Servotech Renewable Power System Limited

6[th] September, 2025

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To,

National Stock Exchange of India Limited Exchange Plaza, NSE Building, Bandra Kurla Complex, Bandra East, Mumbai-400051

Trading Symbol: SERVOTECH

Sub.:- Annual Report along with Notice of 21[st] Annual General Meeting (AGM) of the Company for the Financial Year 2024-25

Dear Sir/Madam,

In compliance with the Regulation 30 & 34 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Annual Report along with Notice convening the 21[st] Annual General Meeting (“AGM”) of Shareholders of the Company for the financial year ended 31[st] March, 2025.

The 21[st] AGM is scheduled to be held on Tuesday, 30[th] September, 2025 at 11:00 A.M. (IST) through Video Conference ("VC") and Other Audio Visual Means ("OAVM").

The Notice and the Annual Report is also available on the Company's website at https://investor.servotech.in/financials/ .

Brief information relating to the AGM is as mentioned herein below:

Sl. No.	Particulars	Details
1.	Day,Date and time of AGM	Tuesday, 30th September,2025 at11:00A.M.(IST)
2.	Mode	Video Conference ("VC") and Other Audio Visual Means ("OAVM")
3.	Cut-offdatefore-voting	Tuesday,23rd September,2025
4.	E-voting start date and time	9:00A.M.(IST) on Thursday,25th September,2025
5.	E-voting end date and time	5:00P.M.(IST) on Monday,29th September,2025
6.	E-votingwebsite of NSDL	www.evoting.nsdl.com

Kindly take the above information on record and oblige.

Thanking You,

Yours Faithfully

FOR SERVOTECH RENEWABLE POWER SYSTEM LIMITED (Formerly known as Servotech Power Systems Limited)

Rupind Digitally signed by Rupinder Kaur Date: 2025.09.06 er Kaur 17:06:31 +05'30'

RUPINDER KAUR COMPANY SECRETARY AND COMPLIANCE OFFICER ICSI MEMBERSHIP NO.: A38697

Encl.: as above

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Innovating Sustainably Advancing Responsibly

Servotech Renewable Power System Limited Annual Report 2024-25

Navigate through the Pages

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

02-29 119-217

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About Servotech 02 - Standalone Financial Statements 119 04 - Consolidated Financial Statements 166
Our Journey
Our Subsidiaries 06 - Product Portfolio 07 NOTICE
Founder and MD’s statement

08 10 218-230 13 14

Board of Directors
Global Advisory Board Member
KMPs | Our Leadership

Over the past years, our journey has been defined by purposeful growth, strategic innovation, and a strong commitment to shaping a cleaner, smarter, and more energy connected future. Guided by our vision for a sustainable world, we have strengthened India’s EV charging infrastructure, expanded access to solar energy and introduced forward-looking solutions that address the evolving needs of our markets.

Our Progress Has Been Built on Three Pillars

Financial Performance 15
Our Projects 17
Key Developments

Forward-looking statements

Our Clientele 20

Some information in this report may contain forward-looking 21 statements which include statements regarding Company’s 22 expected financial position and results of operations, 24 business plans and prospects etc. and are generally identified by forward-looking words such as “believe,” 25 “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” 28 “will” or other similar words. Forward-looking statements are dependent on assumptions or basis underlying such 29 statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Our Operating Environment
Our Growth Strategy
Creating Meaningful Social Impact
Corporate Sustainability
Awards and Accolades
Corporate Information

STATUTORY REPORTS

30-118

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Director’s Report 30
Management Discussion and Analysis 53 - Corporate Governance Report 61
Business Responsibility & Sustainability Reporting 2024-25 86

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Scaling Domestic Manufacturing,

Pioneering Breakthrough Technologies,

Carry Our ‘Made In India’ Expertise To International Markets.

solutions that meet the demands of a rapidly transforming energy landscape. This approach ensures that we not only respond to today’s opportunities but also anticipate tomorrow’s challenges, positioning Servotech as a frontrunner in the green energy transition.

Whether through strategic collaborations with global technology leaders, the launch of impactful initiatives under national clean energy missions, or securing significant renewable energy projects, each milestone reflects our ability to innovate with responsibility and deliver enduring value.

Looking ahead, we remain focused on harnessing advanced technologies such as AI, IoT, and digital platforms to drive operational excellence, enhance customer experiences, and create

Above all, our achievements testify the trust and support of our people, partners and stakeholders, whose belief in our vision empowers us to continue advancing responsibly while innovating sustainably.

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

About Servotech

Leading The Charge In Responsible Energy Innovation

With over two decades of experience in power electronics, renewable energy and electric mobility, we are shaping the future of clean energy. Our solutions, ranging from EV chargers and solar inverters to lithium-ion batteries and advanced energy storage systems, are powered by in-house manufacturing and strong backward integration.

From installing 11,000+ EV chargers to bringing solar power to over 2,00,000 homes, we have partnered with leading public and private sector clients to drive a smarter and greener tomorrow. Our two facilities in Sonipat, Haryana, enable large-scale production with endto-end quality control. We are present in over 650 cities across India and have executed 150+ major solar PSU projects. As the energy landscape evolves, we remain focused on scaling our technology, expanding our distribution network, and delivering reliable, costefficient solutions to power a cleaner, smarter future.

Vision

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Our vision, 'Produce Green to Live Green' is to lead the global transition to net-zero emissions. We are committed to creating and introducing world-class renewable energy solutions that eliminate reliance on fossil fuels, ensuring a sustainable future for generations to come.

Mission

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To provide the most advanced cutting-edge technological and innovative solutions for a sustainable future.
To empower our skilled workforce through knowledge sharing, associations, and collaborations to help society embrace the change of energy transition.

Our Core Strengths

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QUALITY AND AFFORDABILITY

High-end tech-driven solutions ensuring brilliant performance, excellent durability, and longlasting efficiency

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EXPERT TEAM OF PROFESSIONALS

ABSOLUTE CLIENT SATISFACTION

A specialised team of highly skilled Unconditional persistent staff of engineers and officials for meaningful guidance coupled timely execution and completion with consistent support and of projects. assistance.

ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Our Journey

Advancing Responsibly: The Servotech Story

2004

2009

I n t r o d u c e d advanced sinewave inverters for domestic applications.

Entered the LED lighting segment, catering to both industrial and residential needs.

2014

Transitioned to LED solar lighting systems for broader market segments.

2020

Diversified into UVC disinfection systems to support sanitation requirements.

2022

Entered the EV charging sector with in-house production of AC and DC chargers.

2024

Launched India’s first GB/T to CCS2 f a s t c h a r g i n g interoperability solution.

Unveiled a new series of solar inverters.

Rebranded as Servotech Renewable Power System Ltd. to reflect green energy focus.

Launched Servotech Sports & Entertainment Private Limited.

2025

2005

Expanded into digital and sinewave inverters for industrial use.

2010

Rolled out solar street lights and solarhybrid inverters for wider adoption.

2019

Developed ServPort, a portable plugand-play rooftop PV solar system.

2017

Listed on the NSE SME Platform under the symbol SERVOTECH

2021

Launched Rebreath, a medical-grade oxygen concentrator.

Migrated to the NSE Main Board.

2023

Started Servotech EV Infra Pvt. Ltd. as a charge point operator (CPO).

Established HERTZ AND PIXELZ PRIVATE LIMITED (Formerly known as Techbec Green Energy pvt ltd).

Filed four patents related to EV charging and energy management.

Incorporated Servotech Siliguri Strikers Pvt. Ltd. as a new subsidiary.

Secured Ltd. Granted Patent for ‘Peak Shaving Technology’.

Signed an agreement with Watt & Well to Develop and Manufacture EV Charger Components in India.

Servotech Renewable Power System Ltd. acquired 27% Stake in Rhine Solar Ltd., Bolstering Solar M a n u f a c t u r i n g Capabilities

Servotech Renewable Power System Ltd. Appoints Errol Musk to Global Advisory Board

ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

Our Subsidiaries

Building A Greener Future Through Our Subsidiaries

We operate through a group of strategically aligned subsidiaries that support our expansion into EV infrastructure, component manufacturing, healthcare technology, and diversified energy applications.

SERVOTECH SPORTS AND ENTERTAINMENT PVT. LTD.

This subsidiary drives community engagement by promoting sports development across grassroots and professional levels. It supports inclusivity and talent development through managed events and athlete support programmes. Two key initiatives under its banner include the Siliguri Strikers cricket team and the Dream League of India, both aimed at nurturing emerging talent and enhancing visibility for sports at the regional and national levels.

Dream League of India (T10) Private Limited

Servotech Siliguri Strikers Private Limited

Dream League of India (T10) Pvt. Ltd., is a step-down subsidiary engaged in the business of Tennis Ball Cricket League in India.

Servotech Siliguri Strikers Pvt. Ltd. engaged in a Franchisee Cricket Business playing in the Bengal Pro T20 League Servotech Siliguri Strikers Pvt. Ltd., is step -down Subsidiary engaged in a Franchisee Cricket Business playing in the Bengal Pro T20 League

SERVOTECH EV INFRA PVT. REBREATHE MEDICAL LTD. (INCHARZ) DEVICES INDIA PVT. LTD.

HERTZ AND PIXELZ PRIVATE LIMITED (FORMERLY KNOWN AS TECHBEC GREEN ENERGY PVT LTD)

We operate as a Charge Point Operator (CPO) under the brand Incharz. The subsidiary is focused on developing EV charging infrastructure, making electric mobility more accessible, and reliable through widespread deployment of AC and DC charging stations across India.

Aimed at improving access to essential medical technologies, Rebreathe manufactures oxygen concentrators and UVC devices. The subsidiary focuses on affordability, availability and domestic production to address healthcare needs.

To engage in the manufacturing, trading, leasing, and services related to batteries, EV components, electrical and electronic equipment, software, LED systems, energy storage, fleet and rental operations, business consultancy, branding, marketing, event management, and creative content across industrial, commercial, and digital sectors’

Product Portfolio

Innovative Products For A Greener Future

We offer end-to-end clean energy solutions including EV chargers, solar inverters, energy storage systems, and key components. Designed for performance and scalability, our products cater to both grid-connected, off-grid, and hybrid applications across sectors.

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SOLAR PRODUCTS
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EV CHARGERS

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Solar Batteries AC Chargers DC Fast Chargers

Solar Panels Solar Inverters

EV CHARGER COMPONENTS

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On board AC DC Charging Control Industrial
EV Chargers Modules Cables CCS2 Card Socket
& Type 2
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BATTERY ENERGY STORAGE SYSTEMS AIR & OIL COOLED SERVO STABILIZERS

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Servotech
BESS
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Servo
Stabilizer
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ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Founder and MD’s Statement

DEAR SHAREHOLDERS,

Our exceptional growth is a direct result of our relentless commitment to innovation and a robust business model. It reaffirms the strength of our core fundamentals, the discipline of our operational excellence, and our strategic foresight in a rapidly evolving market. This performance demonstrates that we are not only capable of capturing significant momentum but are also well-equipped to sustain our leadership position and deliver long-term value to our stakeholders.

Today, we stand at a pivotal moment where technology, sustainability, and innovation converge to reshape industries and drive societal progress. In this evolving landscape, Servotech has established itself as a leader, delivering solutions that are technologically advanced, environmentally responsible, and future-ready. Our progress continues to be powered by a culture of innovation, operational excellence, and—most importantly—the unwavering trust of our stakeholders.

Financial Highlights: FY 2024–25

FY 2024–25 was a defining year for Servotech, marked by

record-breaking performance.

Revenue Growth: Consolidated revenue surged 91% to ₹67,680.0 lacs compared to ₹35,526.5 lacs in the previous year.
Profitability: Profit after Tax (PAT) rose 176.5% to ₹3,263.7 lacs, up from ₹1,180.2 lacs in FY 2023–24.
Standalone Performance: Standalone revenue increased 91.8% to ₹58,910.9 lacs compared to ₹30,721.0 lacs in the previous year.

This exceptional growth reaffirms our strong fundamentals, operational excellence, and ability to sustain momentum in a competitive market.

Clean Energy & EV Leadership: Expanding Horizons

Servotech is focused on deepening its impact through expanded domestic manufacturing, scaling innovations, and taking Made-in-India solutions to global markets. Our goal is to empower cities, industries, and individuals with cleaner, smarter, and more connected energy solutions.

Key Milestones in FY 2024–25

Solar

Partnered with CIMSME to launch a mobile app under the PM Surya Ghar Yojana, targeting 1 lakh solar homes by 2026.
Executed the North Eastern Railway rooftop solar project , advancing infrastructure decarbonization.
Expanded portfolio of on-grid, hybrid, and micro inverters with BESS, strengthening our solar leadership.

EV Charging

Collaborated with Watt & Well (France) to codevelop advanced charger components in India.
Inaugurated Delhi’s first solar-powered EV carport.
Partnered with LESSzwei GmbH (Germany) to roll out 100% solar-based micromobility charging solutions.

Global Expansion

Joined hands with Ensmart Power (UK) to scale EV charger exports, furthering Servotech’s vision of being a global force in renewable energy and sustainable mobility.

Innovation, Brand Evolution & Diversification

Innovation remains at the core of our growth strategy. During the year:

Secured a patent for Peak Shaving Technology, reinforcing our leadership in smart energy management.

Rebranded as Servotech Renewable Power System Ltd., reflecting our stronger focus on green energy.

Diversified into new arenas with the launch of S ervotech Sports & Entertainment Pvt. Ltd. , making a bold entry into the Bengal Pro T20 League as franchise owners of the Siliguri Strikers . This is only the beginning, with expansion as a clear focus in the sports and entertainment space.

Sustainability & Governance

Sustainability continues to guide our decisions and operations:
At our Sonipat facilities , automation and digital monitoring enhanced productivity while reducing resource intensity.

Targeted initiatives in water conservation, energy efficiency, and e-waste management reinforced our commitment to environmental stewardship.

Women represented 45% of our workforce underscoring our dedication to diversity, inclusion, and equitable practices.

Strengthened governance with real-time monitoring tools, ERP and CRM systems , and structured accountability frameworks across leadership levels.

These initiatives reinforce both our business resilience and our role as a responsible corporate citizen.

Future-Readiness & Gratitude

At Servotech, we are moving beyond quarterly results to build long-term resilience and future-readiness. The rollout of SAP, Zoho CRM, AI-powered reporting, and IoT-based energy innovations is strengthening our digital backbone, unlocking new opportunities, and driving efficiency.

Our journey is made possible by the unwavering support of our team, customers, shareholders, and partners. Your trust and commitment have fueled every milestone, strengthened our foundation, and inspired us to scale greater heights.

As we look ahead, we remain committed to delivering sustainable value, advancing clean energy adoption, and shaping a greener, smarter, and more resilient future. Together, we will accelerate India’s transition to renewable energy and sustainable mobility, creating meaningful opportunities and lasting impact for generations to come.

Thanking You

With Warm Regards,

MR. RAMAN BHATIA

Founder and Managing Director

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

Board of Directors

Leadership With Purpose

Mr. Raman Bhatia

Founder and Managing Director, Mr. Raman Bhatia is a visionary and outstanding judgment, which Servotech Renewable Power System entrepreneur and a driving force led Servotech to become a key Limited behind India’s renewable energy player in engineering the nation’s transition. As the Founder and electric mobility revolution through Managing Director of Servotech its robust EV charging ecosystem. Renewable Power System Limited, Beyond his role as a business he has meticulously steered the leader, Mr. Bhatia is a thought company from its inception into a leader and a staunch advocate leading NSE-listed powerhouse in for environmental responsibility. His the clean technology sector.

Beyond his role as a business leader, Mr. Bhatia is a thought leader and a staunch advocate for environmental responsibility. His vision extends beyond commercial success, focusing on a cleaner, greener future for all. This missiondriven approach is a core tenet of Servotech’s corporate philosophy, inspiring a culture of purposeful innovation and sustainable growth across the organization.

With a deep-seated belief in innovation and sustainability, Mr. Bhatia has consistently demonstrated remarkable foresight in anticipating market trends and positioning Servotech at the forefront of the industry. His entrepreneurial journey is defined by a strategic shift from traditional power solutions to pioneering advancements in solar products and electric vehicle (EV) charging infrastructure. He is widely recognized for his business acumen

Under his dynamic leadership, Servotech has not only achieved significant financial milestones but has also become a trusted partner in India’s journey toward a self-reliant and sustainable future. His unwavering commitment to excellence and his ability to transform challenges into opportunities solidify his status as a distinguished leader in the global renewable energy landscape.

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MS. SARIKA BHATIA

Whole Time Director

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Spearheading the Sales & Marketing wing as Whole-Time Director, Sarika Bhatia specializes in formulating game-changing strategies and proposals for the generation of astonishing revenue and enabling growth. With a sharp focus on utmost client satisfaction and forging long-term relationships, she aims to draw the inherited learnings and takeaways from her 17 years of experience as an independent woman business leader. Administering and supervising the acquirements of tenders, contracts and projects, she oversees the entire plan-of-action for ensuring successful completion of undertaken assignments.

DR. RAJESH MOHAN RAI

Non Executive Non Independent Director

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Dr Rajesh Mohan Rai is an acclaimed HR Strategist and Business Coach with extensive experience of over 25 years. Presently serving as a Director at HR Anexi, Director Human Resources at Nivio Technologies Pvt. Ltd, and as a Regional Head (South) - HR for Aviva Life Insurance Co.Ltd., Head Recruitment & HR (RGE & Services) at Microsoft Corporation, Dr Rai has been honoured with numerous awards primarily being John Mattone Certified Executive Coach (Initial Mastery).

MR. ANUPAM GUPTA

Independent Director

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With a tremendous experience of serving at the senior-most positions and managing strategic growth and diversification at companies like Tecumseh, LML Scooters, Hero Cycles, JBM Bharat, and Sanden Vikas, Anupam Gupta is associated as an Independent Director and is best known for his expertise in Strategic Planning, Diversification, Joint Ventures & Technical Agreement negotiations, Project Management, Organisational Transformation, Visual Management and other allied domains.

MR. SAMPAT RAI

Independent Director

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Mr. Sampat Rai brings over four decades of corporate experience, having started his career with HCL and held leadership roles at Superphone India Pvt. Ltd. and the Bharti Group. He has played a key role in helping global firms from Canada, the US, Germany, and Portugal expand into South Asia. Mr. Rai is a graduate of Kanpur University and holds a PGDM in Marketing and Finance from Jamnalal Bajaj Institute of Management Studies, Mumbai.

ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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MR. MEENAKSHISUNDARAM KOLANDAIVEL

Independent Director

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Mr. Meenakshisundaram Kolandaivel is a seasoned banking professional with over 35 years of experience across credit operations, risk management, and corporate banking. He has held senior roles at Punjab National Bank and Tamil Nadu Mercantile Bank, including Chief Risk Officer and Zonal General Manager. He began his career in the Indian Air Force and has served on the Investor Grievance Redressal Cell, MCX Chennai Chapter.

MR. DIGVIJAY KAPOOR

Director-HR

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Mr. Digvijay Kapoor brings over 20 years of cross-industry experience in human capital management, people strategy and HR technology. He co-founded a venture in the HR Tech space, gaining valuable entrepreneurial insights over two years. His career spans a wide range of industries, including Packaging, Supply Chain Management, Edutech, HR Consulting, Staffing & Recruitment, E-commerce, Healthcare, and IT/ITES. He holds postgraduate degrees in Human Resource Management from XLRI Jamshedpur (2018) and Symbiosis Pune (2009).

