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Servotech Power Systems Incorporates Subsidiary for Manufacturing and Trading of Batteries
Dalal Street Investment Journal
|August 14, 2023
Shares of Servotech Power are being traded ex-split since Friday, July 28.The stock traded ex-split in 2:1 ratio, implying that each stock of the company with face value of ₹2 each has now been divided into two stocks with a face value of ₹1 each. The stock has gained about 1,350 per cent in the last one year.
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Servotech Power Systems Ltd. (SPSL), a manufacturer of electric vehicle (EV) chargers and solar products, announced that it has incorporated a wholly owned subsidiary under the name of Techbec Green Energy (P) Ltd. for manufacturing and trading of batteries.
Recently, the company also announced stellar earnings for Q1FY24. Its total revenue witnessed stellar growth of 148.9 per cent in Q1FY24 to ₹79.8 crore from ₹32.1 crore in Q1FY23 on year-on-year (YoY) basis, respectively. The EBITDA increased by 415.3 per cent from ₹1.4 crore in Q1FY23 to ₹7.1 crore in Q1FY24.
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