Solar products manufacturer Servotech Power Systems has posted strong numbers in the first quarter of financial year 2023-24. The clean energy solutions provider has reported a manifold jump in its consolidated net profit in the quarter ended June
Servotech Power is listed on the National Stock Exchange. The profit after tax (PAT) stood at Rs 4.10 crore in the April-June quarter, boosted by higher revenues, according to an exchange filing by the company. It had posted a net profit of Rs 35 lakh in the corresponding period last year, the filing added.
The company's total revenue more than doubled to Rs 79.81 crore from Rs 32.06 crore in the year-ago quarter, according to the filing.
In a statement, Servotech Power Systems Ltd said the margins were supported by strong demand for the company's electric vehicle (EV) products. Additionally, demand for its solar products remained strong due to its functional design, durability, and user-friendly features, it said.
Servotech operates in the electric or electronics sector. It is a leading manufacturer of solar, EV chargers, power-backup and other smart power solutions. The company is also involved in manufacturing electric vehicle chargers. It is also known for manufacturing inverters and UPS.
The small cap stock has delivered a multibagger return of 306 per cent in the past 6 months. In the last one year, it has rallied more than 1300 per cent.
Meanwhile, benchmark equity indices Sensex and Nifty ended lower on Monday after one-way rally. The 30-share BSE Sensex fell 299.48 points or 0.45 per cent to settle at 66,384.78. During the day, it touched the intra-day peak of 66,808.56 and hit the lowest level of 66,808.56.
The NSE Nifty fell by 72.65 points or 0.37 per cent to end at 19,672.35. The broader index moved between the range of 19,782.75 and 19,658.30.
