Servotech Power Systems promoter raises stake as firm records over 600% rise in net profits to ₹7.98 crore | Stock Market News
Source: Live Mint
Servotech Power Systems announced on Tuesday, January 21, that the company’s promoter raised its stake in the firm by converting share warrants into equity shares of the electrical equipment maker, as per the NSE filing.
Company promoter Raman Bhatia has decided to convert 5 lakh share warrants into 5 lakh equity shares which will be worth ₹3.12 crore, as per the exchange filling.
Rakhee Mahesh Vaze, a non-promoter shareholder, is also converting one lakh warrants into one lakh equity shares worth ₹62.55 lakh, according to the company disclosures.
“Pursuant to the above allotment the issued, subscribed and paid-up capital of the company has increased from ₹22,40,45,348 (22.40 crore) to ₹22,46,45,348 (22.46 crore),” according to the NSE filing.
Servotech Power Systems Q3 results
Servotech Renewable Power Systems announced a 619 per cent rise in net profits to ₹7.98 crore in the October to December quarter of the financial year ended 2024-25, compared to ₹1.11 crore in the same quarter the previous year.
The company’s gains were fueled by the 315 per cent rise in its revenue from operations to ₹216.29 crore, compared to ₹52.01 crore in the same quarter a year ago.
Servotech Power Systems share price
Servotech Renewable Power Systems Ltd (SERVOTECH) shares closed 2.5 per cent lower at ₹155.01 after Tuesday’s trading session, compared to ₹158.98 at the previous market close. The company announced its third-quarter financial results after stock market hours on Tuesday.
The shares have hit their 52-week high at ₹205.40 on September 26, 2024, while the 52-week low level was at ₹73.50 on March 14, 2024, according to NSE data. As of Janaury 21, the market capitalisation of the company stands at ₹3,455.88 crore.
Servotech Power Systems have nearly given multibagger returns in the last one year, gaining 93.52 per cent. The shares have witnessed over 6,000 per cent gains in the last five years. However, the company’s stock is trading 7.57 per cent lower year-to-date.
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