366% Gain YTD: Servotech Power Systems Wins EV Chargers Order From BPCL

Bharat Petroleum Corporation Limited (BPCL) has placed 2649 orders for AC EV chargers with Servotech Power Systems Ltd., the leading EV charger manufacturer in the nation. The firm will play a crucial role in the wider adoption of EV charging solutions by producing, delivering, and installing 2649 AC EV chargers strategically around the country and outfitting gas stations in major Indian cities under the BPCL E-drive Project.

For this project, the range of EV chargers comprises 3 kW and 7 kW. These AC chargers are already in the process of being manufactured and produced; the charger supply will start on December 15 and be finished in three months.
BPCL and Servotech Power Systems had previously collaborated to revolutionise the E-Mobility landscape.

For BPCL's E-drive initiative, the company additionally installed and provided 800 units of 30 KW DC fast EV chargers at various places around the nation. The project intends to establish e-mobility touchpoints that simplify transactions, boost availability, foster discovery, and streamline navigation for EV users, maintaining convenient access to the EV charging network. Servotech Power Systems will be in charge of the installation, commissioning, and maintenance of AC EV chargers.

Sarika Bhatia, Director of Servotech Power Systems Ltd said, "We are honoured to lead India's E-Mobility revolution in partnership with BPCL, collaborating closely to establish an energy corridor enabling on-the-move charging for electric vehicles across India. The company's state-of-the-art AC EV Chargers will contribute to the realization of India's ambitious goals in the E-Mobility sector.

Implementing these chargers will not only enhance the convenience of EV charging but will also contribute significantly to reducing the carbon footprint associated with transportation. As India continues to embrace electric mobility, Servotech stands committed to driving innovation in EV charging technology, supporting the nation's transition towards a cleaner and more sustainable transportation ecosystem. This step will undoubtedly be a significant milestone, paving the way for a robust and expansive charging network, essential for the future of high-capacity EV charging".

Servotech Power Systems said last week that it will be installing 5,000 EV charging stations around the nation. Regarding this, Servotech Power Systems said that it has established Servotech EV Infra as a subsidiary to handle Charge Point Operator (CPO) for these EV chargers. In accordance with the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022, Servotech Power Systems is spending Rs 300 crore to establish an EV charger manufacturing facility in Uttar Pradesh.

According to a regulatory filing by the firm, Servotech Power Systems Ltd (SPSL) reported an almost threefold boost to net profit, from Rs 78 lakh during the July-September period of the previous fiscal year, to Rs 3.12 crore for the quarter ended September 2023. In Q2FY24, the company's revenue more than doubled to Rs 86.59 crore from Rs 40.24 crore in Q2FY23.

On Wednesday, the shares of Servotech Power Systems ended at Rs 75.50 apiece. The stock has gained 473.27% in 1 year and 366.34% YTD.