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Servotech Renewable Power System Q1 profit rises 74.5% YoY
Q1 consolidated revenue climbed 57.7% YoY to ₹216.29 crore, with solar products driving nearly half of sales and EV chargers contributing 2.5%.
LiveMint Markets reports that Servotech Renewable Power System posted consolidated net profit of ₹7.94 crore for the quarter ended June, up 74.5% year over year from ₹4.55 crore in the year-ago quarter.
The outlet said consolidated revenue from operations increased 57.7% YoY to ₹216.29 crore, while gross profit rose 86.8% to ₹48.56 crore. It noted that solar plants were the largest revenue contributor at 49.7%, followed by solar panels and BOS at 25.8%, and solar inverters at 19.3%.
According to LiveMint Markets, solar-related and power segments remained steady in mix terms, with the power segment at 2.7% and EV chargers at 2.5% of overall revenue. The company also reported sequential softness, with net profit of ₹11 crore in the preceding March quarter and revenue largely flat at about ₹217 crore.
LiveMint Markets added that Servotech recently secured a 1,415-kW rooftop solar project from South-Central Railway's Vijayawada Division and signed a ₹400 crore MoU with the Haryana government to expand manufacturing capacity. The article also said the shares have rebounded 61.3% from their March low to around ₹100.50, after a 52% surge in April.