The company said that the new plant will have an initial annual production capacity of 24,000 power modules and will ramp up its production capacity to 2.4 lakh power modules annually in order to cater with the rapidly growing Indian EV market which will require around 6 lakh units annually. This scalable approach demonstrates its ambition to capture a significant share of the expanding EV charging sector. The new plant is expected to be fully operational by December 2024

Arun Handa, chief technical officer, Servotech Power Systems, said, “Our goal is to make Servotech a preferred supplier of EV chargers as well as preferred OEM supplier of power modules for Indian EV charger manufacturers. By establishing a robust domestic supply chain, we contribute to the overall growth of the EV ecosystem, making charging solutions more affordable and accessible to a wider public.”

Servotech Power Systems is engaged in the end-to-end manufacturing, procurement and distribution of a range of high-end yet advanced solar products, medical devices as well as energy-efficient lighting solutions. Having forayed into the EV market recently with the launch of high-tech EV charging equipment, the company intends to establish EV charging tech infrastructure pan India.

The company reported 71.24% decline in consolidated net profit to Rs 1.11 crore on 39.74% fall in revenue from operations to Rs 52.01 crore in Q3 FY24 over Q3 FY23. The scrip fell 4.98% to end at Rs 85.80 on Thursday, 7 March 2024.

The domestic market is closed today, on account of mahashivratri.