Dear and esteemed fellow shareholders,
It is with great pride and enthusiasm that I welcome you to our 20th 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.
| Thanking You |
| With Warm Regards, |
| Raman Bhatia |
| Founder and Managing Director |