In contrast to the previous closing of Rs 182.41 on the NSE, Servotech Power Systems’ shares began higher on Friday at Rs 185. After Servotech Power Systems Ltd., India’s top maker of solar products, received a contract for a 5.6 MW on-grid rooftop solar power plant from the Uttarakhand New and Renewable Energy Development Agency (UREDA), the stock saw a favourable trend in early trading today. Overall, the Rs. 30.2 crore deal will significantly advance the development of a solar-powered state, taking India one step closer to being a solar-powered country.

Designing, supplying, installing, testing, and commissioning on-grid rooftop solar power plants will fall within the purview of Servotech. Additionally, the project entails Servotech providing full warranty maintenance for the ensuing five years, addressing 1 kW to 1500 kW on-grid rooftop solar installations placed at various strategic locations throughout the state, including government offices, colleges, buildings, hospitals, and institutions, among others, helping the state achieve its renewable energy targets and decarbonise.

Commenting on the order, Sarika Bhatia, Director, Servotech Power Systems Ltd. said, we’re elated to work with UREDA in enhancing our green efforts by capitalising on enhancing the energy access and sustainability for the natives in Uttarakhand. The company’s proven track record of providing exceptional and efficient solar solutions has established the company as a reliable partner among the nodal agencies and created a strong niche in India’s renewable energy market. We are confident that our reliable solar solutions will empower Uttarakhand 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”.

Meanwhile, at Rs 11.24 crore for the September quarter, Servotech Power Systems recorded a more than threefold increase in total net profit. 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 revenue more than doubled. The company’s net profit for the April-September period doubled to Rs 15.73 crore from Rs 7.23 crore during the same time prior fiscal year.

Servotech Power Systems, an NSE-listed company, uses its more than 20 years of experience and knowledge in the electronics industry to provide tech-enabled EV charging solutions. It provides a wide selection of AC and DC chargers that work with various EVs and have a variety of uses, including domestic and commercial.