Buisness

The earnings of this UPS manufacturer more than doubles in FY23, and the stock becomes multibagger in a year

Over the last year, Servotech Power Systems stock has been a multibagger. The Delhi-based business produces EV chargers in addition to UPS, inverters, and other solar goods. In the fiscal year 2022–2023, the company's overall revenue more than doubled.
The overall income for FY23 was Rs 279 crore as opposed to the 144 crore it declared for the previous financial year, according to an exchange filing. In FY23, its total revenue increased to Rs 110 crore from Rs 406 crore. The whole cost came to Rs. 264 crore.
The electrical equipment manufacturer divided its stock shares in February of this year. Each share of the corporation, with a nominal value of Rs. 10, was split into five shares, each worth Rs. 2.
Over the last year, shares of Servotech Power have shown multibagger returns. The stock has surged by a staggering 227 percent in only one year. With a rise of 71% so far in 2023, it is likewise one of the greatest gainers.
The market capitalization of the small-cap firm is Rs 590 crore. To establish an electric vehicle (EV) charging carport at the Ministry of New & Renewable Energy's Delhi offices, the supplier of renewable energy solutions has signed an agreement with the National Solar Energy Federation of India (NSEFI).
The scope of work for the project is for Servotech to design, fabricate, and construct PV-plus storage carports with EV charging stations. This cutting-edge building will be constructed with a 5kW solar system and two 11kW DC rapid EV chargers.
The Uttar Pradesh government granted Servotech Power Systems a Letter of Intent (LoI) for a significant 1.8 MW off-grid solar project last year. The business will set up various-sized solar-powered modules all around the state.
Solar energy plays a significant part in lowering greenhouse gas emissions and combating climate change as a sustainable source of electricity.

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