MR. GIRISH KUMAR AHUJA

Independent Director

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Mr. Girish Ahuja is a renowned Chartered Accountant with deep expertise in direct taxation. He was a member of the Government of India’s Task Force for re-drafting the Income Tax Act and has served two terms on the Central Board of Directors of the State Bank of India. He has authored over 25 books on direct tax law and policy and served on the Board of UNITECH Ltd. His longstanding association with Shri Ram College of Commerce includes over 30 years as President of the Alumni Association.

DR. YOGITA PATRA

Independent Director

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Dr Yogita Patra is a senior HR professional specializing in Learning & Development, HR Strategy, and Transformation. She is seasoned in crafting impactful L&D programs, driving HR transformation, and aligning talent with business strategy to drive organizational growth. Her work includes three published HBSP case studies through IIM-A case centre. She has received the CII HR Circle Gold Award 2024 and Brandon Hall Award (2023). She is a recognized speaker at ETHR World, People Matters, and featured in CXO TechBOT magazine.

Global Advisory Board Member

Mr. Errol Musk

Mr. Errol Musk is a distinguished businessman, strategist, and former politician with extensive experience across the renewable energy and green technology sectors in the United States and South Africa. With a strong background in electromechanics, he began his career as a mechanical engineering consultant, leading several large-scale infrastructure projects.

Over the years, Mr. Musk has built a diverse entrepreneurial portfolio spanning property development, automotive, mining, and strategic investments in emerging technologies. His early contributions to civic development include serving on the Pretoria City Council and engaging in political leadership roles in South Africa.

Renowned for his strategic insight and global business perspective, Mr. Musk brings deep domain expertise in technology, infrastructure, and sustainable innovation. As a Global Advisory Board Member of Servotech Renewable Power System Ltd., he contributes to shaping the Company’s global growth agenda and strengthening its presence in international green technology markets.

“Global Advisory Board” has been used in a broad and informal sense to reflect Mr. Errol Musk’s strategic advisory role in supporting the Company’s global operations and expansion plans. At present, there is no formally constituted board or collective body under that name. Mr. Musk has been appointed in an individual advisory capacity to provide guidance to the management and consult with the existing Board of Directors on global business opportunities and strategic direction. The Company will notify the exchanges if a formal board or structured advisory panel is constituted in the future, in accordance with applicable regulatory requirements

ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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KMPs

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MR. VIKAS BHATIA CFO

MS. RUPINDER KAUR Company Secretary and Compliance Officer

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Our Leadership

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MR. PREM PRAKASH CEO - Servotech EV Infra

MR. VIKAS SINGH General Manager Operations

MR. ARUN HANDA Chief Technical Officer

MR. ANIL KUMAR Chief Operating Officer

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MR. SUMIT SHARMA Head- Process Mgmt

MR. ASHOK ABHISHEK MR. VIPIN KAUSHIK Head EMS Financial Controller

MR. GAGANDEEP GM Manufacturing Operations

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Financial Performance

Sustainable Growth Performance

We are focused on scaling operations with a clear emphasis on growth, manufacturing integration, and financial prudence. Our efforts include expanding retail and channel networks, increasing solar inverter production capacity, and enhancing backward integration in solar PV.

On the financial front, we are implementing tighter working capital controls, streamlining receivables, and adopting structured performance reporting. These priorities are backed by data-driven decisionmaking and real-time visibility for leadership, ensuring sustained execution as we scale.

MR. DINESH ARORA MR. PRABHUTVA TIWARI Marketing Head PR & Corp. Communication

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ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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TOTAL REVENUE

GROSS PROFIT

GROSS MARGIN

(in %)

(H in Crores)

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92% 110% 11.1%
Growth 116.58 Growth 20 Growth
FY 25 FY 24 FY 25 FY 24 FY 25 FY 24
20 18
589.11 307.21 116.58 55.48
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589.11

PAT

EBITDA MARGIN (in %)

EBITDA (H in Crores)

(H in Crores)

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170% 42.9% 195%
58.63 Growth 10 Growth 33.47 Growth
FY 25 FY 24 FY 25 FY 24 FY 25 FY 24
10 7
58.63 21.73 33.47 11.33
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PAT MARGIN PRODUCT WISE REVENUE (in %) (in %)

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50%
Growth 63.2 - DC EV charger
20.2 - AC EV charger
11.4 - Solar
3.5 - I&C and AMC
0.9 - Power & LED
0.7 - Spares
FY 25 FY 24
6 4
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Our Projects

Recognition That Drives Us Forward

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EV
BPCL
A RAMIAH NADAR & BROS- Asoka Fuels 2 BPCl BP THIRUMANGALAM- Coco- Vasant Vihar-
Tamil Nadu BPCL ! Tamil Nadu Delhi
B P - B A S A V A K A L Y A N - G.B Bhasin Delhi BPCL GEETHANJALI FUEL Gym Khanna Service
Karnataka 3 STATION- Tamil Nadu Station - Delhi- BPCL
MARAKAYAR BROTHERS - Tej Agency BPCL 1 Glimpse of BPCL Project
Tamil Nadu 1
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HPCL
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IOCL NAYARA
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Glimpse of HPCL Project Glimpse of IOCL Project Glimpse of NAYARA
Project
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ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Key Developments

Momentum That Matters

We made measurable progress during the final quarter of FY2024–25 through strategic partnerships, technology innovation, and public sector engagements that strengthen our position in the clean energy and EV charging ecosystem.

STRATEGIC PARTNERSHIP FOR EV COMPONENT MANUFACTURING

TECHNOLOGY-ENABLED PUSH FOR SOLAR HOME ADOPTION

We signed a collaboration agreement with France-based Watt & Well to co-develop and manufacture advanced EV charger components in India. This move supports our goal of localising critical hardware and scaling high-performance charging infrastructure.

In partnership with CIMSME, we launched a mobile application to support the PM Surya Ghar Yojana. The platform is designed to simplify the user journey and accelerate the rollout of 1 lakh solarised homes by 2026.

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ROOFTOP SOLAR ORDER FROM NORTH EASTERN RAILWAY

PATENT GRANTED FOR PEAK SHAVING TECHNOLOGY

We secured a significant order for rooftop solar deployment from the North Eastern Railway, expanding our footprint in the government and institutional solar segment.

Servotech was granted a patent for a breakthrough peak shaving solution, reinforcing our innovation-led approach to demand-side energy management and grid efficiency.

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SOLAR

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Ongoing Solar Project
UPNEDA (Solar)
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Agra Kiroli 20kW Asoka Fuels 2 BPCl Block Mall - 15kW Farrukhabaad Tehsil
(Lucknow) 15kW
UREDA (Solar)
Lucknow ITI 40kW
Pilibhit Solar Pumps
Government Degree Government Polytechnic
College kotdwar-20kw College Kotdwar-30kw
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Sub District Hospital Pilibhit Solar Pumps Govt ITI Srinagar -25kw
Tanakpur-100kw
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SOLAR CARPORT NSEFI

Glimpse of NSEFI Solar Powered EV Charging Carport

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ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Our Clientele

Collaborating For Responsible Growth

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Our Operating Environment

The Landscape Of Sustainable Opportunity

The environment in which we operate is evolving rapidly, shaped by the intersection of clean energy policies, electrification trends, and formalisation of infrastructure markets. From the surge in EV adoption to the scale-up of rooftop solar installations, each transition opens new challenges and possibilities across our value chain. We continue to adapt by aligning with policy frameworks, investing in backward integration and maintaining flexibility to serve both institutional, and retail demand.

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Key Driver Our Exposure Implications How are we positioned
Clean Energy Push through Solarisation of homes and EV Structured procurement, Product lines aligned to
National Missions infrastructure deployments high compliance, and mission specs; In-house
form a large share of our accelerated timelines execution; Strong presence
pipeline in PSU bidding ecosystem
Shift from Imports to Local Lithium-ion batteries, EV Local sourcing and in-house Component backward
Manufacturing charger modules, and solar production becoming critical integration via Techbec;
inverter components for eligibility and cost control Assembly at Sonipat; GST
and logistics readiness
Institutional vs. Retail Large orders from OMCs and Dual planning cycles: large- 650+ city presence;
Demand Mix Nodal Agencies; Growing scale project delivery + last- Institutional project
retail pull for solar + hybrid mile retail availability references
inverters
Standardisation in EV Increasing expectations on Compliance with evolving Filed various patents; fast-
Charging Tech charger interoperability and tech and performance charging interoperability; co-
data compatibility standards becomes entry development with IIT Roorkee
barrier
Urbanisation + Affordability Price-sensitive and service- Cost-efficient products, Mid-sized SKU designs;
needs sensitive end users reliable service, and paperless warranty;
inventory planning critical WhatsApp onboarding;
regional language support
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ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

Our Growth Strategy

Innovating For Long Term, Responsible Growth

Our strategy is designed to align with national priorities and emerging energy trends, ensuring that we are well-positioned to scale across core markets. The following growth drivers are shaping our direction.

EXPANDING DOMESTIC MANUFACTURE

Supportive government schemes are encouraging local production of EV components and renewable technologies. We are responding by investing in backward integration, scaling inverter production and strengthening our supply chain to meet growing domestic demand efficiently.

AFFORDABILITY AND URBANISATION

Rapid urbanisation, coupled with rising environmental awareness, is generating demand for accessible and cost-efficient clean energy solutions. We are focused on product innovation and scale to meet these evolving needs across residential and commercial segments.

SURGE IN EV CHARGING RISING DEMAND FOR DEMAND SUSTAINABLE SOLUTIONS

The growing adoption of electric Carbon neutrality goals are vehicles is driving demand for driving institutional and individual robust and widespread charging interest in renewable energy. infrastructure. With a strong order Our solar offerings are designed pipeline and proven execution to address this shift, enabling record, we are focused on scaling customers to transition to cleaner our EV charger deployments energy sources with reliable, across key corridors and public high-performance systems. access points.

NATIONAL SOLAR INITIATIVES

POLICY-DRIVEN MOMENTUM

Under the PM Suryodaya Yojana, 1 crore households are expected to be solarised in the coming years. We are contributing to this goal through scalable solar infrastructure and strategic partnerships that enhance adoption across regions.

Recent policy announcements, such as the Pumped Storage Initiative and the removal of customs duty on lithium imports, are expected to enhance the viability and affordability of renewable energy. We are leveraging these policy shifts to expand our footprint in clean energy manufacturing and deployment.

ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Creating Meaningful Social Impact

Progress With People At The Core

We are guided by principles of Environmental, Social, and Governance (ESG) as we expand access to clean energy. Our focus remains on reducing carbon emissions, improving community livelihoods and upholding ethical practices across operations. Through our solar, EV charging and energy solutions, we support the transition to a more sustainable and inclusive future.

Corporate Sustainability

Our Commitment To Responsible Progress

We are building a clean energy future that balances growth, inclusion and responsibility. Sustainability is not a parallel goal— it is embedded into our operations, product strategy, workforce practices and stakeholder relationships. Our approach is anchored in the ESG framework, with ongoing integration of digital tools, transparent governance and targeted community impact.

We integrate Corporate Social Responsibility (CSR) into our approach by supporting environmental awareness, promoting access to education and engaging in projects that benefit underprivileged communities. These efforts reflect our belief that responsible business practices can create lasting impact beyond economic value.

We also believe that diversity drives performance. With 45% of our workforce comprising women, we benefit from diverse perspectives that improve decision-making, strengthen culture and build long-term resilience. We are committed to fostering a workplace that values inclusion and reflects the society we serve.

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ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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ENVIRONMENT

Our environmental responsibility is shaped by the products we design and the ecosystems we operate in. By focusing on energy efficiency, emission reduction and responsible resource use, we support the transition to low-carbon infrastructure and contribute meaningfully to national clean energy goals.

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Sustainable Product Lifecycle

Water and Air Stewardship

Carbon and Resource

Efficiency

We prioritise efficiency and responsibility at every stage of product development. Our solar and EV offerings are designed for longterm durability, lower emissions and easy repairability. We use in-house component manufacturing to control quality and reduce environmental footprint.

Water is treated as a strategic resource We support India’s clean energy across operations. Our focus remains goals by enabling solarisation and EV on reduced water usage, improved adoption at scale. Our growing portfolio air quality and healthy workplace of EV chargers and solar inverters conditions. Ongoing monitoring and directly contributes to reduced fossil infrastructure upgrades are in place fuel dependency. We are also working at both Sonipat plants. on energy management systems that improve peak shaving and load distribution.

SOCIAL

We believe that a resilient workforce and an inclusive society are central to sustained progress. Our people-first approach is supported by investments in safety, learning, diversity and community partnerships that extend the benefits of clean energy to underserved populations.

Workforce Equity and Engagement

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We continue to build a diverse and highperforming organisation. With 45% of our workforce being women, we are among the few in our segment with strong gender balance. Programmes around safety, leadership and employee feedback are run across departments. ESOPs, hybrid work models, and structured learning tracks reflect our commitment to people-first growth.

Community and CSR

We drive positive impact beyond our commercial operations. Our CSR initiatives focus on:

Supporting solar education and access under the PM Suryodaya Yojana
Partnering with local NGOs to expand clean energy literacy

Customer and Channel Trust

Backing skilling and employment programmes linked to the EV ecosystem.

We are present in 650+ cities with 7,500+ retail outlets planned by FY 2026. Our wide reach is matched by service reliability, which strengthens long-term relationships with PSU partners, fleet operators and residential buyers alike.

GOVERNANCE

Our governance structure supports ethical business conduct, regulatory compliance and real-time decision-making. With data-led systems and defined accountability at all levels, we are strengthening our ability to grow responsibly and transparently.

Accountability and Ethics

Digital and Regulatory Integration

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We follow clear governance policies that guide our risk, compliance and reporting practices. Our Board and leadership uphold structured reviews and financial transparency.

SAP S/4HANA and CRM platforms are fully integrated to manage project execution, inventory and field reporting. This supports timely disclosures and smooth audit trails across regulatory touchpoints.

Data-Driven Oversight

We are deploying real-time KPI dashboards for leadership to track performance, risks and ESG parameters across functions. These tools ensure accountability across business verticals.

ANNUAL REPORT 2024-25

STATUTORY REPORTS CORPORATE OVERVIEW FINANCIAL STATEMENTS

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Awards and Accolades

Corporate Information

Recognition That Drives Us Forward

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ET Inspiring Leaders Award in Healthcare Sector 2021

Best Emerging Manufacturer of LED Lights & Solar Products in Delhi NCR 2016

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Green Entrepreneur of the Year India 2016

Best Emerging Manufacturer of LED LIghts & Solar Products in Delhi NCR 2016

Chota-Business-bade-sapne Awards 2010

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Electric Vehicle- The Future of Transport 2024

Leading Solar Infrastructure Player Award 2024

EV Charger Supplier of the Year 2024

BOARD OF DIRECTORS

Mr. Raman Bhatia Managing Director

Ms. Sarika Bhatia

Whole Time Director

Dr. Rajesh Mohan Rai Non Executive Non Independent Director

Mr. Anupam Gupta Independent Director

Mr. Sampat Rai

Independent Director

Mr. Meenakshisundaram Kolandaivel Independent Director

Mr. Digvijay Kapoor Director-HR

Mr. Girish Kumar Ahuja Independent Director

Dr. Yogita Patra

Independent Director

Mr. Vikas Bhatia

Chief Financial Officer

COMPANY SECRETARY & COMPLIANCE OFFICER

Ms. Rupinder Kaur

SECRETARIAL AUDITOR

R & D company secretaries

STATUTORY AUDITOR

Rohit KC Jain & Co.

Chartered Accountants

COST ACCOUNTANT

N.N. Sharma & Associates

Cost Accountants

REGISTRAR AND SHARE TRANSFER AGENT

Bigshare Services Pvt ltd

COMMITEES

Audit Committee

Nomination And Remuneration Committee

Stakeholder’s Relationship Committee

Corporate Social Responsibility Committee Risk Management Committee

Compliance & Statutory Committee

CORPORATE OFFICE

806, 8[th] Floor, Crown Heights, Hotel Crowne Plaza, Rohini Sector-10, New Delhi-110085

REGISTERED OFFICE & KUNDLI PLANT

Khata No. 1970, Khewat No. 1672, Khasra No. 21/20/2/2, Revenue Estate, Kundli, Sonipat, Haryana, 131029.

SAFIABAD PLANT

Killa No. 14/6/1/2 (0-3), 6/2/3 (5-13) Village-Safiabad, Pana Paposhian, Rai, Sonipat 131029 Haryana

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India Solar & E-Vehicle Expo Lucknow 2023

Charging Company of the Year Award Presented By BIS Infotech

Business Leadership Award in EV Chargers Manufacturing 2022

ANNUAL REPORT 2024-25

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Director’s Report

Dear Members,

Your Directors are pleased to present to you the 21[st] Annual Report on the business and operations of the Company along with the Audited Financial Statements (Standalone and Consolidated) for the Financial Year ended 31[st] March, 2025 (“FY”).

1. FINANCIAL PERFORMANCE

Highlights of the Company’s financial performance for the year ended 31[st] March, 2025 are as under:

a) Standalone Financial Results

(Amount in Lakhs)

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Financial Year ended Financial Year ended
Particulars
31 [st] March, 2025 31 [st] March, 2024
Revenue from Operations 58,730.41 30,570.06
Other Income 180.53 150.98
Total Income 58,910.94 30,721.04
Less: Depreciation (564.44) (298.21)
Other Expenses (53,817.82) (28,871.83)
Profit before exceptional items and tax 4,528.68 1,552.99
Exceptional Items - -
Profit before tax 4,528.68 1,552.99
Tax Expenses 1,181.96 420.36
Profit after tax for the year 3,346.72 1,132.63
Other Comprehensive Income 965.18 1.28
Net Profit for the year 4,311.90 1,133.91
Final Dividend 0.05 0.05
EPS (Basic) 1.49 0.52
EPS (Diluted) 1.48 0.53
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b) Consolidated Financial Results

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(Amount in Lakhs)
Financial Year ended Financial Year ended
Particulars
31 [st] March, 2025 31 [st] March, 2024
Revenue from Operations 67,443.62 35,368.35
Profit before tax 4,480.56 1,616.60
Profit after tax 3,263.70 1,180.20
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c) PERFORMANCE DURING THE YEAR & STATE OF THE COMPANY’S AFFAIRS:

Standalone:

We registered annual Revenue from Operations of 58,730.41 Lacs in FY 2025 compared to 30570.06 Lacs in FY 2024. Profit before Tax for FY 2025 stood at 4528.68 Lacs compared to 1552.99 Lacs from FY 2024. During the year, SRPSL strategically invested in expanding its field force and enhancing marketing capabilities to lay a robust foundation for sustained future growth. These investments in talent and brand-

building are expected to yield long-term value. We are confident that the company will grow from strength to strength in the days to come, ensuring that we continue to remain a highly profitable, compliant and socially responsible company.

Consolidated:

We registered annual Revenue from Operations of 67,443.62 Lacs in FY 2025 compared to 35368.35 Lacs in FY 2024. Profit before Tax for FY 2025 stood at 4,480.56 Lacs compared to 1616.60 Lacs from FY 2024.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

STATUTORY REPORTS

Director’s Report

2. SHARE CAPITAL

a) Authorised Share Capital

At the beginning of the financial year, the Authorized Share Capital of the Company was H25,00,00,000/-(Rupees Twenty Five Crores only) divided into 25,0000000 (Twenty Five Crores) equity shares of face value of H 1/- (Rupees One Only) each.

