EV Charging Infra Company Servotech Power Systems Allotted Shares In Exchange of Warrants

Servotech Power Systems Limited has informed the stock market that the company's board of directors met on Friday, May 18, in which approval has been given to convert 15 lakh warrants into equity shares. On January 6 this year, Servotech Power Systems approved the issuance of convertible warrants. Now approval has been given to convert 15 lakh warrants into 15 lakh equity shares. These shares have been allotted to non-promoters/public category investors on a preferential basis in exchange for warrants.

Servotech Power has said that 29 lakh warrants of the company are pending conversion. The 52-week high level of shares of Servotech Power Systems Limited with a market cap of around Rs 1870 crore is Rs 107.55 while the 52-week low level is Rs 39.85.
In the last one year, shares of Servotech Power have given a return of 82 per cent to the investors. In the last 3 years, shares of Servotech Power Systems Limited have given bumper returns of 3270 per cent to the investors from the level of Rs 2.52.

Recently, the company announced its financial results for the quarter and year ended March 31, 2024. Total revenue climbed 13.89% in Q4 FY24 to Rs. 136.65 Cr. and 27.49% in FY24 to Rs. 355.26 Cr on a year-on-year basis. The growth rates were driven by the targeted customers' strong demand for our tech-enabled solutions in the solar and electric vehicle (EV) spaces. In FY24, PAT rose by 6.69% to Rs. 11.80 Cr. EBITDA rose by 18.05% to Rs. 22.36 Cr in FY24 as a result of expanding operations driven by higher-value products and enhanced productivity.

Earlier this year, Servotech Power Systems bagged a major order of 1800 DC Fast EV chargers from Bharat Petroleum Corporation (BPCL). The project valued at Rs 120 Crores will involve Servotech manufacturing, supplying, installing and strategically deploying these 1800 EV chargers across the nation. This move is a crucial step in promoting widespread EV charging infrastructure as part of the BPCL E-drive Project. The project encompasses two charger variants, 60 kW and 120 kW and Servotech aims to complete this extensive project by the end of 2024, contributing to the nation's evolving EV ecosystem.

Servotech Power Systems is in 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.