Servotech Power Systems jumped 4.18% to Rs 168.10 after the company announced that it has secured 1100 grid connected agriculture pumps order from UPNEDA under KUSUM component C-1 scheme.
In a regulatory filing made during market hours today, the company informed that it has secured an order of approx. 1,100 Grid-connected Agriculture Pumps under KUSUM Component C-1 Scheme from Uttar Pradesh New and Renewable Energy Development Authority (UPNEDA), Govt. of Uttar Pradesh.
The project valued at around Rs 31 crore will involve manufacturing, supplying, installation, testing & commissioning of grid connected agriculture pumps along with solar power plants.
Furthermore, the project involves for Servotech to provide comprehensive warranty maintenance for the next 5 years for pumps ranging from 2 HP, 3 HP and 5 HP with solar power plant with capacities of 3 kW, 4.5 kW, and 7.5 kW, for a total of 1094 solar pumps across Uttar Pradesh contributing to the states renewable energy goals.
Sarika Bhatia, director, Servotech Renewable Power System, said: We are excited to get this order from UPNEDA to support Uttar Pradesh's green energy initiatives.
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Servotech Power Systems develops tech-enabled EV charging solutions. The company offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic.
The companys consolidated net profit surged 262.5% to Rs 11.31 crore on 132.4% jump in net sales to Rs 199.67 crore in Q2 FY25 over Q2 FY24.
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