Shares of Servotech Renewable Power System Ltd rose 5 percent to Rs 127 in morning trade on February 20, extending gains for a second session in a row, after the company signed an agreement with France-based Watt & Well SAS to design, manufacture, and sell EV charger components in India.
Watt & Well specializes in power electronics equipment across aerospace, oil & gas, renewables, and e-mobility sectors.
The collaboration will initially focus on developing a 30kW Power Module for India’s EV charging market, with plans to explore a bidirectional power module for vehicle-to-grid (V2G) applications.
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Under the agreement, Servotech will manufacture these power modules domestically as part of the ‘Make in India’ initiative, while Watt & Well will provide technical expertise. Servotech will also have exclusive rights to market and sell these components in India.
Raman Bhatia, Founder and MD of Servotech, said the partnership would help scale up local EV charger production and reduce dependence on imports. Benoit Schmitt, CEO of Watt & Well, added that the collaboration aims to accelerate EV adoption in India by strengthening domestic supply chains.
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Servotech Renewable Power System reported a sharp rise in net profit to nearly Rs 8 crore in the December quarter, compared to Rs 1.11 crore a year ago, driven by higher revenues. Total revenue surged over four times to Rs 216.83 crore from Rs 52.20 crore in the same period last year, while expenses also increased to Rs 204 crore from Rs 50.34 crore. The company, a key player in tech-enabled EV charging and solar solutions, saw strong growth in the quarter.
At about 9:40 am, shares of the company were trading at Rs 123, higher 1.3 percent from the last close on the NSE. Servotech Renewable Power System shares have tanked nearly 30 percent since the start of the year, largely led by the overall bearish sentiment prevailing among investors.
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