Thereafter, the Company vide its General Meeting by way of postal ballot dated 23[rd] October, 2024 increase the authorised share capital of the company from H 25,00,00,000/-(Rupees Twenty Five Crores only) divided into 25,0000000 (Twenty Five Crores) equity shares of face value of H 1/- (Rupees One Only) each to H 50,00,00,000/-(Rupees Fifty Crores only) divided into 50,00,00,000 (Fifty Crores) equity shares of face value of H 1/- (Rupees One Only).

As on 31[st] March, 2025 Authorized Share Capital of the Company stood at H 50,00,00,000/-(Rupees Fifty Crores only) divided into 50,00,00,000 (Fifty Crores) equity shares of face value of H 1/(Rupees One Only).

b) Paid-up Share Capital

At the beginning of the financial year, the paidup equity share capital of the Company was H 21,69,04,290 (Rupees Twenty One Crore Sixty Nine Lakh Four Thousand Two Hundred Ninety) divided into 216904290 (Twenty One Crore Sixty Nine Lakh Four Thousand Two Hundred Ninety) equity shares of H 1/- (Rupees One only) each.

The Company vide its General Meeting by way of postal ballot dated 17[th] December, 2023 had issue convertible warrants to promoter group and as on 08[th] April 2024, 22[nd] April 2024, 18[th] May 2024, 08[th] January 2025 and 21[st] January 2025 allotted 30,00,000, 15,00,000, 15,00,000, 11,00,000, and 6,00,000 respectively equity shares (Pursuant to conversion of warrants) of H 1/- each on preferential basis to promoter group & Other than promoters and the Board of Directors of the Company at its Meeting held on October 15, 2024, alloted of 41,058 Equity Shares of the Company having face value of Re. 1/- each at an issue price of H 48.71 each upon exercise of the Options vested with him under the Employee Stock Option Scheme 2022.

Accordingly, the paid up capital was changed from H 21,69,04,290 (Rupees Twenty One Crore Sixty Nine Lakh Four Thousand Two Hundred Ninety) divided into 216904290 (Twenty One Crore Sixty Nine Lakh Four Thousand Two Hundred Ninety) equity shares of H 1/- (Rupees One only) each to H 22,46,45,348 (Rupees Twenty Two Crore Forty Six Lakh Forty Five Thousand Three Hundred Forty Eight) divided into

22,46,45,348 (Twenty Two Crore Forty Six Lakh Forty Five Thousand Three Hundred Forty Eight) equity shares of H 1/- (Rupees One only) each.

As on 31[st] March, 2025, the Paid up capital of the Company stood at H 22,46,45,348 (Rupees Twenty Two Crore Forty Six Lakh Forty Five Thousand Three Hundred Forty Eight) divided into 22,46,45,348 (Twenty Two Crore Forty Six Lakh Forty Five Thousand Three Hundred Forty Eight) equity shares of H 1/- (Rupees One only) each.

3. DETAILS OF PREFERENTIAL ISSUE

During the financial ended 31[st] March, 2025, the Company vide its General Meeting by way of postal ballot dated 23[rd] October, 2024 had issued 58,50,000 warrants, convertible into equity shares on preferential basis to promoter and as on 10[th] December 2024 allotted 5850000 warrants, convertible into equity shares on preferential basis to promoter in accordance with Sections 23(1)(b), 42 and 62(1)(c) of the Companies Act, 2013 and the Companies (Prospectus and Allotment of Securities) Rules, 2014, the Companies (Share Capital and Debentures) Rules, 2014 and read with the SEBI (ICDR) Regulations and the SEBI (LODR) Regulations, 2015.

4. CHANGES IN THE STATUS OF THE COMPANY:

During the year, the Company changed its name from Servotech Power System Limited to Servotech Renewable Power System Limited, pursuant to Special Resolution No. 01 passed by Postal Ballot held on 4[th] December 2024. The revised Certificate of Incorporation was issued on 18[th] December 2024.

5. DETAILS OF EMPLOYEES STOCK OPTION PLAN (ESOP-2022)

To encourage employee participation in the Company’s growth and align their interests with long-term value creation, the Company implemented the ESOP–2022 scheme. During the year, a total of 41,058 equity shares were allotted to eligible employees upon the exercise of their stock options under this plan.

6. DIVIDEND

During the year under review, the Board of Directors have proposed to recommend Final dividend of Re 0.05 per Equity Share of Face Value of 1 /- (Rupees One Only) for the Financial Year ended 31[st] March, 2025 subject to the approval of members at the ensuing Annual General Meeting upon deduction of TDS.

In view of the changes made under the Income-Tax Act, 1961, by the Finance Act, 2020, dividends paid or distributed by the Company shall be taxable in the hands of the shareholders. The Company had, accordingly, made the payment of the interim

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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dividend after deduction of tax at source, at the rates as prescribed and the final dividend shall also be dealt accordingly.

Further, pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“the IEPF Rules”), all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF established by the Government of India, after completion of seven years.

Further, according to the IEPF Rules, the shares on which dividend has not been paid or claimed by the shareholders for seven consecutive years or more shall also be transferred to the demat account of the IEPF Authority. However, the Company had declared Dividend for the first time in the Financial Year 20212022 and seven years have not elapsed from the date of declaration and payment of dividend the requirement of transfer of unpaid dividend and the shares on which dividend has not been paid or claimed, to Investor Education and Protection Fund (IEPF) is not applicable to the Company.

Dividend Distribution Policy

The Dividend Distribution and Shareholder Return Policy, in terms of Regulation 43A of the SEBI Listing Regulations is available on Company’s website at https://www.servotech.in/blog/wp-content/ uploads/2025/08/Dividend-Distibution-Policy.pdf

7. CHANGE IN THE NATURE OF BUSINESS

For sustained growth in the future, Company wants to rely on the main business (es) of Company. There is no change in the nature of the business of the Company during the year.

8. TRANSFER TO RESERVE

As permitted under the Act, the Board does not propose to transfer any amount to General Reserves. The closing balance of the retained earnings of your Company for FY 2024-25, after all appropriations and adjustments, was 6,305.17 lakh.

9. DEPOSITS

The Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013 during the financial year 2024-25.

10. KEY DEVELOPMENTS / STRATEGIC ACQUISITIONS/ DIVESTMENTS Proposed Acquisition of shares of Rhine Solar Limited:

SERVOTECH RENEWABLE POWER SYSTEM LIMITED (“the company”) has executed a Share Purchase Agreement dated 20.06.2025 with Rhine Solar

limited (“Target Company”). As per the agreement, the Company will acquire 27% of the shareholding in Rhine Solar Limited at a post money valuation, thereby marking a strategic investment aimed at strengthening our backward integration capabilities.

11. DETAILS OF SUBSIDIARY/JOINT VENTURE/ ASSOCIATE COMPANIES

As on 31[st] March, 2025, the Company has 5 (Five) subsidiaries and 1 (One) Step Down subsidiary, the details of which are as mentioned below. After the closure of F.Y. one more step down subsidiary incorporated with the name of Dream League of India (T10) Private Limited.

There are no associates or joint venture companies within the meaning of Section 2(6) of the Companies Act, 2013 (“Act”). There has been no material change in the nature of the business of the subsidiaries.

I. Rebreathe Medical Devices India Private Limited (“RMDIPL”):

A Private Limited Company vide CIN: U33119DL2021PTC383180 incorporated on 5[th] July, 2021. The Holding Company has 95% shareholding in the Subsidiary.

II. Techbec Industries Limited (“TIL”)

A Public Limited Company vide CIN: U31900DL2022PLC404516 incorporated on 13[th] September, 2022. The Holding Company has 63.5% shareholding in the Subsidiary Company and the company was Strike-off as on 05.08.2025.

III. Hertz And Pixelz Private Limited (Formerly Known As Techbec Green Energy Private Limited) (“HPPL”)

A Private Limited Company vide CIN: U27201DL2023PTC417728 incorporated as a wholly-owned subsidiary on 27[th] July, 2023 under the name Techbec Green Energy Private Limited and undergone name change with effect from 15.07.2025.

IV. Servotech EV Infra Private Limited (‘’SEIPL’’)

A Private Limited Company vide CIN: U33200DL2023PTC422574 incorporated as a wholly-owned subsidiary on 10[th] November, 2023. After Dilution the Holding Company has 94.28% shareholding in the Subsidiary.

V. Servotech Sports And Entertainment Private limited(“SSEPL”)

A Private Limited Company vide CIN: U93190DL2024PTC431924 incorporated as a subsidiary with the holding of 74.80% on 28[th] May, 2024. After Dilution the Holding Company has 62.68% shareholding in the Subsidiary.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

STATUTORY REPORTS

Director’s Report

VI. Servotech Siliguri Strikers Private Limited (“SSSPL”) (Step Down Subsidiary)

A Private Limited Company vide CIN: U93190DL2025PTC444121 incorporated as a wholly-owned subsidiary of Servotech Sports and Entertainment Private limited on 06[th] March, 2025. After Dilution the Holding Company has 74.22% shareholding in the Subsidiary.

VII. Dream League Of India (T10) Private Limited (“DLIPL”) (Step Down Subsidiary)

After the closure of financial year and as on 26[th] April, 2025 a step down subsidiary Company vide CIN: U93120DL2025PTC447280 was incorporated.

The annual accounts of the subsidiaries shall also be kept for inspection by any shareholder in the Registered Office of the Company and the respective offices of its Subsidiary Companies.

Our Company has formulated a policy for determining material subsidiaries. The policy is available on your Company’s website at https://www. - servotech.in/blog/wp content/uploads/2025/08/ Policy-for-Determining-Material-Subsidiaries.pdf. Pursuant to Section 134 of the Act read with rules made thereunder, the details of developments at the level of subsidiaries and joint ventures of your Company are covered in the Management Discussion and Analysis Report, which forms part of this Integrated Annual Report.

Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited financial statements in respect of subsidiaries, are available on the Company’s website at www.servotech.in at Investors Tab.

After the closure of Financial year, Mr. Girish Kumar Ahuja (DIN: 00446339) appointed as Additional Director-Non- Executive Independent Director of the Company w.e.f 06[th] May, 2025 and he has been regularized with the approval of shareholders by way of postal ballot dated 31[st] July, 2025 .
After the closure of financial year, Mr. Digvijay Kapoor (DIN-11146998) appointed as an Additional Executive Director (Human Resources) of the Company w.e.f 10[th] June, 2025 and he has been regularized with the approval of shareholders by way of postal ballot dated 31[st] July, 2025.
After the closure of Financial year, Dr. Yogita Patra (DIN: 11168879) appointed as Additional Director-Non- Executive Woman Independent Director of the Company w.e.f 06[th] May, 2025 and he has been regularized with the approval of shareholders by way of postal ballot dated 31[st] July, 2025.

During the year under review, other than above, there were no changes in the Board of Directors and Key Managerial Personnel of the Company.

RE-APPOINTMENT OF DIRECTOR(S) RETIRING BY ROTATION

Directors Retire by Rotation: Ms Sarika Bhatia, Executive Director (DIN: 00155602), of the company is liable to retire by the rotation at the 21[st] Annual General Meeting of the company pursuant to section 152 of the companies Act, 2013, read with Companies (Appointment and Qualification of Directors) Rule, 2014 (including any statutory modification(s) or reenactment(s) thereof for the time being in force) and being eligible, for re-appointment.

KEY MANAGERIAL PERSONNEL:

12. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

During the year under review, 19 (Nineteen) meetings of the Board of Directors were held. For details of the meetings of the Board, please refer to the Corporate Governance Report, which forms part of this Report.

As on the date of this report, following are Key Managerial Personnel (“KMPs”) of the Company as per Sections 2(51) and 203 of the Act:

Mr. Raman Bhatia-Managing Director
Mr. Vikas Bhatia- Chief Financial Officer
Ms Rupinder Kaur –Company Secretary

13. DIRECTORS AND KEY MANAGERIAL PERSONNEL

14. DECLARATION BY INDEPENDENT DIRECTORS

As on 31[st] March, 2025 the Board comprised of 6 (six) Directors, 2 (Two) Executive Directors 1 (One) NonExecutive Director Non Independent Director and 3 (three) Independent Directors. Out of the total 6 (six) directors, 1 (one) is woman director.

APPOINTMENT/CESSATION/CHANGE IN DESIGNATION OF DIRECTORS

During the Financial Year, Mr. Rajesh Mohan Rai (DIN: 09050751), re-designated to Non-executive Director w.e.f. 03[rd] June, 2024.

All the Independent Directors have submitted their disclosures to the Board that they fulfil all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 and Regulation 16 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, so as to qualify themselves continue to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules thereof. In the opinion of the Board, they fulfil the condition for appointment/re-

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appointment as Independent Directors on the Board. Further, in the opinion of the Board, the Independent Directors also possess the relevant attributes of integrity, expertise and experience as required to be disclosed under Rule 8(5) (iii) (iiia) of the Companies (Accounts) Rules, 2014.

15. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 (5) of the Act, the Board of Directors, to the best of their knowledge and ability, confirm that:

a) In the preparation of annual accounts for the financial year ended 31[st] March, 2025, the applicable accounting standards have been followed and there are no material departures;
b) They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31[st] March, 2025 and of the profit of the Company for that period;
c) They have taken proper and sufficient care for their maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) They have prepared the annual accounts on a going concern basis;
e) They have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively; and
f) They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

16. AUDITORS AND AUDITOR’S REPORT

i. STATUTORY AUDITORS

In accordance with the provisions of section 139 of the Companies Act, 2013, M/s. Rohit KC Jain and Co., Chartered Accountants (Firm Registration No. 020422N), were appointed as the Statutory Auditors for a period of 5 (five) years commencing from the conclusion of the 18[th] AGM till the conclusion of the 23[rd] AGM. M/s. Rohit KC Jain and Co., Chartered Accountants is a leading professional services firm engaged in the field of audit, taxation, risk and transaction advisory services.

M/s. Rohit KC Jain and Co., Chartered Accountants have consented to the said appointment, and confirmed that their appointment, would be within the limits mentioned under Section 141(3)(g) of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014. Further, they have confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI).

The Audit Committee and the Board of Directors recommended the appointment of M/s. Rohit KC Jain and Co., Chartered Accountants, as Statutory Auditors of the company from the conclusion of the 18[th] AGM till the conclusion of the 23[rd] AGM.

In accordance with the provisions of the Companies (Amendment) Act, 2017, the requirement related to annual ratification of appointment of statutory auditors by the members has been omitted. Hence, the resolution for ratification of appointment of M/s. Rohit KC Jain and Co., Chartered Accountants as the statutory auditor, whose appointment was approved by the members in the 18[th] AGM for a term of five consecutive years i.e. till the conclusion of the 23[rd] AGM, has not been put for motion as an ordinary business in the 21[st] AGM.

The Auditors’ Report for financial year 2024-2025 on the financial statements forms part of this Annual Report. The Auditors have also furnished a declaration confirming their independence as well as their arm’s length relationship with the Company as well as declaring that they have not taken up any prohibited non-audit assignments for the Company. The Audit Committee reviews the independence of the Auditors and the effectiveness of the Audit process.

Auditors’ Report and the Notes on financial statements referred to in the Auditors’ Report are self-explanatory and do not call for any further comments. The Auditors’ Report does not contain any qualification, reservation or adverse remark.

ii. SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors in its meeting held on 09[th] May, 2024 have appointed R & D Company Secretaries as Secretarial Auditor of the Company to conduct the Secretarial Audit of the Company for the financial year 2024-25.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

STATUTORY REPORTS

Director’s Report

The Secretarial Audit Report in prescribed Form MR-3 for the financial year ended 31[st] March, 2025 is appended as Annexure-1 to this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

Further, pursuant to amended Regulation 24A of SEBI Listing Regulations, The Board of Directors in its meeting dated 06[th] May, 2025 appointed R & D Company Secretaries to conduct the Secretarial Audit of the Company for a term of 5 consecutive years commencing from FY 202526 till FY 2029-2030, subject to approval of the shareholders of the Company at the ensuing Annual General Meeting. The Secretarial Auditor have provided their consent inter alia contains their eligibility to give effect to their appointment.

18. REPORTING OF FRAUDS BY AUDITORS

During the year under review, the Statutory Auditors, Cost Auditors and Secretarial Auditors have not reported any instances of frauds committed in the Company by its Officers or Employees, to the Audit Committee under Section 143(12) of the Act, details of which needs to be mentioned in Director’s Report.

19. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report, highlighting the performance and prospects of the Company’s business, forms integral part of the Annual Report.

20. CORPORATE GOVERNANCE

iii. COST AUDITOR

As per Section 148 of the Act read with Companies (Cost Records and Audit) Rules 2014, M/s NN Sharma & Associates, Cost Accountants (Firm Registration No. 101702) as the Cost Auditors, have been re-appointed as Cost Auditors for the financial year 2025-26 to conduct cost audit of the accounts maintained by the Company in respect of the various products prescribed under the applicable Cost Audit Rules. The remuneration of Cost Auditors has been approved by the Board of Directors on the recommendation of Audit Committee. The requisite resolution for ratification of remuneration of Cost Auditors by members of the Company has been set out in the Notice of ensuing AGM. The Cost Auditors have certified that their appointment is within the limits of Section 141(3) (g) of the Act and that they are not disqualified from appointment within the meaning of the said Act.

The Cost Audit Report for the financial year 2024-25, issued by M/s NN Sharma & Associates, Cost Accountants, in respect of the various products prescribed under Cost Audit Rules.

There were no observations (including any qualification, reservation, adverse remark or disclaimer) of the Cost Auditors in the Report issued by them for the financial year 202425 which call for any explanation from the Board of Directors.

17. DISCLOSURE ON COST RECORDS

Pursuant to provisions of Section 134 of the Act read with Rule 8(5) of the Companies (Accounts) Rules, 2014 it is confirmed that maintenance of cost records as specified by the Central Government under subsection (1) of section 148 of the Act, is required by the Company and accordingly such accounts and records are made and maintained.

A good corporate governance system is something your company is devoted to. The needed Certificate from Secretarial Auditors regarding compliance with the requirements of corporate governance, as prescribed, and the Corporate Governance Report, as stipulated by the SEBI Listing Regulations, are an integral element of this Annual Report.

Your Company has developed and implemented a Code of Business Conduct for all Board members and senior management staff at the Company (Code of Conduct), who have all attested to compliance with the Code in accordance with the corporate governance standards as per the SEBI Listing Regulations. The aforementioned Code of Conduct can be seen on the Company's website at https:// - investor.servotech.in/corporate governance/ code-of-conduct.php

21. FORMAL ANNUAL EVALUATION

Pursuant to applicable provisions of the Act and the Listing Regulations, the Board, in consultation with the Nomination and Remuneration Committee, has formulated a framework containing, inter-alia, the criteria for performance evaluation of the entire Board of the Company, its Committees and individual directors, including Independent Directors and the chairmen of the Board. The framework is monitored, reviewed and updated by the Board, in consultation with the Nomination and Remuneration Committee, based on need and new Compliance requirements.

The Board evaluation exercise for financial year 2024-25 was carried out by way of internal assessments done based on a combination of detailed questionnaires and verbal discussions.

I. Performance evaluation of the Board and Committees

The performance of the Board was evaluated by the Board Members after considering inputs from all the Directors primarily on:

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i) Board composition and quality with emphasis on its size, skill, experience and knowledge of members;
ii) Periodic review of Company’s management and internal control system for appropriateness and relevance;
iii) Board process and procedure with emphasis on the frequency of meetings, attendance thereof, flow of information;
iv) Oversight of Financial Reporting process including Internal Controls and Audit Functions;
v) Engagement in Corporate Governance, ethics and compliance with the Company’s code of conduct.

