Servotech Power Systems Ltd

Dear and esteemed fellow shareholders,

It is with great pride and enthusiasm that I welcome you to our 20^th Annual General Meeting today. This gathering represents not only a celebration of our achievements but also a testament to the unwavering commitment of our team and the trust you've placed in Servotech Power Systems.

We stand at a pivotal moment in history, where the urgent need to address climate change and transition to sustainable energy solutions is undeniable. Servotech has been at the forefront of this movement, driven by our vision of a greener, cleaner future. Our focus on innovation, reliability, and connectivity has enabled us to develop solutions that not only meet the demands of today but also pave the way for a more sustainable tomorrow.

Electrifying the Future

As India sets its sights on achieving Net Carbon Zero by 2070 and transforming into an EV-powered nation, Servotech is playing a crucial role in realizing this ambition. We are proud to be leading the charge in the development of India's electric vehicle infrastructure.

Our recent entry into the Charge Point Operator (CPO) market through Servotech EV Infra Pvt. Ltd. is a testament to our dedication to this cause. We are expanding our manufacturing capabilities to meet the growing demand for EV cha rgers a n d com ponen ts , ensuring that we remain self-sufficient and reduce reliance on imports. Our strategic partnerships with international firms further strengthen our position in this rapidly evolving market.

The government's initiatives to promote electric mobility, such as the development of EV-ready highways, present exciting opportunities for Servotech. We are well- positioned to capitalize on these initiatives and contribute to the accelerated adoption of electric vehicles in India.

Harnessing Solar Power

In addition to our focus on electric mobility, Servotech remains committed to harnessing the power of the sun to provide clean, renewable energy solutions. Our solar products continue to be a cornerstone of our business, and we are constantly exploring ways to innovate and improve their efficiency and accessibility.

Financial Performance

In the Financial Year 2023-24, Servotech demonstrated robust growth and resilience. Our consolidated revenue increased by an impressive 27.50%, reaching Rs. 35,526.48 lakh. Our profit also saw a healthy growth of 6.66%, reaching Rs. 1,180.20 lakh. These figures reflect the strong demand for our products and services and our ability to execute our strategies effectively.

The Road Ahead

As we look to the future, Servotech is committed to continuing its journey of innovation and growth. We will remain focused on developing cutting-edge solutions that address the evolving needs of our customers and contribute to a more sustainable world.

We are also committed to maintaining the highest standards of corporate g ove r n a n c e, t ra n s p a re n cy, a n d accountability. We value the trust you've placed in us and will continue to uphold these principles with integrity.

In closing, I want to express my deepest gratitude to our stakeholders - our shareholders, employees, customers, and partners - for your unwavering support. Together, we are building a brighter, more sustainable future for generations to come.