Servotech Power Systems Ltd (SPSL) has posted over three-fold jump in its net profit at ₹3.12 crore during the quarter ended September 2023, aided by higher revenues.
It had clocked a net profit of ₹78 lakh during the July-September period of the preceding 2022-23 fiscal, the company said in a regulatory filing on Monday.
The company's revenue also more than doubled to ₹86.59 crore in the second quarter, from ₹40.24 crore in the same quarter a year ago.
Servotech Power Systems Managing Director Raman Bhatia said: "Our success can be attributed to our steadfast dedication to delivering cutting-edge, technology-driven solutions in the fields of electric vehicles and solar energy." Servotech is a manufacturer of solar, electric vehicle (EV) chargers, power-backup and other smart power solutions.
The company recently signed an agreement with the Uttar Pradesh government to set up an EV charger manufacturing plant in the state at an investment of ₹300 crore.