The Board evaluated the performance of the Committees on the following parameters:

i) Appropriateness of size and composition;
ii) Clarity of mandate and well-defined agenda;
iii) Reporting to the Board on the Committee’s activities;
iv) Availability of appropriate internal and external support or resources to the Committees.

II. Performance Evaluation of Individual Directors

The performance evaluation of the Individual Directors were carried out by the Board and other Individual Directors, considering aspects such as:

i) Sufficient knowledge of Company strategy and objective;
ii) Understand their role as Director, as distinct from management;
iii) Adequate and productive use of knowledge and experience of the Independent Directors for the functioning of Board;
iv) Efforts for professional development to enable better fulfilment of their responsibilities;
v) Ask questions/critique proposals with confidence;
vi) Open and effective participation in Board discussions;
vii) Keep stakeholder interest as the touchstone in endorsing decisions.

III. Performance Evaluation of Chairman

i) Display of effective leadership qualities and skill;
ii) Implementation of observations/ recommendations of Board Members;
iii) Effective and timely resolution of grievances of Board Members;
iv) Ability to bring convergence in case of divergent views and conflict of interest situation tabled at Board Meetings;

IV. Evaluation Outcome

The evaluation revealed that the timely sharing of information with the Board, the drafting of agenda notes and their content, as well as the drafting of the minutes, were all deemed to be satisfactory. The way the business issues of the company were handled satisfied every Board Member.

22. COMMITTEES OF THE BOARD OF DIRECTORS

Your Company has following Committees of Board of Directors:

Audit Committee;
Nomination and Remuneration Committee;
Stakeholders’ Relationship Committee;
Corporate Social Responsibility Committee;
Committee of Board of Directors; and
Risk Management Committee*

The role and composition of these Committees, including the number of meetings held during the period under review and the related attendance, are provided under Corporate Governance Report which forms part of the Annual Report.

Pursuant to Regulation 21 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR’), the Company, being among the top 1000 listed entities by market capitalization as on 31[st] December 2024, is required to constitute a Risk Management Committee. Accordingly, the Board of Directors has constituted the Risk Management Committee (‘RMC’) of the Company with effect from 1[st] April 2025.

23. MATERIAL CHANGES

The material changes made as on the date of this report are as mentioned herein below:

i. A Step Down subsidiary of the Company under name and style as Dream League of

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

STATUTORY REPORTS

Director’s Report

India (T10) Private Limited (“DLIPL”) vide CIN: U93120DL2025PTC447280 was incorporated on 26[th] April, 2025.

ii. After closure of financial year, Company has Allotted 200000 & 1000000, equity shares pursuant to conversion of warrants as on 07.04.2025 & 27.06.2025, respectively. After these allotments company’s Paid up capital of the Company stood at H 22,58,45,348 (Rupees Twenty Two Crore Fifty Eight Lakh Forty Five Thousand Three Hundred Forty Eight) divided into 22,58,45,348 (Twenty Two Crore Fifty Eight Lakh Forty Five Thousand Three Hundred Forty Eight) equity shares of H 1/- (Rupees One only) each.

iii. Mr. Girish Kumar Ahuja (DIN: 00446339) appointed as Additional Director-Non- Executive Independent Director of the Company w.e.f 06[th] May, 2025 and he has been regularized with the approval of shareholders by way of postal ballot dated 31[st] July, 2025 .
iv. Mr. Digvijay Kapoor (DIN-11146998) appointed as an Additional Executive Director (Human Resources) of the Company w.e.f 10[th] June, 2025 and he has been regularized with the approval of shareholders by way of postal ballot dated 31[st] July, 2025.
v. Dr. Yogita Patra (DIN: 11168879) appointed as Additional Director-Non- Executive Woman Independent Director of the Company w.e.f 06[th] May, 2025 and he has been regularized with the approval of shareholders by way of postal ballot dated 31[st] July, 2025 .
vi. Shifting of the registered Office.

After the closure of financial year, the Company shifted its registered office from 806, 8[th] Floor, Crown Heights, Hotel Crown Plaza, Sector-10, Rohini, New Delhi – 110085 to KHATA No. 1970, Khewat No. 1672, Khasra No. 21/20/2/2, Revenue Estate, Kundli, Sonipat, Haryana – 131029, with effect from 11[th] August 2025. The said shift was carried out pursuant to the approval of shareholders obtained through Postal Ballot on 4[th] December 2024 and the order of the Regional Director received on 18[th] July 2025.

24. RELATED PARTY TRANSACTIONS

All transactions entered into with Related Parties as defined under Section 2(76) of the Companies Act, 2013 and Regulation 23 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“Listing Regulations”), during the Financial Year under review were in the ordinary course of business and at an arm’s length pricing basis and do not attract the

provisions of Section 188 of the Companies Act, 2013. There were no transactions with related parties in the Financial Year which were in conflict with the interest of the Company and requiring compliance of the provisions of Regulation 23 of the Listing Regulations.

Suitable disclosure as required by the Indian Accounting Standards (Ind AS 24) are mentioned in the Notes which forms integral part of the Financial Statements.

The Company has formulated a policy on the materiality of Related Party Transactions and dealing with Related Party Transactions which has been uploaded on the website of the Company and can be accessed at https://www.servotech.in/ blog/wp-content/uploads/2025/05/Related-PartyTransaction-policy.pdf. The particulars of related party transactions in prescribed Form AOC-2 are attached as “ Annexure-2 ”.

Pursuant to Regulation 23(9) of the Listing Regulations, Company has filed half yearly report on Related Party Transactions with the stock exchanges.

25. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate internal financial control procedures commensurate with its size and nature of business.

The Company has appointed Internal Auditors who periodically audit the adequacy and effectiveness of the internal controls laid down by the management and suggest improvements.

The Audit Committee of the Board of Directors approves the annual internal audit plan and periodically reviews the progress of audits as per approved audit plans along with critical internal audit findings presented by internal auditors, status of implementation of audit recommendations, if any, and adequacy of internal controls.

The detailed statement about adequacy of Internal Financial Controls is given in Point No. 11 of the Management Discussion and Analysis Report, which forms an integral part of this Annual Report.

26. SIGNIFICANT OR MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of the Company and its future operations.

27. CORPORATE SOCIAL RESPONSIBILITY

Company is committed towards its Corporate Social Responsibility (CSR). The Company has crossed

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the threshold limit provided under Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 relating to Corporate Social Responsibility (CSR) hence, CSR is applicable to the company. Details about the CSR policy and initiative taken by the company during the year are available on the website at web link: https://www.servotech.in/blog/ wp-content/uploads/2021/12/Corporate-SocialResponsibility.pdf

The annual report on Our CSR activities is appended as Annexure-4 which forms part of this Report.

28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO AND RESEARCH & DEVELOPMENT

In accordance with the requirements of Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, a statement showing particulars with respect to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo is annexed hereto as Annexure-3 and forms part of this report.

29. VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company has adopted a Whistle Blower Policy and has established the necessary vigil mechanism for its employees and Directors to report concerns about any unethical and improper activity. No person has been denied access to the Chairman of the Audit Committee. The Whistle Blower policy is uploaded on the website of the Company at https://www. - servotech.in/blog/wp content/uploads/2021/12/ Whistle-Blower-Policy.pdf.

The Audit Committee monitors and reviews the investigations of the whistle blower complaints. During the year under review, no complaints were received under Whistle Blower Policy

30. EXTRACT OF ANNUAL RETURN

The Annual Return of the Company as 0n 31[st] March 2025 is available on the website of the Company and can be accessed at https://www.servotech.in/

31. SECRETARIAL STANDARDS

The Company complies with all applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

32. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS MADE BY THE COMPANY

33. PARTICULARS OF EMPLOYEES

The details required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, in respect of Directors, KMPs and other employees of the Company, are given in Annexure-5 of this Board's Report.

During the year ended 31[st] March, 2025, the Company did not have any employee, who is in receipt of remuneration of H 8,50,000/- per month or H 1,02,00,000 per annum and hence the Company is not required to provide information under Sub rule 2 and 3 of Rule 5 of the companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

However, in terms of first provision of section 136(1) of the Act, the Annual Report and Accounts are being sent to the members and others entitled thereto, excluding the aforesaid information. The said information is available for inspection by the members at the Registered Office of the Company during business hours on working days up to the date of the ensuing Annual General Meeting. If any member is interested in obtaining a copy thereof, such member may write to the Company Secretary at email id [email protected].

34. NOMINATION AND REMUENRATION POLICY

The Nomination and Remuneration Policy of the Company, inter alia, provides that the Nomination and Remuneration Committee shall:

i) formulate the criteria for Board membership, including the appropriate mix of Executive & Non-Executive Directors and Board Diversity;
ii) approve and recommend compensation packages and policies for Directors, Key Managerial Personnel and Senior Management Personnel;
iii) lay down the effective manner of performance evaluation of the Board, its Committees and the Directors; and
iv) such other matters as provided under section 178 of the Act and under the provisions of Listing Regulations.

The salient features of the Nomination and Remuneration Policy of the Company are outlined in the Corporate Governance Report which forms part of this Annual Report. The Policy is available on the website of the Company at: https://www.servotech. - - in/blog/wp content/uploads/2021/12/Nomination and-Remuneration-policy.pdf

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Act, are given in the notes to the Financial Statements.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

STATUTORY REPORTS

Director’s Report

35. RISK MANAGEMENT POLICY

Your Company has in place comprehensive risk assessment and mitigation framework, which is reviewed by the Board periodically. The Committee of Board of Directors has formulated a well-defined Policy for Risk Management to identify, assess and frame a response to threats and mitigate the various risks to our business that affects the achievement of our objectives.

More details on the Policy are given on Company’s website which can be accessed through following link:https://www.servotech.in/blog/wp-content/ - - uploads/2021/12/Risk Management Policy.pdf

36. DISCLOSURE UNDER SEXUAL HARRASMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

As per the requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and rules made thereunder, your Company has constituted Internal Complaints Committees (ICs) at all relevant locations across India to consider and resolve the complaints related to sexual harassment. The ICs includes external members with relevant experience. The ICs, presided by senior women conduct the investigations and make decisions at the respective locations. The ICs also work extensively on creating awareness on relevance of sexual harassment issues, including while working remotely.

During the year under review, there were no complaints pertaining to sexual harassment. All new employees go through a detailed personal orientation on anti-sexual harassment policy adopted by the Company.

37. FRAUD REPORTING

There was no fraud reported during the Financial Year ended 31[st] March, 2025.

38. LISTING OF EQUITY SHARES

The equity shares of your Company are listed on National Stock Exchange of India Limited (“NSE”) Main

Board. The Annual Listing Fees for the year 2024-25 has been duly paid to the NSE.

39. DEPOSITORY SYSTEM

The Members are requested to note that as on 31[st] March, 2025, 99% of the Company’s total paid-up share capital representing 22,45,78,338 shares are in dematerialized form. In view of the numerous advantages offered by the Depository System as well as to avoid frauds, members holding shares in physical mode are advised to avail of the facility of dematerialization from National Securities Depository Limited (“NSDL”) and Central Depository Services (India) Limited (“CDSL”).

40. HEALTH, SAFETY AND ENVIRONMENT

Your Company has complied with all the applicable Health & Safety Standards, Environment Laws and Labor laws and has been taking all necessary measures to protect the environment and provide workers a safe work environment. Your Company is committed towards improvement in Health & Safety as well as Environmental performance by providing a Safe & healthy work environment to all its employees and co-workers.

41. HUMAN RESOURCE AND INDUSTRIAL RELATIONS

At Servotech, employees are its prime assets and a vital key to its success. The company is committed to creating a professional culture to nurture and enable people to grow in their careers alongside Company’s success. The company constantly strives to strengthen its manpower in alignment with the business needs and continue to engage them through various initiatives in the realm of learning & development opportunities, reward & recognition, employee engagement activities and career growth.

42. ACKNOWLEDGMENTS

Your Directors would like to thank all the stakeholders’ viz. consumers, shareholders, dealers, suppliers, business partners, bankers, employees and all other business associates for the continuous support given by them to the Company and its Management.

FOR AND ON BEHALF OF BOARD OF DIRECTORS

DATE: 02[nd] September, 2025 PLACE: New Delhi

RAMAN BHATIA SARIKA BHATIA MANAGING DIRECTOR WHOLE-TIME DIRECTOR DIN- 00153827 DIN- 00155602

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ANNEXURE-1

Form No. MR-3

Secretarial Audit Report

For the financial year ended 31[st] March, 2025

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies (Appointment and Remuneration Personnel) Rules, 2014]

The Members

Regd.Office: 806, 8[th] Floor, Crown Heights, Hotel Crown Plaza, Sector-10, Rohini, Delhi -110085

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Servotech Renewable Power System Limited , a Company incorporated under the provisions of the Companies Act, 1956, vide CIN L31200DL2004PLC129379 and having its registered office at 806, 8[th] Floor, Crown Heights, Hotel Crown Plaza, Sector-10, Rohini, Delhi -110085 (hereinafter referred to as “the Company”). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorised representatives during the conduct of secretarial audit, we hereby report that in our opinion, subject to our comments herein, the Company has, during the Audit Period, complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance mechanism in place.

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31[st] March, 2025, according to the provisions of:

i. The Companies Act, 2013 (the Act) and the rules made thereunder;
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b. Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;
d. The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)Regulation, 2021;
e. The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021; Not applicable for the financial year under review;
f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;
g. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; Not applicable for the financial year under review;
h. The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018; Not applicable for the financial year under review;
vi. The management has identified the following laws as specifically applicable to the Company.
- Legal Metrology Act, 2009;
- The Environmental (Protection) Act, 1986;
- The Water (Prevention & Control of Pollution) Act, 1974;
- The Air (Prevention & Control of Pollution) Act, 1981;
- Factories Act, 1948 and allied State Laws;
- All other Labour, employee and Industrial Laws to the extent applicable to the Company.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

STATUTORY REPORTS

Director’s Report

We have also examined compliance with the applicable clauses of the following:

i. Secretarial Standards with regard to Meeting of Board of Directors (SS-1) and General Meetings (SS2) issued by The Institute of Company Secretaries of India notified by Central Government;
ii. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

We further report that:

During the period under review, the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notices were given to all directors to schedule the board meetings, agenda and detailed notes on agenda were sent adequately in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the minutes, wherever applicable.

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period, the Company has not entered into/carried out any specific events/actions which may have a major bearing on the Company’s affairs except the following:

On 8[th] April, 2024, the Board of Directors allotted 30,00,000 equity shares of Re.1 each, fully paid up, at a premium of Rs.82.40 per share, upon conversion of 30,00,000 convertible warrants. The Company received Listing approval for the said conversion on 24[th] May, 2024, and trading approval on 11[th] June, 2024.
On 22[nd] April, 2024, the Board of Directors allotted 15,00,000 equity shares of Re.1 each, fully paid up, at a premium of Rs.82.40 per share, upon conversion of 15,00,000 convertible warrants. The Listing approval for the allotment was received on 24[th] May, 2024, and the trading approval on 11[th] June, 2024.
The Company obtained the approval of its members through postal ballot on 4[th] December, 2024, for change of its name from Servotech Power System Limited to Servotech Renewable Power System Limited. A fresh Certificate of Incorporation consequent upon the change of name was issued on 18[th] December, 2024.
On 15[th] October, 2024, the Board of Directors allotted 41,058 equity shares of Re.1 each, fully paid up, pursuant to the exercise of stock options under Servotech Power System Limited Employees Stock Option Scheme 2022. The in-principle approval for the said allotment was received on 20[th] December, 2024, and the trading approval was obtained on 20[th] December, 2024.
The Authorised Share Capital of the Company was increased from Rs.25,00,00,000 divided into 25,00,00,000 equity shares of Re.1 each, to Rs.50,00,00,000 divided into 50,00,00,000 equity shares of Re.1 each, through a postal ballot, the results of which were declared on 23[rd] October, 2024.
The shareholders, through postal ballot process, also approved the issue of 58,50,000 convertible warrants at Rs.167.40 each, aggregating to Rs.97,92,90,000, with the results declared on 23[rd] October, 2024.
The Company obtained the approval of its members, subject to confirmation by the Central Government, for shifting its registered office from the NCT of Delhi to the State of Haryana. Accordingly, an application for confirmation was filed with the Regional Director (Northern Region) on 18[th] February, 2025.Accordingly Company has received RD order as on 18[th] July 2025.
On 08[th] January, 2025, the Board of Directors allotted 11,00,000 equity shares of Re.1 each, fully paid up, at a premium of Rs.82.40 per share, upon conversion of 11,00,000 convertible warrants. The Listing approval for the said allotment was received on 22[nd] April, 2025, and the trading approval on 29[th] May, 2025.
On 21[st] January, 2025, the Board of Directors allotted 6,00,000 equity shares of Re.1 each, fully paid up, at a premium of Rs.82.40 per share, upon conversion of 6,00,000 convertible warrants. The Listing approval for the said allotment was received on 22[nd] April, 2025, and the trading approval on 29[th] May, 2025.

For R&D Company Secretaries

Debabrata Deb Nath

On 18[th] May, 2024, the Board of Directors allotted 15,00,000 equity shares of Re.1 each, fully paid up, at a premium of Rs.82.40 per share, upon conversion of 15,00,000 convertible warrants. The Listing approval for the said conversion was received on 11[th] June, 2024, and the trading approval on 28[th] June, 2024.

Partner

FCS No.: 7775; CP No.: 8612 Peer Review Certificate No.1403/2021 UDIN: F007775G000913845 Place: Delhi Unique Identification No. P2005DE011200 Date: 1[st] August, 2025

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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‘Annexure A’

To

The Members Servotech Renewable Power System Limited 806, 8[th] Floor, Crown Heights, Hotel Crown Plaza, Sector-10, Rohini, Delhi -110085

Our report of even date is to be read along with this letter.

Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in Secretarial records. We believe that the process and practices, we followed provide a reasonable basis for our opinion.
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
Wherever required, we have obtained the Management representation about the Compliance of laws, rules and regulations and happening of events etc.
The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedure on test basis.
The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For R&D Company Secretaries

Debabrata Deb Nath

Place: Delhi Date: 1[st] August, 2025

Partner FCS No.: 7775; CP No.: 8612 Peer Review Certificate No.1403/2021 UDIN: F007775G000913845 Unique Identification No. P2005DE011200

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Director’s Report

ANNEXURE-2

Form No. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)

Form for Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso is given below:

1. Details of Contracts or Arrangements or Transactions not at Arm’s Length Basis:

The Company has not entered into any contract/arrangement/transaction with its related parties, which are not in ordinary course of business or at arm’s length during the year ended 31[st] March 2025. The Company has laid down the policies and processes/procedures so as to ensure the compliance to the subject section in the Companies Act, 2013 and the corresponding Rules:

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Sl.
Particulars Details
No.
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a.	Name(s) of the related party and nature of relationship	NIL
b.	Nature of contracts/arrangements/transactions	NIL
c.	Duration of the contracts/arrangements/transactions	NIL
d.	Salient terms of the contracts or arrangements or transactions including the value, if any	NIL
e.	Justification for entering into such contracts or arrangements or transactions	NIL
f.	date(s)of approval by the Board	NIL
g.	Amount paid as advances, if any	NIL
h.	Date on which the special resolution was passed in general meeting as required under firstproviso to section 188	NIL

2. Details of Material Contracts or Arrangement or Transactions at arm’s length basis

The Company has not entered into any material contract/arrangement/transaction with its related parties.

