Servotech Power Systems Q4 Profit Down 43%

New Delhi, May 10 (PTI) Servotech Power Systems has reported a 43 per cent fall in its consolidated net profit to Rs 3.45 crore in the fourth quarter ended March 31, 2024, dragged by higher expenses.

It had posted a profit of Rs 6.05 crore in the corresponding period of the previous fiscal, the company said in a regulatory filing on Thusrday.

Consolidated revenue from operations during the quarter under review stood at Rs 136.65 crore as against Rs 119.98 crore in the year-ago period, it added.

Total expenses in the fourth quarter were higher at Rs 132 crore as compared to Rs 112.25 crore in the same period a year ago.

Among the expenses, the cost of raw materials rose to Rs 121.05 crore from Rs 102.89 crore in Q4 FY23.

In a separate statement, the company said its profit after tax increased by 6.69 per cent to Rs 11.80 crore in FY24, while EBITDA increased by 18.05 per cent to Rs 22.36 crore during the year on account of an increase in scale of operations led by improving efficiencies and higher value products.

Servotech's Managing Director, Raman Bhatia said, "Our growth can be attributed to our goal of delivering cutting-edge, technologically advanced solutions in the EV and solar sectors. We have increased our manufacturing capacity and have also introduced impactful innovations in EV chargers and solar solutions. Having deployed more than 5,600 EV chargers we are delighted to maintain a strong foothold as a key player in the EV charging industry."

Servotech Power Systems is a listed entity that develops tech-enabled EV charging and solar solutions.