rise in net profit to 15.73 crore from Rs 7.23 crore.
Servotech Power Systems Quarterly Results: Shares Hit Upper Circuit
Meanwhile, shares of Servotech Power hit a 5 per cent upper circuit. The counter opened at Rs 176.57 on the NSE against the previous close of Rs 168.17. The stock of Servotech Power, which has a market cap of Rs 3,935 crore, has a 52-week high of Rs 205.40 and a 52-week low of Rs 72.75.
Servotech Power Systems Quarterly Results: New Range Of Energy Solutions
In a separate statement, the company has informed exchanges that it has introduced a new range of energy solutions.
“High-tech range of solar on-grid inverters, solar hybrid inverters, solar micro inverters, battery energy storage systems, and solar pump controllers have been brought in alignment with schemes like PM Surya Ghar Muft Bijli Yojana and PM-KUSUM Scheme,” the company said.
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According to the company, the solutions target residential and commercial rooftop segments. Not just individuals, the solutions will also empower farmers to harness solar energy. This aims to promote sustainable farming practices in the villages.
Meanwhile, benchmark Sensex rebounded after early losses to close higher by nearly 364 points. With this, it has extended gains to the second day on the back of late buying in banking and oil shares.
The 30-share BSE gained 363.99 points or 0.45 per cent to settle at 80,369.03.