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Sl.
Particulars Details
No.
----- End of picture text -----

a.	Name(s) of the related party and nature of relationship	NIL
b.	Nature of contracts/arrangements/transactions	NIL
c.	Duration of the contracts/arrangements/transactions	NIL
d.	Salient terms of the contracts or arrangements or transactions including the value, if any	NIL
e.	Date(s)of approval by the Board, if any:	NIL
f.	date(s)of approval by the Board	NIL

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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ANNEXURE-3

Information on Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo required to be disclosed under Section 134 of the Companies Act, 2013 (“the Act”) read with the Companies (Accounts) Rules, 2014 are provided hereunder:

A. CONSERVATION OF ENERGY

i. Steps taken or impact on conservation of energy

The company has consistently strived to reduce its environmental impact and has implemented various programs to enhance energy efficiency, resulting in lower energy costs. The urgent need for sustainable development is underscored by the rapid depletion of natural resources.

The company has maintained its commitment to expanding the use of renewable energy and improving energy efficiency across all offices and facilities. Energy usage is continuously monitored to ensure alignment with the company's overarching sustainability strategy. The company has consistently intensified its efforts to boost energy efficiency.

Energy-saving measures implemented throughout the year include:

Installation of 236.5 KW Solar Power Plant in Office & Basement Area that saves electricity Consumption upto – H 600000 approx;
Converting all official & commercial vehicles in to Battery operated (EV vehicles) to save H 1200000- 1500000;
Plantation in Company premises and surrounding areas around 1500 Plants.

ii. Steps taken by the Company for utilizing alternate sources of energy

The company recognizes that renewable energy sources are among the most effective in reducing carbon emissions and have a significantly lower environmental impact compared to conventional energy technologies. Committed to harnessing renewable energy, the company has actively pursued various initiatives throughout the year to utilize alternative energy source:

Green Energy Sourcing: Partial procurement of electricity from renewable energy suppliers, thereby reducing carbon footprint.

iii. Capital Investment on energy conservation equipment’s: J 95 lac approx

B. TECHNOLOGY ABSORPTION, ADAPTATION, INNOVATION, BENEFITS AND FUTURE PLANS OF ACTIONS

Research and development (R&D) is a crucial step in creating new competitive advantages, and your company is aware of its importance in the innovation process. The company gradually expands to create an institutional framework and ecosystem for innovation, skills, delivery plans, collaboration, partnership, and market orientation in a number of niche areas of national importance and market relevance. Technological development aids in the construction of products locally. In order to provide a wider range of products to meet customer needs, your company continued its efforts to strengthen the R&D facilities.

To achieve this, the Company has taken the following steps forward:

Developed Type -6 & Type- 7 chargers
Developed CCS to CCS low Voltage Charger and CCS to GBT charger.
Led the development of a 22kW dual-gun fast charging solution, improving operational efficiency and scalability.
Development of Bike Port for charging of EV bikes
Development of Split DC EV charger Station upto 1 MW
Development of ON board and OFF board chargers of 24 Volt, 48 Volt & 60 volt.
Development of Energy Storage System.
Lithium Battery for 2 Wheeler and 4 Wheeler.
Solar Energy: Installation of rooftop solar panels at manufacturing facilities, contributing to a portion of the Company’s electricity requirement.
Energy-Efficient Systems: Adoption of energy-efficient lighting and equipment powered by renewable sources.
Development of Control Card which acts as the brain of the charger.
Development of upto 2,40,000 Power Modules for EV Charger BY 2027-28

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS

STATUTORY REPORTS

Director’s Report

Benefits Derived as a result of the above Efforts

Brand Reputation & ESG Compliance – Strengthening corporate image while meeting environmental, social, and governance benchmarks.
Cost Savings – Lowered energy consumption and storage expenses, contributing to overall operational efficiency.
Job Creation & Skill Development – Fostering employment opportunities and building expertise in renewable and cleantech industries.
Resource Efficiency – Optimized material usage and minimized waste generation.
Energy Independence – Decreased dependence on conventional energy sources through sustainable alternatives.
Environmental Impact – Reduced carbon footprint and promotion of ecofriendly practices.
Technological Advancement – Enhanced system performance, innovation, and adoption of cutting-edge solutions.
Customer Satisfaction – Fulfilled growing demand for sustainable and reliable energy solutions.
Policy & Regulatory Alignment – Supporting government initiatives on sustainability, renewable energy adoption, and reduced emissions.
Reliability & Grid Stability – Enhancing energy security through stable, distributed, and resilient power infrastructure.
Innovation Ecosystem Growth – Encouraging collaboration with research institutions, startups, and technology partners.
Export Potential – Creating opportunities to supply advanced clean-energy technologies to international markets.
Reduced Import Dependency – Minimized reliance on foreign suppliers, enhancing supply chain security.
Long-Term ROI – Generating sustainable financial returns through operational efficiency and energy cost reductions.

C. EXPENDITURE INCURRED FOR RESEARCH & DEVELOPMENT

Capital Expenditure: NIL

Revenue Expenditure: H 559.38 lakh

D. FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars	Amount (in Lakhs)
Foreign Exchange Earnings	2432 lakh
Foreign Exchange Outgo	11327.93 lakh

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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ANNEXURE-4

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES

[Pursuant to Section 135 of the Companies Act, 2013 read with the Companies {Corporate Social Responsibility Policy) Rules, 2014, as amended time to time]

Introduction

SERVOTECH RENEWABLE POWER SYSTEM LIMITED (“the Company”) has always been committed to the cause of Social Service and has repeatedly channelized a part of its resources and activities, such that it positively affects the society socially, ethically and also environmentally. The Company is taking up various Corporate Social Responsibility (“CSR”) initiatives and enhanced value in the society.

The social and environmental responsibility has always been at the forefront of Company's operating philosophy and as a result, the Company consistently contributes to socially responsible activities. CSR at the Company potrays the deep symbiotic relationship that the Company enjoys with the communities it is engaged with. As a responsible corporate citizen, the Company try to contribute for social and environmental causes on a regular basis. We believe that to succeed, an organization must maintain highest standards of corporate behavior towards its employees, consumers and societies in which it operates. The Company is of the opinion that CSR underlines the objective of bringing about a difference and adding value in our stakeholder's lives.

1. Brief outline on Corporate Social Responsibility (CSR) Policy of the Company

With the advent of the Companies Act, 2013 constitution of a Corporate Social Responsibility Committee of the Board and formulation of a Corporate Social Responsibility Policy became a

mandatory requirement. Therefore, the Company has formulated a robust CSR Policy which encompasses its philosophy and guides its sustained efforts for undertaking and supporting socially useful programs for the welfare and sustainable development of the society.

The objective of the CSR Policy is to act as a guideline for the company in its endeavor to undertake socially relevant activities that will result in the overall objective of the company to create societal capital/assets for the common good and the list of activities shall be interpreted in a manner that will advance the objective.

CSR Policy and Projects:

The CSR Committee has formulated a CSR Policy which is also approved by the Board interalia indicating the CSR activities to be undertaken by your Company as per the Companies Act, 2013. The Committee reviews and recommends the amount of expenditure and CSR activities to be undertaken by your Company. Details of the Policy of your Company are available at https:// - www.servotech.in/blog/wp content/uploads/2021/12/ Corporate-Social-Responsibility.pdf

2. Composition of CSR Committee:

The CSR Committee comprises of the following directors of the company and several meetings were held during the year to identify and implement CSR activities:

Sl. No.	Name of Director	Designation	Number of meetings of CSR Committee held during the year	Number of meetings of CSR Committee attended during the year
1.	Mr. Rajesh Mohan Rai	Chairman	2	2
2.	Mr. Sampat Rai	Member	2	2
3.	Ms. Sarika Bhatia	Member	2	2
4.	Mr. Anupam Gupta	Member	2	2

Web link where composition of CSR Committee, CSR Policy and CSR projects approved by the Board are disclosed on the website of the Company: https://www.servotech.in/
Executive summary along with web-links of Impact assessment of CSR projects carried out in pursuance of Sub-rule (3) of Rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable — Not applicable.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS

STATUTORY REPORTS

Director’s Report

Total CSR Obligation for the Financial Year:

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Sl.
Particulars Amount (in J )
No.
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(a)	Average Net Profit for last three financial years as per sub-section (5) of section 135	11,45,04,000
(b)	Two percent of average net profit of the company as per sub-section(5)of section 135	22,90,080.00
(c)	Surplus arising out of the CSR Projects or programs or activities of the previous financial years	0.00
(d)	Amount required to be set-off for the financial year	0.00
(e)	The total CSR obligation for the financial year [(b)+(c)-(d)]	22,90,080.00

CSR Spend:

Sl. No.	Particulars	Amount (inJ)
a)	Amount spent on CSR Projects (other than Ongoing Project).	28,60,000.00
b)	Amount spent in Administrative Overheads	0.00
c)	Amount spent on Impact Assessment, if applicable.	0.00
d)	Total amount spent for the Financial Year [(a)+(b)+(c)].	28,60,000.00

e) CSR amount spent or unspent for the Financial Year

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Amount Unspent (in J )
Total Amount
Total Amount transferred to Amount transferred to any fund specified under
Spent For the
Unspent CSR Account as per Schedule VII as per second proviso to sub-section
Financial Year.
subsection (6) of section 135. (5) of section 135
(in J )
Amount Date of transfer Name of the fund Amount Date of Transfer
28,60,000.00 0.00 - - - -
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f) excess amount for set-off, if any: Yes

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Sl.
Particulars Amount (in J )
No.
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(1)	(2)	(3)
i.	Two percent of average net profit of the company as per sub-section(5)of section 135	22,90,080.00
ii.	Total amount spent for the Financial Year	28,60,000.00
iii.	Excess amount spent for the Financial Year [(ii)-(i)]	5,69,920.00
iv.	Surplus arising out of the CSR projects or programmes or activities of the previous Financial Years,if any	Not applicable
v.	Amount available for set off in succeeding Financial Years [(iii)-(iv)]	5,69,920.00

Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:

1.	2.	3.	4.	5.	6.	7.	8.
Sr. No.	Preceding Financial Year(s)	Amount transferr ed to Unspent CSR Account under subsection n (6) of section 135 (inJ)	Balance Amount in Unspent CSR Account under sub- section (6) of section 135 (inJ)	Amount Spent in the Financial Year (inJ)	Amount transferred to a Fund as specified under Schedule VII as per second proviso to subsection (5) of section 135, if any	Amount remaining to be spent in succeeding Financial Years (inJ)	Deficiency, if any
					Amount (InJ) Date of transfer
1.	FY- 2021-22			N	ot Applicable
2.	FY- 2022-23				21,34,000
3.	FY- 2023-24			N	ot Applicable

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the Financial Year: No

If Yes, enter the number of Capital assets created/ acquired: - Not Applicable

Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent in the Financial Year: Not Applicable

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Short particulars
of the property Amount
or asset(s) Pin code of Date of of CSR
Sr.
[including The property creation Amount Details of beneficiary owner
No.
complete address or asset(s) spent
and location of the
property]
1. 2. 3. 4. 5. 6.
CSR Registration
Number, if Name Registered
address
applicable
Not Applicable
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Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per subsection (5) of section 135: Not Applicable.

Mr. Rajesh Mohan Rai Chairman of CSR Committee and Non-Executive Director DIN: 09050751 Place: Delhi Date: 30[th] August, 2025

Mr. Raman Bhatia Managing Director DIN: 00153827 Place: Delhi Date: 30[th] August, 2025

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Director’s Report

ANNEXURE-5

DETAILS OF REMUNERATION OF DIRECTORS, KMPs AND EMPLOYEES

[Pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

Ratio of the remuneration of each Executive Director to the median remuneration of the Employees of the Company for the FY 2024-25.

Sl. No.	Name of the Director	Designation	Ratio of remuneration of each Director to median remuneration of Employees	% increase in Remuneration
1.	Mr. Raman Bhatia	Managing Director	54.03	NA
2.	Ms. Sarika Bhatia	Whole-time Director	54.03	NA
3.	Mr. Rajesh Mohan Rai*	Whole-time Director	1.54	NA

*Designation of Mr. Rajesh Mohan Rai changed from Executive Director to Non-Executive Director w.e.f 03.06.2025

The percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary, if any, in the FY 2024-25.

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Sl. Percentage increase
Name of the Director/KMP Designation
No. in Remuneration
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1.	Mr. Raman Bhatia	Managing Director	NA
2.	Ms. Sarika Bhatia	Whole-time Director	NA
3.	Mr. Rajesh Mohan Rai	Whole-time Director	NA
4.	Mr. Anupam Gupta	Director	NA
5	Mr. Sampat Rai	Director	NA
6.	Mr. Vikas Bhatia	Chief Financial Officer	46.84%
7.	Ms. Rupinder Kaur	Company Secretary	15%
8.	Mr. Meenakshisundaram	Director	NA

The percentage increase in the median remuneration of Employees in the financial year was NIL .
The Company has 465 permanent Employees on the rolls of Company as on 31[st] March, 2025.
Average percentile increase already made in the salaries of Employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration- During the financial year the average percentile increase made in the salary of employees was 0.08% and its comparison with the percentile increase in the managerial remuneration was 5.46 %.

Average increase in remuneration of employees excluding KMPs: 10.75%

Average increase in remuneration of KMPs: 18.46%

Affirmation that the remuneration paid during the year is as per the Remuneration Policy of the Company- It is hereby affirmed that the remuneration paid is as per the Policy for Remuneration of the Directors, Key Managerial Personnel and other Employees.

FOR AND ON BEHALF OF BOARD OF DIRECTORS

RAMAN BHATIA MANAGING DIRECTOR DIN- 00153827

Date: 02[nd] September, 2025 Place: New Delhi

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,

The Members of M/s Servotech Renewable Power System Limited (Formerly Known as Servotech Power Systems Limited) Regd. Office: 806, 8[th] Floor, Crown Heights, Hotel Crown Plaza Sector 10, Rohini Delhi-110085

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Servotech Renewable Power System Limited having CIN L31200DL2004PLC129379 and having registered office at 806, 8[th] Floor, Crown Heights, Hotel Crown Plaza, Sector 10, Rohini, Delhi-110085 (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate, in accordance with the Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the financial year ending on 31[st] March, 2025 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.

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Sl. Date of Appointment in
DIN Name of Director
No. Company
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1.	00153827	Shri Raman Bhatia	24/09/2004
2.	00155602	Smt Sarika Bhatia	24/09/2004
3.	09050751	Shri Rajesh Mohan Rai	12/02/2021
4.	09050762	Shri Anupam Gupta	12/02/2021
5.	07710412	Shri Sampat Rai	09/08/2022
6.	09854605	Shri Meenakshisundaram Kolandaivel	25/06/2023

Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For R&D

Company Secretaries

Debabrata Deb Nath

Place: Delhi Date: 1[st] August, 2025

Partner FCS No.: 7775; CP No.: 8612 UDIN: F007775G000913911 Peer Review Certificate no. 1403/2021 Unique Identification No. P2005DE011200

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

STATUTORY REPORTS

Director’s Report

COMPLIANCE CERTIFICATE

[Pursuant to Regulation 13 of the Securities Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulation, 2021]

To,

The Board of Directors

M/s Servotech Renewable Power System Limited

(Formerly Known as Servotech Power Systems Limited)

I/We, Debabrata Deb Nath, Company Secretary in Practice have been appointed as the Secretarial Auditor vide a resolution passed at its meeting held on 9[th] August, 2022 by the Board of Directors of Servotech Power System Limited. (hereinafter referred to as ‘ the Company ’), having CIN L31200DL2004PLC129379 and having its registered office at 806, 8[th] Floor, Crown Heights, Hotel Crown Plaza, Sector 10, Rohini, New Delhi – 110 085. This Certificate is issued under the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (hereinafter referred to as “ the Regulations ”).

Minutes of the General Meeting w.r.t approval for implementing the scheme through trust;
Minutes of the meetings of the Compensation Committee/Nomination and Remuneration Committee;
Trust Deed; 9. Detailed Terms and Conditions of the scheme as approved by Nomination and Remuneration Committee;

Management Responsibility:

It is the responsibility of the Management of the Company to implement the scheme(s) including designing, maintaining records and devising proper systems and effective internal controls to ensure compliance with the provisions of all applicable laws and regulations and to ensure that system are adequate and operate effectively.

Verification:

The Company has implemented “SERVO- Employee Stock Option Scheme 2022 (ESOP -2022)” (Name of the Scheme) viz. Employee Stock Option Scheme/ Employee Stock Purchase Scheme/ Stock Appreciation Rights Scheme/ General Employee Benefits Scheme/ Retirement Benefit Scheme (hereinafter after referred as ‘Scheme’) in accordance with the Regulations and the Special Resolution(s) passed by the members at the General Meeting(s) of the Company held on 4[th] March, 2022.

The members of the Company has amend the above Existing Scheme by way of Special resolution through postal ballot on 13[th] January, 2023 and approve the “SERVO- Employee Stock Option Scheme 2022 (ESOP -2022)” (Amended Scheme).

For the purpose of verifying the compliance of the Regulations, I/we have examined the following documents:

Scheme received from/furnished by the Company;
The Articles of Association of the Company;
Details of trades in the securities of the company executed by the trust through which the scheme is implemented;
Relevant Accounting Standards as prescribed by the Central Government;
Bank Statements towards Application money received under the scheme(s);
Valuation Report;
Exercise Price/ Pricing formula;
Statement field with recognized Stock Exchange(s) in accordance with regulation 10 of these regulation;
Disclosure by Board of Director;
Relevant provisions of the Regulations, Companies Act, 2013 and Rules made thereunder;
Other relevant document/ filing/ records/ information made available to us and the explanations provided by the Company.

Certification:

In my/our opinion and to the best of my/our knowledge and according to the verifications as considered necessary and explanations furnished to me/us by the Company and its Officers, I/we certify that the Company has implemented the “SERVO- Employee Stock Option Scheme 2022 (ESOP -2022)”, is in compliance with the applicable provisions of the Regulations.

Minutes of the meeting of the Board of Directors;
Minutes of the General Meeting held for approving the scheme;

Assumption & Limitation of Scope and Review:

Minutes of the General Meeting w.r.t variation in the Scheme;

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Ensuring the authenticity of documents and information furnished is the responsibility of the Board of Directors of the Company.
Our responsibility is to give certificate based upon our examination of relevant documents and information. It is neither an audit nor an investigation.
This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.
This certificate is solely for your information and it is not to be used, circulated, quoted, or otherwise referred to for any purpose other than for the Regulation 13 of the Securities Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulation, 2021.

For R&D Company Secretaries

Place: Delhi Date: 27[th] August, 2025

Debabrata Deb Nath Partner FCS No.: 7775; CP No.: 8612 UDIN: F007775G001094135 Peer Review Certificate no. 1403/2021

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS STATUTORY REPORTS

Management Discussion and Analysis

Economy Overview

Global Economy[1]

In CY 2024, the global economy demonstrated resilience, registering a growth of 3.3%. This was achieved despite headwinds such as geopolitical unrest, persistent supply chain disruptions and inflationary pressures. A major contributor of this performance was the robust expansion in Emerging Markets and Developing Economies (EMDEs), which grew by 4.3%, significantly outpacing the 1.8% growth recorded in developed economies. This stability can be largely attributed to proactive monetary policies implemented by central banks worldwide. These interventions yielded tangible results, with global inflation easing to 5.7% in CY 2024 from 6.7% in the previous year.[2]

World GDP Growth Trends

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Emerging
Markets and
Global Advanced Developing
Economy Economies Economies
3.3% 1.8% 4.3%
3.0% 3.9%
2.8% 1.5% 3.7%
1.4%
2024 2025 (P) 2026 (P) 2024 2025 (P) 2026 (P) 2024 2025 (P) 2026 (P)
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P - Projected2
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Outlook

Looking ahead, the global economy is projected to maintain its growth trajectory, with GDP growth forecast at 3.3% for both CY 2025 and CY 2026. This sustained momentum will likely be supported by accommodative monetary policies aimed at stabilising prices, stimulating economic activity and boosting employment. Inflationary pressures are anticipated to ease further, with global headline inflation projected to decline to 4.2% in CY 2025 and to 3.5% in CY 2026. Emerging Markets and Developing Economies (EMDEs) are projected to sustain their momentum with a 4.2% growth in CY 2025 and 4.3% in CY 2026. In contrast, developed economies are expected to grow at a more moderate pace, 1.9% in CY 2025 and 1.8% in CY 2026.

