Servotech Power Systems hit an upper circuit limit of 5% at Rs 168.95 after the company said it bagged a Rs 46.20-crore order from Bharat Petroleum Corporation for EV chargers.
The NSE-listed electric vehicles (EV) charging solutions provider has secured an order from Bharat Petroleum Corporation Limited (BPCL) to supply and install 800 units of DC fast EV chargers at different locations across the country in the next four months.The project is worth Rs 46.2 crore. It is expected to be completed by 31 March 2023. The project will span across the country, equipping petrol pumps in major Indian cities with EV charging capabilities on its course.
As part of this project, Servotech will take care of installation, commissioning, and maintenance of DC fast chargers at a range of locations involving BPCL's retail sites and fuel and gas stations, as suggested by BPCL. The project will help ensure the deployment of e-mobility touchpoints that address transactions, availability, discovery, and navigation in order to give users of electric vehicles easy access to the charging network.
Servotech Power Systems is engaged in the end-to-end manufacturing, procurement and distribution of a range of high-end yet advanced solar products, medical devices as well as energy-efficient lighting solutions. Having forayed into the EV market recently with the launch of high-tech EV charging equipment, the company intends to establish EV charging tech infrastructure pan India.
On a consolidated basis, net profit of Servotech Power Systems declined 56.10% to Rs 0.36 crore on 59.99% increase in net sales to Rs 31.87 crore in Q1 June 2022 over Q1 June 2021.
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