ServoTech Power Systems' shares hit an upper circuit on Monday after the company announced its results for the period ended on December 31, 2022. Along with this, the company has also announced the sub-division of equity shares, it said in an exchange filing.
ServoTech Power Systems has announced a 260 per cent rise in the net profit at Rs 3.87 crore in the December 2022 quarter, which was Rs 1.07 crore in the same quarter previous year. The revenue from operations more than doubled to Rs 83.27 crore in Q3FY23 from Rs 41.42 crore in the year ago period.
The company had reported a net profit at Rs 0.78 crore with a revenue from operations at Rs 39,12 crore for the quarter ended on September 30, 2022.
ServoTech Power Systems has annoucned the sub-division of its equity shares in 1:5 ratio. This means the every share with a face value of Rs 10 each will be divided or split in five equity shares with a face value of Rs 2 each. The record date for the corproate action has been fixed as February 3, 2022.
ServoTech Power Systems's shares rose 5 per cent, locked in buyer's circuit, at Rs 191.45, following the announcements. It was stock's new 52-week high. The counter has delivered a return of 235 per cent from its 52-week low of Rs 57, hit on July 26, 2022.
ServoTech Power Systems' shares have rallied 225 per cent in the last six months, whereas the stock has rallied 85 per cent in the last one year. Even in the last one month, the stock is up by 40 per cent. Since September 2021, the stock has gained more than 660 per cent.
ServoTech Power Systems clocked a 82 per cent rise in the next profit at Rs 5.01 crore with a total revenue from operaitons surged 67 per cent at Rs 154.26 crore for the nine months ended on December 30, 2022. The company reported a profit at Rs 2.75 crore with a revenue at Rs 92.61 crore in the year ago period.
The company board also announced an interim dividend of Rs 0.20 per equity share for the finanical year 2022-23, said the regulatory filing. The company has fixed February 3, 2023 as the record date to determine the eligibility of the interim dividend, which will be credited to the accounts of shareholders' account on February 18, 2023.
New Delhi-based Servotech Power Systems is a leading manufacturer and distributor of EV charging solutions, solar products and medical devices in the country.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today