Following the upbeat results, Servotech has also announced the sub-division of equity shares, in an exchange filing.
Servotech Power Systems reported robust earnings for the quarter that ended December 31, 2022, with net profit rising by a staggering 260% to ₹3.87 crores, compared to ₹1.07 crores last year.
The company’s revenue rose by 116% to whopping ₹82.5 crores compared to ₹38.23 crores last year.
The company has declared an interim dividend of ₹0.20 per equity share of the company for FY23. The board of the company has also announced a stock split according to which the company will subdivide one equity share of a face value of ₹10 each into five equity shares of a face value of ₹2 each.
The company has fixed February 3, 2023, as the record date to determine the eligibility of the interim dividend, which will be credited to the accounts of the shareholders on February 18, 2023.
Commenting on the upbeat results, managing director Raman Bhatia noted, “This quarter turned out to be a strong period for Servotech. Our Q3 profitability has seen a one-off impact of our strong market strategy, our expanded footprint, and advances on the channel front. With the bulk of the integration cost behind us and in view of the growth tailwinds ahead, our endeavour is to achieve even healthier profitability in Q4.”
The company’s shares rose 5%, locked in the buyer’s circuit, at ₹191.45, following the announcements. It was the stock’s new 52-week high. The counter has delivered a return of 235% from its 52-week low of ₹57, hit on July 26, 2022.
Servotech, which is also a major player in the solar and power-backup solutions segment, aims to strengthen India’s EV charging infrastructure to accelerate the mass adoption of battery electric vehicles in India.
