FY23 Revenue Recrods 93.2% Growth
Servotech MD Raman Bhatia highlights the launch of innovative tech-enabled solutions in the EV and solar space.
NEW DELHI, May 8 (The CONNECT) – Smart power solutions major Servotech Systems reported stellar revenue growth of 134.8% in Q4 FY23 to Rs. 120 Crs.
Servotech, a leading manufacturer of solar, electric vehicle (ev) chargers, power-backup and other smart power solutions, also witnessed a growth of 93.2% in FY23 to Rs. 278.6 Crs on YoY basis.
Company Managing Director Raman Bhatia stated, “We witnessed robust growth during the financial year 2023, led by launch of innovative tech-enabled solutions in the EV and solar space”.
Servotech’s EBITDA increased by 216.0% to Rs. 9.0 Crs in Q4 FY23 and by 96.0% to Rs. 18.9 Crs in FY23, margins improved by 194 bps in Q4 FY23 on account of increase in scale of operations led by improving efficiencies and higher value products. PAT increased by 363.4% to Rs. 6.05 Crs in Q4 FY23 and 172.7% to Rs. 11.1 Crs in FY23.
“Our advanced EV charging solutions offer fast and reliable service, while prioritizing safety, gained ~25.0% market share. Additionally, our solar solutions which are characterized by their ease of installation, cost-effectiveness, and reliability gained traction in the market due to rapid product acceptance by our targeted customers,” Bhatia said.
He said the company’s solar and E