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Source: IMF
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Indian Economy[3]

India retained its position as the fastest growing major economy in FY 2025, registering a GDP growth rate of 6.5% despite a volatile global environment. Strategic government led initiatives, particularly those targeting infrastructure development and the expansion of rural connectivity, played a pivotal role in catalysing economic momentum. These efforts stimulated activity across key sectors, with manufacturing, agriculture and technology benefitting from sustained government support. Additionally, inflation eased to 4.7% in FY 2025 from 5.4% in the previous fiscal year[4] , contributing to a recovery in both urban and rural consumption.

1 https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-outlook-april-2025

2 https://www.imf.org/en/Publications/WEO/Issues/2025/01/17/world-economic-outlook-update-january-2025

3 https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0BULL22042025F03F83AE118C4B3B84E662D980C8DE33.PDF

4 https://www.pib.gov.in/PressReleasePage.aspx?PRID=2097919#:~:text=India’s%20real%20GDP%20growth%20is,by%206.4%20per%20cent%20FY25.

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Outlook

The Indian economy is expected to sustain its growth momentum in FY 2026, with GDP projected to expand by 6.5%. This outlook is backed by a combination of income tax reform, targeted fiscal initiatives and a supportive monetary environment. A key growth driver is the Government of India’s combined emphasis on infrastructure development, as evidenced by the ₹11.21 lakh crore capital outlay announced in the Union Budget.[5] Complementing these efforts, the Reserve Bank of India (RBI) has lowered the GDP growth trend in India interest rates to infuse liquidity and stimulate consumption. Inflation is expected to remain stable, enhancing 9.2% purchasing power and supporting overall economic momentum. At the 6.5% 6.5% same time, India is closely monitoring global trade developments, including new tariff impositions by the United States and is proactively formulating calibrated responses to safeguard national trade interests P - Projected while maintaining long term Source: RBI[6] strategic partnerships.

Industry Overview

Electric Vehicle Charging Industry[7]

Global

Global stock of public charging points by region, 2018-2024

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million
6
5
4
3
2
1
0
2018 2019 2020 2021 2022 2023 2024
China Europe United States Rest of World
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equivalent to the entire global stock in 2020. China remains the powerhouse, accounting for around twothirds of all public charger growth since 2020. The country now represents about 65% of global public charging points and 60% of the global electric light-duty vehicle fleet. Europe followed with strong momentum, growing its public charging network by over 35% in 2024 and crossing the 1 million mark. Meanwhile, the United States recorded a 20% increase in its public charging infrastructure. Ultrafast charging infrastructure is expanding rapidly, driven by declining hardware costs and advances in battery technology that enable much faster charging times. Europe has doubled its ultra-fast installations, while China continues to build aggressively on its already substantial base. Despite this progress, global disparities persist, largely due to varying levels of market maturity, urbanisation and access to home charging. As EV adoption spreads, the industry’s focus is increasingly shifting from the mere number of chargers to increasing charging power, expanding highway coverage and enhancing interoperability to ensure a seamless user experience.

Indian

India’s EV charging sector is gaining momentum, though it faces unique challenges. In 2024, the country added around 40,000 new public chargers, bringing the national total to 75,000 by year-end. Growth is being driven by government initiatives such as the PM E-DRIVE scheme, which allocate ₹20 billion ($240 million) in 2024 specifically for charging infrastructure. These efforts are primarily focused on urban centres and high traffic corridors. Looking ahead, the government aims to scale to around 375,000 public charging points by 2030, which will support nearly 3 million electric light-duty vehicles. This would translate to an average ratio of 7 EVs per public charger, up from fewer than four in 2024. Rapid deployment of fast chargers by both public and private players is underway, although policy changes such as capping investment eligible for tariff relief could create strategic uncertainties. Overall, India’s EV charging industry is in a high-growth phase, supported by strong policy support. However, to achieve widespread EV adoption and meet its ambitious electrification targets, the country must continue to accelerate infrastructure development, especially the deployment of fast, accessible and reliable public chargers.

Solar Industry[8]

Source: IEA

The global Electric Vehicle (EV) charging industry is undergoing a rapid transformation, with the number of public chargers more than double since 2022, surpassing 5 million units worldwide. In 2024 alone, over 1.3 million public charging points were installed, an increase nearly

India’s solar industry has achieved a historic milestone by surpassing 100GW of installed solar power capacity as of early 2025, a remarkable leap from just 2.82GW in 2014. This extraordinary 3,450% growth over the past decade positions India as a global leader in renewable energy leader and highlights the nation’s commitment to a

5 https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2098353

6 https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0BULL22042025F03F83AE118C4B3B84E662D980C8DE33.PDF

7 https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-charging

8 https://www.pib.gov.in/PressReleasePage.aspx?PRID=2100603

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Management Discussion and Analysis

cleaner, more self-reliant energy future. This achievement has been fuelled by large-scale solar parks, vigorous rooftop solar initiatives such as the PM SuryaGhar Muft Bijli Yojana and major strides in domestic manufacturing. India’s module production capacity has surged from 2GW to 60GW, with a target of 100GW by 2030. Today, solar energy accounts for 47% of India’s total renewable energy portfolio, with significant outputs from states such as Rajasthan, Gujarat, Tamil Nadu, Maharashtra and Madhya Pradesh. Both utility-scale and rooftop solar segments have witnessed rapid expansion, including a recordbreaking 24.5GW of new solar capacity added in 2024. This momentum highlights India’s pivotal role in shaping a sustainable, affordable energy path, empowering millions of households and reinforcing its status as a renewable energy powerhouse.

Battery Energy Storage Systems (BESS) Industry[9]

India’s Battery Energy Storage Systems (BESS) industry is rapidly emerging as a critical enabler of the nation’s drive toward renewable energy transition and grid resilience. With the inauguration of advanced manufacturing facilities such as the one in Bidadi, Bengaluru, featuring an annual capacity of 5GWh, India is advancing steadily toward becoming a global BESS manufacturing hub. The sector is poised for substantial growth, with investment requirements estimated at ₹4.79 lakh crore by 2032 and a projected storage capacity need of 411.4GWh. This growth is underpinned by supportive government initiatives, including a substantial Viability Gap Funding (VGF) of more than ₹9,000 crore, aimed at catalysing more than 43GWh of battery storage projects. These initiatives reflect a broader commitment to technological selfreliance and align with the Aatmanirbhar Bharat vision. As India adds 25–30GW of renewable energy capacity annually, the expansion of BESS infrastructure is vital for ensuring grid stability, peak demand management and seamless integration of intermittent renewable sources. A robust BESS ecosystem will be fundamental to securing a clean, efficient and reliable energy future for the nation.

Lighting Industry[10]

India’s LED lighting market is witnessing robust expansion, reaching a value of $5.0 billion in 2024 and is projected to grow at a remarkable CAGR of 19.35% to $26.7 billion by 2033. This growth is propelled by strong government mandates for energy efficiency, expanding urban infrastructure, declining LED prices and rapid technological advancements. Government-led programmes such as the Smart Cities Mission, UJALA and the Production Linked Incentive (PLI) scheme are not only accelerating LED adoption but also boosting investment in smart lighting systems featuring sensors, wireless controls and IoT connectivity. The commercial sector leads in adoption, with widespread use in offices, retail, hospitality and

public infrastructure, while panel lights dominate among product types due to their versatility in modern buildings. Despite the sector’s dynamism, structural hurdles persist, including a fragmented supply chain, inconsistent product quality standards and competition from lowcost unorganised players. However, India’s emergence as a favourable manufacturing hub, combined with growing export ambitions, strategic domestic partnerships and a push for smart and sustainable lighting, positions the industry for sustained growth across residential, commercial and export-oriented segments.

Medical Devices Industry[11]

India’s medical devices industry is undergoing a phase of rapid and dynamic expansion, with the market projected to surge from $12billion in 2023–24 to an impressive $50 billion by 2030. This remarkable growth is fuelled by multiple factors: a burgeoning population, a rising middle class with higher disposable incomes, an aging demographic and the escalating incidence of chronic diseases, all of which are boosting demand for advanced medical technologies across the country. Government initiatives such as the ‘Make in India’ are boosting domestic manufacturing and catalysing sectoral investment. However, these initiatives also introduce regulatory complexities that global MedTech companies must strategically navigate to succeed in the Indian market. India’s global market share in the medical devices sector is anticipated to rise dramatically from 1.65% to as much as 10–12% over the next 25 years. This expansion will be supported by the scaling up of healthcare infrastructure, rising health awareness and robust demand for technologically advanced equipment. High potential segments such as diagnostic imaging, cardiovascular devices, orthopaedic implants, medical consumables and in-vitro diagnostics are poised to lead this transformative phase. As a result, India is well on track to emerge as a significant global player in the field of medical technology.

Company Overview

Servotech Renewable Power System Limited, an NSElisted company, is at the forefront of sustainable energy solutions and EV charging technology in India. Established in 2004, Servotech began its journey with the introduction of sine-wave inverters and rapidly diversified into innovative sectors, launching products such as LED lighting, solar street lights and solar hybrid inverters. The Company stands out for its commitment to domestic manufacturing, aligning with the ‘Make in India’ initiative. It produces high quality solar energy products and advanced EV chargers, including ultra-fast DC and home AC models. Servotech has successfully installed over 2400 EV chargers in collaboration with leading oil marketing companies, contributing significantly to the growth of India’s electric mobility sector.

9 https://www.pib.gov.in/PressReleasePage.aspx?PRID=2140223

10 https://www.imarcgroup.com/indian-led-lighting-market

11 https://www.trade.gov/market-intelligence/india-medical-devices

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Servotech’s expansion into the Middle East and Africa, along with the introduction of innovative offerings such as the ServPort rooftop PV system and medical-grade oxygen concentrators reflect its dynamic growth and industry leadership. Guided by a mission to achieve net-zero emissions and reduce reliance on fossil fuels, Servotech integrates modern technology, ethical business practices and a strong focus on societal and environmental impact. The Company delivers reliable, energy-efficient solutions aimed at nurturing a sustainable future.

20+

Years of Excellence and Unwavering Commitment

12,500+ 2

State-Of-The-Art Manufacturing Units

EV Charger Installed

Major Developments in FY 2024-25

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Category Key Development Details / Impact
Expanded exports to 9 countries Strengthened global footprint and brand presence in
Export Expansion
renewable energy markets.
Successful execution of large-scale Contributed towards India’s clean energy goals.
govt. projects
Delhi’s 1 [st] grid-connected solar- Inaugurated with NSEFI, showcasing integration of solar
Solar & Clean
powered EV charging carport & EV infra.
Energy Projects
Order for 1,100 solar agriculture pumps Marked entry into agriculture sector using solar
under KUSUM scheme solutions.
Secured mega solar projects Won contracts from UPNEDA, UREDA and Indian Railways.
Established subsidiary Techbec Green For localised manufacturing of critical solar
Energy Pvt. Ltd. components, supporting Make-in-India.
Granted patent for ‘Peak Shaving Boosts efficiency and IP-driven innovation advantage.
Manufacturing & ’
Technology
Technology
Launched new product series Solar inverters, micro inverters, hybrid systems, storage
& pump controllers aligned with National Solar/Energy
Schemes.
Surpassed 12,500 EV charger Reinforced leadership as India’s largest EV charger
EV Charging installations manufacturer.
Business Strategic collaborations with global Enhanced technological capabilities and widened
partners international reach.
Entered sports & entertainment sector Created Servotech Sports & Entertainment Pvt. Ltd.
Diversification Franchise ownership in Bengal Pro T20 Owns Servotech Siliguri Strikers, improving consumer
League visibility and brand engagement.
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New Product Launches & Innovations in FY 2024-25

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Peak Shaving Technology

Servotech achieved a major technological milestone by being granted a patent for Peak Shaving Technology, a proprietary innovation designed to optimise energy consumption and reduce dependency on the grid during high-demand hours. This solution helps lower electricity costs, enhances grid stability and ensures more efficient utilization of distributed energy resources, aligning strongly with India’s sustainable energy focus.

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Solar On-grid Inverters

The Company launched a new series of high-efficiency solar on-grid inverters engineered for residential, commercial and industrial solar systems. These inverters are designed to maximise solar power conversion efficiency, reduce transmission losses and comply with government solar programs like the PM Surya Ghar Muft Bijli Yojana. Their modular, IoT-compatible design supports remote monitoring and long-term reliability.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Management Discussion and Analysis

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Hybrid Inverters

Servotech introduced hybrid inverters that integrate solar, grid and battery storage outputs into a unified system. These hybrid models enable uninterrupted power supply, energy optimisation and ease of switching between multiple power sources. Their flexible architecture allows scalability, making them suitable for both urban households and semi-urban projects where power reliability is critical.

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Solar Micro Inverters

Designed specifically for smaller-scale rooftop applications and independent solar modules, the solar micro inverters provide module-level performance optimisation. They enhance energy harvesting, ensure greater system resilience and are especially useful for residential setups where partial shading or rooftop space constraints may otherwise limit efficiency.

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Solar Pump Controllers

Under the KUSUM Scheme and similar national initiatives, Servotech launched solar pump controllers for agricultural use. These controllers are built to manage the operation of solar-powered water pumps, ensuring reliable irrigation while reducing farmers’ dependence on grid electricity and diesel-based pumping systems. This launch marked Servotech’s entry into the agriculture sector via renewable energy technology.

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Battery Energy Storage Systems (BESS)

The Company rolled out advanced battery energy storage systems, aimed at providing reliable backup in both residential and commercial settings. These BESS solutions are integrated with intelligent management systems to stabilise fluctuating renewable output, optimise peaktime usage and improve overall grid resilience.

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EV Charging Interoperability Solution (with Electra EV)

In a landmark innovation, Servotech partnered with Electra EV to introduce India’s first fast-charging interoperability solution between GB/T and CCS2 protocols. This enables seamless compatibility across multiple EV standards, addressing a major challenge in India’s EV charging ecosystem while elevating user convenience and adoption rates.

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100% Solar-Powered EV Charging Infrastructure

Servotech Power Systems and LESSzwei GmbH (LESS2) are collaborating to deploy 100% solar-powered Electric Vehicle (EV) charging infrastructure for micromobility (like e-bikes and e-scooters) in German cities. This partnership, announced in December 2024, aims to establish a sustainable and efficient urban transportation system by combining Servotech’s expertise in EV charging with LESSzwei’s IT technology and energy management solutions. Servotech will initially supply the first 100 charging systems, with two stations in each of 50 selected German cities.

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Manufacturing Excellence

Servotech’s manufacturing operations are anchored by two advanced facilities, each playing a crucial role in driving innovation and supporting the transition to clean energy solutions. The Safiabad Manufacturing Facility, commissioned in 2023, is the Company’s newest and most technologically advanced plant. Purpose-built to support India’s e-mobility mission, it specialises in the production of EV chargers and critical components. This facility reflects Servotech’s commitment to innovation, scalability and sustainability in the clean transportation space. Complementing this is the Kundli Manufacturing Facility, which initially focused on the production of LED products, power and backup oxygen concentrators and UVC devices. As market dynamics evolved, Kundli was transformed into a strategic hub to manufacture clean energy solutions. It now produces solar inverters, battery storage systems and advanced solar technologies, reinforcing Servotech’s proactive approach to sustainable growth and manufacturing excellence.

SCOT Analysis

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Category Details
- Commitment to a sustainable, low-carbon economy through solutions in energy storage,
grid optimisation and electric mobility.
- Emphasis on innovation, strategic partnerships and sustainability as core business drivers.
- Experienced leadership and a skilled execution team enabling efficient project delivery.
- Adoption of advanced, cost-effective technology with an emphasis on safety and quality
assurance.
Strengths
- Diverse customer base across industries and geographies.
- Agile in scaling product offerings to meet rising demand in clean energy and EV segments.
- Robust supply chain and logistics network enduring timely execution and delivery.
- Competitive pricing strategy supported by continued investment in technological
advancement.
- A customer-centric approach grounded in the implementation of industry best practices.
- Ongoing need for technological integration and innovation to keep pace with sector
advancements.
- Balancing environmental and social responsibilities with operational efficiency.
- Intensifying competition in EV charging and solar product markets necessitating constant
Opportunities
differentiation.
- Risks of supply chain disruptions affecting production schedules and project timelines.
- Challenges in cost management while upholding quality standards and customer
satisfaction.
- Leveraging emerging technologies to improve operational efficiency and product
performance.
- Growing market demand due to the increasing adoption of EVs and solar energy solutions.
- Benefitting from government incentives and supportive policy frameworks encouraging
Opportunities sectoral growth.
- Positioned to attract environmentally conscious customers and investors by staying aligned
with green initiatives.
- Potential to expand market presence through strategic alliances, joint ventures and new
market entries.
- Regulatory changes could increase compliance costs and operational complexity.
- Market volatility leading to fluctuations in demand and pricing dynamics.
Threats - Supply chain disruptions due to raw material shortages or logistic delays.
- Intense price-based competition exerting pressure on margins.
- Risk of rapid technological shifts requiring significant capital investment to stay relevant.
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ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Management Discussion and Analysis

Financial Analysis

The Financial performance with respect to Operational performance of the Company is discussed in the Director’s Report which forms part of the Annual Report.

Key Financial Ratios

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Sl. As at 31 [st] As at 31 [st]
Particulars Changes
No. March, 2025 March, 2024
1. Current Ratio (times) = Current Assets / Current Liabilities 2.16 1.79 20.67
Debt-Equity Ratio (times) = Total Borrowings / 0.33
2. 0.63 -47.62
Shareholder’s Equity
3. Debtor Turnover (Days) 96.05 99.13 -3.11
Return on Equity Ratio (%) = Net Profit after taxes / Average 18.95%
4. 10.80% 75.46
Shareholder’s equity
Inventory Turnover ratio (times) = Revenue from 9.88%
5. 10.43 -5.27
operations / Average inventory
6. Net Profit ratio (%) = Net Profit / Revenue from operations 5.68% 3.69% 53.93
Return on capital employed (%) = EBIT / Capital employed 17.67%
7. 8.96% 97.21
(Average Total Equity + Debts)
8. Return on Investment (%) = EBIT / Average Total Assets 13.78% 9.11% 51.26
Operating Profit Ratio = Operating Profit / Revenue from 8.99%
9. 6.61 36
Operation
10. Interest Coverage Ratio = EBIT / Finance Cost 6.88% 5.82 18.21
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Details of significant changes (i.e. change of 25% or more as compared to the immediately previous Financial Year) in key financial ratios.

Note:

1. Debt-Equity Ratio

Due to preferential issue of equity shares and also increasing in retained earning

2. Return on Equity Ratio

Increased due to higher profit during the year as compared to previous year

3. Net Profit ratio

Increased due to higher margins in sales during the year as compared to previous year.

4. Return on capital employed

Increased due to higher profit during the year as compared to previous year

5. Return on Investment

Increased due to higher profit during the year as compared to previous year

6. Operating Profit Ratio

Increased due to higher margins in sales during the year as compared to previous year.

