Board of Servotech Power Systems Okays ESOP To Employees

The Board of director of Servotech Power Systems approved issue of ESOP to elible employees on Wednesday. The company said in an exchange filing that, "we hereby inform you that Nomination and Remuneration Committee of Board of Directors in its meeting held on today i.e. Wednesday, 3+ July, 2024 had inter-alia approved the grant of 20,094 (Twenty Thousand Ninety Four) options to the eligible employees of the Company as per ESOP Scheme 2022, which will be converted to equivalent no. of equity shares of the Company."

On Thursday, the shares of SPSL opened at Rs 90, 1.5 per cent up from the previous trading's session. The 52 week high and low of the share is Rs 107.55 and Rs 69.50 respectively.

During Q4FY24, Net profit of Servotech Power Systems declined 43.05% to Rs 3.44 crore in the quarter ended March 2024 as against Rs 6.04 crore during the previous quarter ended March 2023. Sales rose 18.09% to Rs 136.17 crore in the quarter ended March 2024 as against Rs 115.31 crore during the previous quarter ended March 2023.

For the full year,net profit rose 6.52% to Rs 11.76 crore in the year ended March 2024 as against Rs 11.04 crore during the previous year ended March 2023. Sales rose 27.00% to Rs 353.68 crore in the year ended March 2024 as against Rs 278.48 crore during the previous year ended March 2023.

Recently, Servotech Power Systems announced that it will invest Rs 100 crore for setting up a facility to manufacture components of EV chargers. The project will come up at Sonipat in Haryana, Servotech Power said in a statement. The company is investing Rs 100 crore for setting up an EV charger component manufacturing facility. The plant will have an initial annual production capacity of 24,000 power modules.

Earlier, the company announced that it received an order worth Rs 111 crore from Indian Oil Corporation Ltd (IOCL) along with other electric vehicle (EV) charger OEMs. In a filing to the stock exchanges on March 1, the company said that it has won an order for 1,500 DC fast EV chargers from IOCL and EV charger OEMs, which involves two charger variants with capacities of 60 kW and 120 kW. The order from HPCL involves manufacturing, supply and installation of DC EV chargers across the country while prioritising the deployment of these chargers at Indian Oil petrol pumps.

Servotech Power Systems is into the business of development of tech-enabled EV charging solutions leveraging their over two decades of experience and expertise in the electronics space. It offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications.