On 20th May 2022, at its Board of Directors meeting, Servotech Power Systems Ltd. presented its annual financial results. The Solar, LED, medical-grade, and electric vehicle (EV) charging solutions manufacturer, presented the results for the year ended March 31, 2022.
The company’s profit of Rs. 559 lacs during the 2021-2022, obtaining a 386% increase in YoY gains. Added to this, it also bagged an annual revenue of Rs. 14,425 lacs, indicating a revenue increase by 64%.
The solar segment stood out capturing 60% of the total product revenue, followed by medical devices and spares. Their EV chargers also saw an impressive growth, drawing a value of 536 lacs.
“Despite the year being disrupted by the pandemic, supply chain problems, and sharp increase in commodity costs, Servotech accomplished results that will make FY22 a watershed year for us. The mass-scale adoption of solar power solutions has been proportionately reflected in our product revenues. Moreover, with Servotech now stepping into the EV Charging segment to bolster India’s EV tech infrastructure, this value is set to grow multi-fold, and thus, translate into long-term, sustained, and durable profitability,” notes Servotech Power Systems Ltd. Managing Director, Raman Bhatia.