Solar Stock Wins Govt Order of 2 MW On-grid Solar Power Plant From UP

The Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) has awarded a 2 MW On-grid solar photovoltaic power plant order to Servotech Power Systems Ltd., India's top supplier of solar solutions. Designing, supplying, installing, testing, and commissioning on-grid solar power facilities will fall within the purview of Servotech. Additionally, as part of the project's scope, Servotech will provide full warranty maintenance for the following five years, attending to various 11-100 kW on-grid solar PV installations placed at 67 key locations throughout the state of Uttar Pradesh, which will help the state achieve its renewable energy targets.

Sarika Bhatia, Director, Servotech Power Systems Ltd. said, we're pleased to strengthen our efforts with UPNEDA in enhancing green energy access and sustainability for the natives in Uttar Pradesh. The company's proven history of providing exceptional solar solutions has established it as a reliable partner in India's renewable energy market. By leveraging our expertise and innovative solutions, we aim to empower Uttar Pradesh with clean, reliable, and affordable solar energy. This project aligns with our vision of a sustainable future and will contribute to the state's energy security and environmental goals."

Thanks to increased income, Servotech Power Systems recorded a more than threefold increase in consolidated net profit in the September quarter, coming in at Rs 11.24 crore. According to an exchange filing, the company's "net profit for the period" for the July-September period of the previous fiscal year, 2023-24, was Rs 3.12 crore. From Rs 86.59 crore in Q2FY24 to Rs 200.06 crore in Q2FY25, the company's total income more than doubled on a YoY basis. The company's net profit for the April-September quarter doubled to Rs 15.73 crore from Rs 7.23 crore during the same time prior fiscal year.

Commenting on the results, Raman Bhatia, Founder & MD, Servotech Power Systems Ltd. said, "Our exemplary results for Q2 FY25 are the culmination of multiple strategic factors, with a robust order book playing a significant role. Strategic planning, along with timely payments, prompt deliveries, and seamless executions, have collectively driven our success this quarter. Our commitment to timely execution has strengthened the trust our clients place in us."

He added, "In the EV division, we experienced strong demand for our chargers due to the surge in electric vehicle adoption and the pressing need for expanded EV infrastructure. Our Solar division also gained traction, driven by the growing shift toward sustainable energy. This quarter's impressive growth reflects our dedication to providing cutting-edge, technology-driven solutions in EV and solar sectors. By consistently enhancing product quality and efficiency, we've solidified our position in the sustainable energy market. We are confident in the promising future ahead and remain dedicated to achieving substantial growth as we work toward becoming a leading player in the global market."

In the electronics industry, Servotech Power Systems, an NSE-listed company, develops tech-enabled EV charging solutions. It offers a wide variety of AC and DC chargers that are compatible with various EVs and have a variety of applications spanning residential and commercial space.