Small Cap Electric Co Wins EV Chargers Order From BPCL, Shares Gain 477% In 1-Yr

Small cap electric sector stock Servotech Power Systems Ltd informed in an exchange filing about receiving 2649 AC EV charger orders on November 22, 2023 from Bharat Petroleum Corporation Limited (BPCL). Last trading price of Servotech Power Systems NSE is Rs 77.75 per share with intraday decline of 0.19%.

Servotech Power Systems Stock Performance & Return: Its 52-week high price is Rs 100.00 per share and 52-week low price is Rs 12.55 per share, respectively. The company has a market capitalisation of Rs 1667.21 crore. Servotech Power Systems shares offered impressive returns to shareholders in last couple of years. Servotech Power Systems share NSE offered 477% return in last 1-year, gained 3244% in last 3-years, and soared 3777% in last 5-years.

Order Details: Meanwhile, Servotech Power Systems Ltd will be responsible for manufacturing, supplying and installing 2649 AC EV Chargers strategically across the nation, equipping petrol pumps in major Indian cities under the BPCL E-drive Project, playing a key role in the widespread implementation of EV charging solutions. The range of EV chargers includes 3 kW and 7 kW for this project. The manufacturing and production of these AC chargers has already begun and the supply of the chargers will begin from December 15th and will be completed within three months.

Servotech Power Systems and BPCL had previously worked together to transform the E-Mobility landscape. The company also supplied and installed 800 units of 30 KW DC fast EV Chargers at different locations across the country for BPCL's E-drive project. Servotech Power Systems will oversee the installation, commissioning, and upkeep of AC EV chargers and this initiative aims to establish e-mobility touchpoints that streamline transactions, enhance availability, facilitate discovery, and simplify navigation for EV users, ensuring convenient access to the EV charging network.

Sarika Bhatia, Director of Servotech Power Systems Ltd., commented on this announcement, "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.

Servotech Power Systems Financials: The company for the quarter ended September 2023 announced more than 3-fold surge in its net profit to Rs 3.12 crore amid higher revenues. It declared a net profit of Rs 78 lakh during the July-Sept period of 2022, as per the BSE filing. Its revenue more than doubled to Rs 86.59 crore for the quarter under consideration as against Rs 40.24 crore in the similar quarter last year.

About The Company: Servotech Power Systems is an NSE-listed organization that develops 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 such as commercial and domestic. With its comprehensive engineering capabilities, it plans to play a pivotal role in developing India's EV tech infrastructure.

Disclaimer: The stock just highlights the share performance, order from BPCL and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.