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Disclosure of Accounting Treatment

The Company has followed all the treatments in the Financial Statements as per the prescribed Accounting Standards.

Human Resource

Servotech views its employees as essential to driving operational excellence and maintaining a competitive edge. The Company is powered by a skilled and dedicated team of professionals who manage operations with efficiency and sound judgment. With a strong emphasis on attracting, developing and retaining a diverse workforce, Servotech strives to unlock each individual's potential within a purpose-driven, inclusive and rewarding environment. The Company remains committed to nurturing continuous growth, both by strengthening employee engagement and pursuing new business opportunities that create long-term value.

To equip its workforce for future challenges and emerging opportunities, Servotech invests proactively in capability building and reskilling initiatives. These ensure that the employees remain agile, adaptable and wellprepared to navigate industry changes. The Company promotes a collaborative workplace culture grounded in participation, commitment, knowledge sharing, integrity and confidentiality. It encourages active engagement from all team members as the Company evolves and scales. With a steadfast focus on competency development, Servotech provides ample support for both personal and professional advancement, enabling employees to stay ahead in their fields and grow in tandem with the Company.

500+

Skilled Professionals

Employee Health and Safety

At Servotech, employee health and safety are paramount, forming the foundation of a productive and secure work environment. The Company is dedicated to safeguarding the well-being of its workforce by implementing comprehensive measures aligned with industry standards and regulatory requirements. Servotech has established robust health and safety policies that serve as the foundation for a safe workplace. Regular risk assessments are conducted proactively to identify and mitigate potential hazards, while continuous training ensures employees are well-versed in safe work practices, emergency procedures and the correct use of Personal Protective Equipment (PPE).

The Company prioritises emergency preparedness through detailed response plans and routine drills addressing situations such as fires and chemical spills. Servotech also supports the overall well-being of its employees with health and wellness programmes, offering

access to medical services and mental health support. A culture of transparency is encouraged through open incident reporting, followed by thorough investigations and corrective actions to prevent recurrence. Regular audits and reviews ensure ongoing compliance and uphold the highest safety standards. Through these initiatives, Servotech strives to nurture a safe, healthy and supportive workplace that protects employees and drives operational efficiency.

Internal Control System

Servotech has set up a strong internal control system to support its operations and maintain best practices throughout the organisation. This system is built on thorough, well-organised policies and procedures that address all key financial and operational areas. The main features include:

Reliable Financial Reporting: Carefully designed controls guarantee the accuracy and trustworthiness of financial information shared with stakeholders.

Operational Supervision: The system monitors daily operations to make sure they are consistent with the Company’s goals and comply with legal requirements.

Asset Safeguarding: Protective measures help prevent unauthorised use or loss of assets, reducing risks and keeping Company resources secure.

Regulatory Compliance: The controls are structured to satisfy legal and industry standards, with ongoing updates to stay in line with international best practices.

Policy and Procedure Framework: Servotech regularly reviews its comprehensive set of policies to match the Company’s scale and ongoing development, ensuring they remain effective and relevant.

Employee Training: The Company invests in regular training sessions to ensure employees understand regulatory requirements and ethical standards, strengthening their commitment to compliance and the Company’s code of conduct.

By implementing these controls, Servotech creates a reliable structure that supports efficient operations and ensures ongoing compliance with regulations.

Cautionary Statement

The statements in the ‘Management Discussion and Analysis’ regarding the Company’s objectives, projections, estimates and expectations may constitute ‘forwardlooking statements’ under relevant securities laws and regulations. Actual outcomes could vary significantly from those anticipated. Key factors that could influence the Company’s performance include economic and political conditions, changes in government regulations, tax policies, economic developments and various other internal and external factors. The Company does not commit to updating any forward-looking statements to reflect future events or circumstances. Investors are encouraged to exercise caution and due diligence when interpreting these statements.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS

STATUTORY REPORTS

Corporate Governance Report

CORPORATE GOVERNANCE REPORT

“Corporate governance is not a matter of box-ticking, but of behavior and culture.”

Sir Adrian

In accordance with the Regulation 34(3) read with Section C of Schedule V to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, a Report on Corporate Governance for the year ended 31[st] March, 2025 is presented below:

1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE

At Servotech, we are committed to continually evolving and diligently adhering to corporate governance guidelines and best practices. Our focus goes beyond enhancing long-term shareholder value; it extends to safeguarding the rights of minority stakeholders and fostering a culture of fairness and accountability. We view it as our inherent responsibility to provide timely and accurate disclosures on the Company’s operations, performance, leadership, and governance.

For us, corporate governance is not merely a compliance requirement — it is about building trust, nurturing valuable relationships with stakeholders, and conducting business in an ethically driven manner. Our governance framework is anchored in values that enhance the organization’s wealthcreation capacity, while also ensuring sustainability and responsibility.

Servotech embraces the philosophy of creating businesses that are sustainable, community-centric, and environmentally conscious. With a strong legacy of fair and transparent governance, the Company upholds a robust Code of Conduct that applies to all employees, including the Chief Executive Officer, Managing Director, and Independent Directors.

2. BOARD OF DIRECTORS

The Board carries a fiduciary duty to ensure that the Company pursues well-defined goals aligned with long-term shareholder value and sustainable growth. Its effectiveness lies in setting high standards for Board composition, bringing together individuals with the right qualifications, expertise, and diverse experience. This collective strength enables the Board to serve the best interests of all stakeholders, reinforce accountability between management and governance, and uphold the highest standards of corporate ethics, values, and sustainability.

i. Composition and Board Diversity:

a) The Company has a balanced Board with optimum combination of Executive and NonExecutive Independent Directors, which plays a crucial role in Board processes and provides independent judgment on issues of strategy and performance.
b) The Board currently comprise of 6 (six) Directors out of which 2 (Two) Directors are Executive Directors including 1(one) Woman Director, 1(One) is Non Executive Non independent Director, 3(three) are Independent Directors. The Independent Directors are Non-Executive Directors, as defined under Regulation 16(1) (b) of the SEBI Listing Regulations as amended from time to time.
c) Mr. Raman Bhatia who is the Promoter Director and is designated as “Managing Director” head the Management of the Company. As the Chairman belongs to Executive Director Group, therefore, as per SEBI (LODR) Regulations, the half of the Board of your Company comprises of Independent Directors.
d) The maximum number of Directorships, Committee memberships/chairmanships of all Directors is within the prescribed limits as per the Act and SEBI Listing Regulations. The disclosures required regarding Board and Committee positions in other public companies as on March 31, 2025 have been made by all the Directors of the Company.
e) During the financial year under review, none of the Non-Executive Directors had any material pecuniary relationship or transactions with the Company apart from receiving sitting fees for attending meetings of Board of Directors and Committees thereof. No Director is related to any other Director on the Board, except Mr. Raman Bhatia and Ms. Sarika Bhatia (latter is wife of Mr. Raman Bhatia).
f) Your Company has received declarations from all its Independent Directors confirming that they meet the criteria of independence prescribed both under the Companies Act, 2013 and the SEBI Listing Regulations. In the opinion of the Board, the Independent Directors of the Company fulfills the conditions specified in SEBI Listing Regulations and are independent of the Management.

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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g) Every Independent Director, at the first meeting of the Board in which he/she participates as a Director and thereafter at the first meeting of the Board in every financial year, gives declarations under Section 149(7) of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations that he/ she meets the criteria of independence as stated in these provisions/clauses.
h) None of the Directors on the Board is a member of more than ten Committees or Chairman of

more than five committees across the public companies in which he/she is a director.

i) None of the Independent Directors on the Board serve as Independent Directors in more than seven listed entities. None of the Executive Directors on the Board serve as an Independent Director in more than three listed entities.
j) The names and categories of the Directors on the Board as on 31[st] March, 2025 is given herein below:

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No. of Equity
Sl.
Name of Directors DIN Designation Category Shares held in
No.
the Company
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1.	Mr. Raman Bhatia	00153827	Managing Director	Promoter and Executive Director	67552102
2.	Ms. Sarika Bhatia	00155602	Whole-time Director	Promoter and Executive Director	30096750
3.	Mr. Rajesh Mohan Rai*	09050751	Director	Non-Executive Director	Nil
4.	Mr. Meenakshisundaram kolandaivel	09854605	Director	Non-executive Independent Director	40766
5.	Mr. Anupam Gupta	09050762	Director	Non-executive Independent Director	Nil
6.	Mr. Sampat Rai	07710412	Director	Non-executive Independent Director	Nil

*Mr. Rajesh Mohan Rai re-designated from Executive Director to Non-Executive, Non-Independent Director w.e.f 03.06.2024

ii. Changes in Board composition during the financial year 2024-25

Name	Name	Nature of change
1.	Mr. Rajesh Mohan Rai Non-	Mr. Rajesh Mohan Rai Was re-designated from Executive Director to
	Executive Director	Non-Executive,Non-Independent Director w.e.f 03.06.2024

iii. Directorships in other listed entities

None of the Directors hold directorship in other listed entities

iv. Board Meetings and Procedures

a) The Board of Directors meet at least once in each quarter to, inter-alia, review annual operating and capital expenditure plans, compliance report(s) of all laws applicable to the Company, minutes of the Board Meetings of Subsidiary Companies, short-term borrowings, any other proposal from the management regarding any restructuring of investments etc.
b) Board Meetings are governed by a structured agenda. All major agenda items are backed by comprehensive background information to enable the Board to take informed decisions. The Company Secretary in consultation with

the Senior Management prepares the detailed agenda for the meetings.

c) Agenda papers and Notes on Agenda are circulated to the Directors, in advance, in the defined agenda format. All material information is circulated along with agenda papers for facilitating meaningful and focused discussions at the meeting. Where it is not practicable to attach any document to the agenda, the same is tabled before the meeting with specific reference to this effect in the agenda. In special and exceptional circumstances, additional or supplementary item(s) on the agenda are permitted. In order to transact some urgent business, which may come up after circulation agenda papers, the same is placed before the Board by way of table agenda or Chairman’s agenda. Frequent and detailed deliberation on

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Corporate Governance Report

the agenda provides the strategic roadmap for the future growth of the Company.

d) Minimum 4 (four) Board meetings are held every year (one meeting in every calendar quarter). Apart from the above, additional Board meetings are convened by giving appropriate notice to address the specific needs of the Company. In case of business emergencies or urgency of matters, resolutions may also be passed by way of circulation.
e) The Board meets at least once every quarter to review the Company’s operations and financial performance. The maximum time gap between any two meetings is not more than 120 days. The necessary quorum was present in all the meetings.
f) Profile of the Directors is available on the website of the Company at https://www. servotech.in/team.
g) During the year under review, Board met 19 (Nineteen) times i.e. on 08.04.2024, 22.04.2024,

09.05.2024, 18.05.2024, 03.06.2024, 05.07.2024, 30.07.2024, 24.08.2024, 23.09.2024, 15.10.2024, 28.10.2024, 02.11.2024, 25.11.2024, 10.12.2024, 24.12.2024, 08.01.2025, 21.01.2025, 13.02.2025, and 31.03.2025. The necessary quorum was present for all the meetings.

v. Director’s Attendance Record and their other Directorships/Committee Memberships:

As mandated by Regulation 26 of the Listing Regulations, none of the Directors is a member of more than 10 (ten) Board level Committees (considering only Audit Committee and Stakeholders' Relationship Committee) or Chairperson of more than 5 (five) Committees across all public limited companies (listed or unlisted) in which he/she is a Director. Further, all Directors have informed about their Directorships, Committee Memberships/Chairmanships including any change in their positions.

The details of attendance of Directors at the Board Meetings and at the last Annual General Meeting held on 27[th] September, 2024.

Name of Director(s)	Attendance at	Attendance at	No. of Directorship in other Public Companies	No. of Committees Positions held in other Public Companies	No. of Committees Positions held in other Public Companies
	Board Meetings	Last AGM		Chairperson	Member
Mr. Raman Bhatia	19	Yes	Nil	Nil	Nil
Ms. Sarika Bhatia	19	Yes	Nil	Nil	Nil
Mr. Anupam Gupta	17	Yes	Nil	Nil	Nil
Mr. Rajesh Mohan Rai	16	Yes	Nil	Nil	Nil
Mr. Sampat Rai	18	Yes	Nil	Nil	Nil
Mr. Meenakshisundaram Kolandaivel	12	Yes	Nil	Nil	Nil

Notes:

i. Private Limited Companies, Foreign Companies and Companies under section 8 of the Act are excluded for the above purposes.
ii. Only Audit Committee and Stakeholders’ Relationship Committee of Public Limited Companies are considered for the purpose of reckoning committee positions.
iii. Subsequent to the closure of the financial year, Mr. Girish Ahuja, Mr. Digvijay Kapoor, and Ms. Yogita Patra were appointed as Additional Directors on May 6, 2025, June 10, 2025, and June 27, 2025, respectively. Their appointments were thereafter regularized through a Postal Ballot on July 31, 2025.

vi. Details of Skills/Expertise of Board of Directors as per Schedule V of SEBI Listing Regulations

During the year, the Board accepted all recommendations of the Committees of the Board, which were statutory in nature and required to be recommended by the Committee and approved by the Board. Hence, the Company is in compliance of condition of clause 10(j) of Schedule V of the SEBI Listing Regulations.

The following is the list of core skills/competencies identified by the Board of Directors as required in the context of the Company’s business and that the said skills are available within the Board Members:

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Business Leadership	Make decisions, set goals and provide direction in a professional environment alongwithguidingand inspiringthe rest of the team.
Financial Expertise	Having expertise in Good financial planning includes details about cash flow, savings, debt, investments, insurance and any other elements of financial management.
Risk Management	Overseeing key risks, including strategic, financial, and operational and assisting the Board in framing, implementing and monitoring the risk management plan for the Company and reviewing and guiding the Risk Policy.
Global Experience	Understanding, of global business dynamics, across various geographical markets,industryverticals and regulatory jurisdictions.
Strategy and Planning	Appreciation of long-term trends, strategic choices and experience in guiding and Leading management teams to make decisions in uncertain environments.
Corporate Governance	Experience in developing governance practices, serving the best interests of all Stakeholders, maintaining board and management accountability, building long – term effective stakeholder engagements and drivingcorporate ethics and values.
Technology & Innovations	Experience or knowledge of emerging areas of technology such as digital,artificial intelligence,cyber security,data center,data securityetc.
Human Capital & People Management	Experience in talent development, organizational culture, succession planning,and leadershipbuilding.

The specific areas of focus or expertise of individual board members are as mentioned below:

Name of Director			Area of Skills/Expertise	Area of Skills/Expertise	Area of Skills/Expertise
	Business Leadership	Financial Expertise	Global Experience	Analytical and Decision Making	Corporate Governance	Technology & Innovations	Core Skills
Mr. Raman Bhatia	Yes	Yes	Yes	Yes	Yes	Yes	Operations
Ms. Sarika Bhatia	Yes	Yes	Yes	Yes	Yes	Yes	Sales & Marketing
Mr. Meenakshisundaram kolandaivel	Yes	Yes	Yes	Yes	Yes	Yes	Banking Sector
Mr. Anupam Gupta	Yes	Yes	Yes	Yes	Yes	Yes	Operations
Mr. Rajesh Mohan Rai	Yes	Yes	Yes	Yes	Yes	Yes	HR, IT & Admin
Mr. Sampat Rai	Yes	Yes	Yes	Yes	Yes	Yes	Operations

vii. Meeting of Independent Directors

a) Company’s definition of ‘Independence’ of Directors is derived from Section 149(6) of the Act and Regulation 16(1)(b) of SEBI (LODR) Regulations. The Independent Directors provide an annual confirmation that they meet the criteria of independence. Based on the confirmations/disclosures received from the Directors, the Board confirms that the Independent Directors fulfill the conditions as specified under SEBI (LODR) Regulations and are independent of the management.
b) The Board members are provided with necessary documents/brochures and reports to enable them to familiarize with the Company’s procedures and practices.

Periodic presentations are made at the Board and Board Committee Meetings, on business and performance updates of the Company, business strategy and risks involved Quarterly updates on relevant statutory changes encompassing important laws are regularly circulated to the Directors.

c) The Independent Directors have included their names in the databank of Independent Directors maintained with the Indian Institute of Corporate Affairs in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment & Qualification of Directors) Rules, 2014.
d) The separate meetings of Independent Directors for the Financial Year 2024-25 as per Clause VII (1) of Schedule IV under Section 149

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS

STATUTORY REPORTS

Corporate Governance Report

(8) of the Companies Act, 2013 and Regulation 25 (3) of Listing Regulations were held on 28[th] October, 2024 wherein the Independent Directors reviewed the performance of the Managing Director, Non-Independent Directors and other matters.

viii. Familiarization Programme

a) All new Non-Executive Directors inducted to the Board are introduced to the Company’s culture through an orientation programme. Managing Director, Executive Director and Senior Management provide an overview of operations and familiarize the new NonExecutive Directors with the organisation structure, Board procedures, operations of the Company, etc.
b) Pursuant to Regulation 25(7) of the Listing Regulations, the Company conducted various familiarization programs for its Directors including review of Industry Outlook at the Board Meetings, regulatory updates at Board and Audit Committee Meetings, presentations on Internal Control over Financial Reporting, Statutory Compliance, HR, IT, investor grievances, Prevention of Insider Trading Regulations, Listing Regulations, framework for Related Party Transactions, etc.
c) The Independent Directors immediately on appointment are issued a formal letter of appointment and a welcome docket outlining their rights, roles and responsibilities, and the Business overview of the Company, policies and procedures, code of conduct, board charter etc. The Chairman as well as the Managing Director of the Company, brief the Director(s) individually on the industry and businesses of the Company, prior to their appointment.
d) Familiarization Programme along with the details of the training imparted to Independent Directors during the year are available on the website of the Company and the web-link thereto is https://www.servotech.in
e) The performance evaluation criteria for Independent Directors are determined by the Nomination and Remuneration Committee. An indicative list of factors that may be evaluated include participation and contribution by a director, commitment, effective deployment of knowledge and expertise, effective management of relationship with stakeholders, integrity and maintenance of confidentiality and independence of behavior and judgment. The details of evaluation are captured in the Directors’ Report, which forms part of this Annual Report.

3. GOVERNANCE BY THE COMMITTEES

The Committees plays a crucial role in the governance structure of the Company and have been constituted to deal with specific areas as mandated by applicable regulation; which concern the Company and need a closer review. These committees monitor the board’s compliance with legal and ethical requirements, regulations, and laws. Each Committee is guided by its Charter or Terms of Reference, which provides for the composition, scope, powers and duties and responsibilities. The recommendation and/or observations and decisions are placed before the Board for information or approval. The Chairman of the respective Committee informs the Board about the summary of the discussions held/decisions taken at the Committee Meetings.

As on 31[st] March, 2025, the Board has constituted the following mandatory and nonmandatory Committees:-

a. Audit Committee
b. Nomination and Remuneration Committee
c. Stakeholders’ Relationship Committee
d. Committee of Board of Directors
e. Corporate Social Responsibility Committee

I. AUDIT COMMITTEE

The primary objective of the Audit Committee is to monitor and provide an effective supervision of the Management’s financial reporting process, to ensure accurate and timely disclosures, with the highest levels of transparency, integrity and quality of financial reporting. The Committee oversees the work carried out in the financial reporting process by the Management, the internal auditor, the statutory auditor and the cost auditor and notes the processes and safeguards employed by each of them. The Audit Committee of the Company is constituted in line with the provisions of Section 177 of the Act read with the rules made thereunder and Regulation 18 read with Part C of Schedule II of SEBI (LODR) Regulations. The Committee comprises of members who possess financial and accounting expertise/exposure. A detailed composition of the Audit Committee is also available on the website of the Company at https:// - investor.servotech.in/corporate governance/ board-and-committees.php

The role of the Committee inter-alia includes the following:

i. Terms of Reference

The members of the Audit Committee are financially literate and have experience in financial management. The Committee

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invites the Managing Director, Executive Directors, Non-Executive Directors, CFO and Statutory Auditor to attend the meetings of the Committee. The role of the Committee inter alia includes the following:

The Audit Committee is, inter alia, broadly empowered with the following pursuant to its terms of reference and its roles:

To oversee the Company’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;
To recommend the appointment, remuneration and terms of appointment of auditors of the Company;
To approve the payment to Statutory Auditors for any other services rendered by Statutory Auditors;
To review with the management, the annual financial statements and auditors’ report thereon before submission to the board for approval, with particular reference to:
a) matters required to be included in the director’s responsibility statement to be included in the board’s report in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013;
b) changes, if any, in accounting policies and practices and reasons for the same;
c) major accounting entries involving estimates based on the exercise of judgment by management;
d) significant adjustments made in the financial statements arising out of audit findings;
e) compliance with listing and other legal requirements relating to financial statements;
f) disclosure of any related party transactions;
g) modified opinion(s) in the draft audit report
To review with the management, the quarterly financial statements before submission to the Board for approval;
To review, with the management, the statement of uses/application of funds raised through an issue (public issue, right issue, preferential issue, etc.) the statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice and making appropriate recommendations to the board to take up steps in this matter;
To review and monitor the auditor’s independence and performance, and effectiveness of audit process;
To approve or any subsequent modification of transactions of the Company with related parties;
Valuation of undertakings or assets of the Company, wherever it is necessary;
To evaluate the internal financial controls and risk management systems;
To discuss with internal auditors of any significant findings and follow up thereon;
To scrutinize the inter-corporate loans and investments;
To review with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
To review the functioning of the Whistle Blower Mechanism;
To approve the appointment of CFO after assessing the qualifications, experience and background, etc. of the candidate.
To discuss with Statutory Auditors before audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

ii. Composition, Meeting And Attendance

During the financial year under review, the committee met 4 (Four) times, on 09.05.2024, 30.07.2024, 28.10.2024 and 21.01.2025 respectively. The composition and attendance of the Members at the meetings are as follows:

Name of Directors	Designation	Category of Director	No. of meetings held	No. of meetings attended
Mr. Raman Bhatia	Member	Executive Director	4	4
Mr. Sampat Rai	Member	Independent Director	4	4

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

STATUTORY REPORTS

Corporate Governance Report

Name of Directors	Designation
Mr.Meenakshisund	Chairperson
aram Kolandaivel

Requisite quorum was present in all the meetings.

Ms. Rupinder Kaur (Appointed w.e.f. 30.10.2023) Company Secretary of the Company acts as Secretary to the Committee.

II. NOMINATION AND REMUNERATION COMMMITTEE

The purpose of the Nomination and Remuneration Committee (‘NRC’) is to formulate the criteria for determining qualifications, positive attributes and independence of a director and also recommend to the Board a policy, relating to the remuneration for the Directors, Key Managerial Personnel and other employees. The NRC and the Board periodically reviews competence and progress. It helps the committee determine whether the board achieved its goals in alignment with the overall strategy. During the year, the NRC/Board conducted an evaluation of its own performance, Individual Directors as well as the working of the Committees as per the Board evaluation framework adopted by it.

The role of the Committee inter-alia includes the following:

i. Terms of Reference

This Committee is constituted in line with the provisions of Regulation 19 of SEBI Listing Regulations and Section 178 of the Act.

No. of No. of meetings
Category of Director meetings held attended
Independent 4 4 Director a) To recommend to the Board the setup and composition of the Board and its Committees
b) To Recommend to the Board the appointment/re-appointment of Directors and Key Managerial Personnel;
- c) To lay out remuneration principles for Directors, Key Managerial Personnel and Senior Management Personnel linked to their effort, performance and achievement relating to the Company’s goals trends and practices that prevail in peer companies across the industry;
- d) Whether to extend or continue the term of appointment of the Independent Director, on the basis of the report of performance evaluation of Independent Directors; and
- e) To ensure the Board Diversity by constituting the structure of Board of Directors.
ii. Composition, Meeting and Attendance

The Committee met 2 (Two) times during the period under review on 03.07.2024 and 23.08.2024 respectively.

The composition of the Nomination and Remuneration Committee along with the details of the meetings held and attended by the members of the Committee during the year under review is detailed below:

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No. of No. of meetings
Name of Directors Designation Category of Director
meetings held attended
----- End of picture text -----

Mr. Sampat Rai	Chairperson	Independent Director	2	2
Mr. Anupam Gupta	Member	Independent Director	2	2
Mr. Meenakshisundaram Kolandaivel	Member	Whole-time Director	2	2

Requisite quorum was present in all the meetings.

Ms. Rupinder Kaur Company Secretary of the Company acts as Secretary to the Committee.

iii. Remuneration Policy

The remuneration policy of the Company is directed towards rewarding performance, based on review of achievements on a periodic basis. The Company endeavours to attract, retain, develop and motivate the high-calibre

executives and to incentivize them to develop and implement the Company’s strategy, thereby enhancing the business value and maintain a high performance workforce. The policy ensures that the level and composition of remuneration of the Directors is optimum. The Remuneration Policy of your Company applies to the Directors, Key Managerial Personnel (“KMP”), Senior Management Personnel and other employees of the Company.

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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With a view to determine the remuneration of the Directors, KMP and other employees of the Company, a Remuneration Policy has been framed by the Nomination and Remuneration Committee and approved by the Board with the following broad objectives:

i. Ensuring that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors of the quality required to run the Company successfully;
ii. Motivate KMP and Senior Management to achieve excellence in their performance;
iii. Relationship of remuneration to performance is clear and meets appropriate performance benchmarks;
iv. Ensuring that the remuneration of Directors, KMP and Senior Management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company and its goals.

The Company’s remuneration policy is directed towards rewarding performance based on review of achievements periodically. The remuneration policy is in consonance with the existing industry practice. This policy is uploaded on the website of the company i.e. at https:// - www.servotech.in/img/investor/Nomination and-Remuneration-policy.pdf

iv. Details of Remuneration

1. Executive Directors

The remuneration paid to the Executive Directors is recommended by the Nomination & Remuneration Committee in accordance with Nomination & Remuneration Policy adopted by the Company and approved by the Board of Directors subject to the approval by the shareholders, if so required. During the period under review, there is no change in executive directors of the company.

The details of the remuneration paid to the Executive Directors are provided in the Extract of the Annual Return which is available on the Company’s website https://www.servotech.in/investors.

2. Non-Executive Directors

Non-Executive Directors are paid remuneration by way of sitting fee for attending meetings of the Board and/ or Committees thereof. Further, the remuneration paid to Non- Executive

Directors is in accordance with Nomination & Remuneration Policy adopted by the Company and approved by the Board of Directors subject to the requisite approvals, as may be applicable.

During the financial year 2024-25, the Company paid sitting fees to its NonExecutive Directors for attending meetings of the Board of Directors of the Company. The Company also reimburses the out-of pocket expenses incurred by the Directors for attending the meetings.

The details of the remuneration paid to the Non-Executive Directors is provided in the Extracts of Annual Return is available on the Company’s website: https://www. servotech.in/investors.

3. Senior Management Employees

The remuneration is divided into two components viz; fixed component of salaries, perquisites and retirement benefits and variable component of performance based incentive.

III. STAKEHOLDERS’ RELATIONSHIP COMMITTEE

The Stakeholders’ Relationship Committee (‘SRC’) considers and resolves the grievances of our shareholders and other security holders, including complaints relating to non-receipt of annual report, transfer and transmission of securities, non-receipt of dividends/interests, issue of new/duplicate certificates, general meetings and such other grievances as may be raised by the security holders of the Company, from time to time. This Committee (“SRC”) is constituted in line with the provisions of Regulation 20 read with Part D of Schedule II of SEBI Listing Regulations and Section 178 of the Companies Act, 2013.

i. Terms of Reference

The terms of reference of the Committee include following:

a) Resolving the grievances of the security holders of the Company including complaints related to transfer/ transmission of shares, non-receipt of annual report, non-receipt of dividends, issue of new/duplicate certificates, general meetings etc.
b) Review of measures taken for effective exercise of voting rights by shareholders.
c) Review of adherence to the service standards adopted by the Company in respect of various services being rendered by the Registrar & Share Transfer Agent.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Corporate Governance Report

d) Review of various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the Company.

ii. Composition, Meeting and Attendance

The Committee met 1 (One) time during the period under review on 06.01.2025.

The composition of the Stakeholders’ Relationship Committee and the details of meetings attended by its members are given below:

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No. of No. of meetings
Name of Directors Designation Category of Director
meetings held attended
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Mr. Meenakshisundaram Kolandaivel	Chairperson	Independent Director	1	1
Mr. Rajesh Mohan Rai	Member	Whole-time Director	1	1
Mr. Sampat Rai	Member	Independent Director	1	1

Requisite quorum was present in all the meetings.

Ms. Rupinder Kaur Company Secretary of the Company being the Compliance Officer takes all necessary and immediate steps for investors’ grievances.

Details of Investors’ complaints/requests received and redressed during the year:

Opening	Balance Received During the year	Resolved During the year	Closing Balance
Nil	Nil	Nil	Nil

iii. Senior Management

Particulars of Senior Management of the Company for the year ended 31[st] March, 2025:-

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Sl.
Name of Employees Designation
No.
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1.	Mr. Raman Bhatia	Managing Director
2.	Ms. Sarika Bhatia	Whole-time Director
3.	Mr. Rajesh Mohan Rai	Director
4.	Mr. Vikas Bhatia	Chief Financial Officer
5.	Ms. Rupinder Kaur	Company Secretary and Compliance Officer
6.	Mr. Arun Handa	Chief Technical Officer
7.	Mr. Kulbir Singh	Vice President- Sales
8.	Mr. Vipin Kaushik	Financial Controller
9.	Mr. Anil Kumar Yadav	Head-Execution & Control
10.	Mr Digvijay Kapoor*	Vice President -HR

*Mr. Digvijay Kapoor was appointed as a Director-HR w.e.f 10.06.2025

IV. COMMITTEE OF BOARD OF DIRECTORS

The Committee of Directors provides support the Board for taking various decisions with respect to day-to-day affairs of the Company, to focus on certain specific areas and make informed decisions in line with the authority delegated by Board of Directors of the Company. The Committee is authorized to transact all the businesses which the Board of Directors is empowered to transact except for the transactions that are mandated to be

dealt in at the Board Meeting pursuant to the provisions of the Act.

i. Terms of reference of the Committee

In accordance with the provisions of the Act, the Committee of Board of Directors has been authorized to grant powers in connection with day to day routine matters such as authorization for various tender purposes, banking matters or any other matters for day to day business operations of the Company for its smooth functioning.

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ii. Composition, Meeting and Attendance

The Committee met 1 (One) times during the period under review on 10.12.2024.

The composition of the Committee of Board of Directors and the details of meetings attended by its members are given below:

Name of Directors	Designation	Category of Director	No. of meetings held	No. of meetings attended
Ms. Sarika Bhatia	Chairperson	Executive Director	1	1
Mr. Raman Bhatia	Member	Executive Director	1	1
Mr. Meenakshisundaram Kolandaivel	Member	Independent Director	1	1

V. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The purpose of our Corporate Social Responsibility (‘CSR’) Committee is to formulate and recommend to the Board, a Corporate Social Responsibility Policy, which shall indicate the initiatives to be undertaken by the Company, recommend the amount of expenditure the Company should incur on Corporate Social Responsibility (‘CSR’) activities and to monitor from time to time the CSR activities and Policy of the Company. The CSR Committee provides guidance in formulation of CSR strategy and its implementation and also reviews practices and principles to foster sustainable growth of the Company by creating values consistent with long-term preservation and enhancement of financial, manufacturing, natural, social, intellectual and human capital.

i. Terms of reference of the Committee

a) Formulate and recommend to the Board, a CSR Policy which shall indicate the activities to be undertaken by the Company in compliance with the Act and rules framed thereunder;
b) Recommend the amount of expenditure to be incurred on the activities as above; and
c) Monitor the CSR Policy of the Company from time to time.

ii. Composition, Meeting and Attendance

The Committee met 2 (Two) time during the period under review on 10.08.2024 and 24.12.2024 respectively.

The composition of the CSR Committee and the details of meetings attended by its members are given below:

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No. of No. of meetings
Name of Directors Designation Category of Director
meetings held attended
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Mr. Rajesh Mohan Rai	Chairperson	ED	2	2
Mr. Anupam Gupta	Member	Independent Director	2	2
Mr. Sampat Rai	Member	Independent Director	2	2
Ms. Sarika Bhatia	Member	ED	2	2

VI. GENERAL BODY MEETINGS

I. DETAILS OF THE LAST 3 ANNUAL GENERAL MEETINGS OF THE COMPANY

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Financial Year Location(s) Meeting Date Time
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Financial Year	Location(s)	Meeting Date	Time
2023-24	Video Conferencing (“VC”)/Other Audio Visual Means deemed to be conducted at the Registered Office of the Company	27thSeptember, 2024	11.00 A.M.
2022-23	Video Conferencing(“VC”)/Other Audio Visual Means deemed to be conducted at the Registered Office of the Company	30thSeptember, 2023	11.00 A.M.
2021-22	Video Conferencing(“VC”)/Other Audio Visual Means deemed to be conducted at the Registered Office of the Company	30thSeptember, 2022	11.00 A.M.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Corporate Governance Report

II. DETAILS OF THE SPECIAL RESOLUTIONS PASSED DURING PREVIOUS THREE ANNUAL GENERAL MEETINGS

During the year following resolution have been passed as Special Resolution(s):

ANNUAL GENERAL MEETING- 27TH SEPTEMBER, 2024

a) ANNUAL GENERAL MEETING- 27TH SEPTEMBER, 2024
RESOLUTION NO. 4: – Re-appointment of Mr. Sampat Rai, (din: 07710412) as the non-executive independent director of the company for a second term of 3 consecutive years.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Promoter and Promoter Group	132267800	132267800	100	132267800	0	100	0
Public – Institutions	12978655	6161044	47.47	6161044	0	0	0
Public -Non Institutions	77657835	22324892	28.75	22309832	15060	99.93	0.07
Total	222904290	160753736	72.12	160738676	15060	99.93	0.01

ANNUAL GENERAL MEETING- 30TH SEPTEMBER, 2023

b) ANNUAL GENERAL MEETING- 30TH SEPTEMBER, 2023
RESOLUTION NO. 5: To re-appointment of Ms. Sarika Bhatia (DIN: 00155602), as the Whole-time Director of the Company for a period of 5 (five) years and approve payment of remuneration.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Promoter and Promoter Group	128872700	128872700	100	128872700	0	100	0
Public – Institutions	0	0	0	0	0	0	0
Public -Non Institutions	83781590	15385853	18.36	15344903	40950	99.73	0.27
Total	212654290	144258553	67.84	144217603	40950	99.97	0.03

RESOLUTION NO. 6: To approve the re-appointment of Mr. Anupam Gupta, (DIN: 09050762) as the Non-Executive Independent Director of the Company for a second term of 3 consecutive years.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled
Promoter and Promoter Group	128872700	128872700	100	128872700	0	100
Public – Institutions	0	0	0	0	0	0
Public -Non Institutions	83781590	15385853	18.36	15385448	405	100
Total	212654290	144258553	67.84	144258148	405	100

RESOLUTION NO. 7: To approve payment of remuneration to Mr. Raman Bhatia (DIN: 00153827), Managing Director of the Company.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Promoter and Promoter Group	128872700	128872700	100	128872700	0	100	0

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Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Public – Institutions	0	0	0	0	0	0	0
Public -Non Institutions	83781590	15385853	18.36	15384598	1255	99.99	0.01
Total	212654290	144258553	67.84	144257298	1255	100	0

c) ANNUAL GENERAL MEETING- 30TH SEPTEMBER, 2022
RESOLUTION NO. 6: Approve the Appointment of Mr. Sampat Rai as the Non-Executive Independent Director of the Company.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	% of votes in favour on votes polled
Promoter and Promoter Group	12883845	12597595	97.78	12597595	100
Public – Institutions	0	0	0	0	0
Public -Non Institutions	5781584	917037	15.86	917037	100
Total	18665429	13514632	72.40	13514632	100

RESOLUTION NO. 7: Approve the payment of remuneration to Ms. Sarika Bhatia, Whole-time Director of the Company.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled
Promoter and Promoter Group	12883845	12597595	97.78	12597595	0	100
Public – Institutions	0	0	0	0	0	0
Public -Non Institutions	5781584	917037	15.86	916387	650	99.93
Total	18665429	13514632	72.40	13513982	650	100

III. DETAILS OF THE SPECIAL RESOLUTIONS PASSED DURING THE FINANCIAL YEAR 2024-2025 THROUGH POSTAL BALLOT

During the year following resolution have been passed as Special Resolution:

(A) POSTAL BALLOT PROCESS- 22[nd] APRIL, 2024(Voting result date)

1) POSTAL BALLOT PROCESS

The Company had sought the approval of the shareholders by way of a Special Resolution through notice of postal ballot dated 15[th] March, 2024 for the following special businesses, which was duly passed and the results of which were announced on 22[nd] April, 2024 and the same were duly filed on NEAPS Portal.

The Board of Directors of the Company in its Meeting held on 15[th] March, 2024 had appointed Mr. Debabrata Deb Nath, (FCS No.: 7775; CP No.: 8612) Partner, R&D Company Secretaries, Practicing Company Secretaries as the Scrutinizer for conducting the Postal Ballot by way of remote e-voting process in accordance with the Act and in a fair and transparent manner.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS

STATUTORY REPORTS

Corporate Governance Report

RESOLUTION NO. 1: Authorization to the Board of Directors under Section 180 (1) (a) of the Companies Act, 2013 for creation of charge upto the limit of Rs. 300 crores.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Promoter and Promoter Group	128872700	1288227 00	100	128822700	0	100	0
Public – Institutions	0	0	0	0	0	100	0
Public -Non Institutions	83831590	18991106	22.65	18986308	4798	99.99	0.01
Total	212654290	1478138 06	69.51	14780900 8	4798	99.99	0.01

RESOLUTION NO. 2: To approve overall borrowing limits under Section 180(1) (c) of the Companies Act, 2013 up to Rs. 300 crores.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Promoter and Promoter Group	128872700	1288227 00	100	128822700	0	100	0
Public – Institutions	0	0	0	0	0	100	0
Public -Non Institutions	83831590	18991062	22.65	18986787	4275	99.99	0.01
Total	212654290	147813762	22.65	147809487	4275	99.99	0.01

RESOLUTION NO. 3: To approve and revise the remuneration structure of Mr. Raman Bhatia (DIN: 00153827), Managing Director of the Company

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Promoter and Promoter Group	128872700	1288227 00	100	128822700	0	100	0
Public – Institutions	0	0	0	0	0	100	0
Public -Non Institutions	83831590	18991062	22.65	18937255	53807	99.71	0.28
Total	212654290	147813762	69.51	147759955	53807	99.96	0.04

RESOLUTION NO. 4: To approve and revise the remuneration structure of Ms. Sarika Bhatia (DIN: 00155602), Whole Time Director of the Company

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Promoter and Promoter Group	128872700	1288227 00	100	128822700	0	100	0
Public – Institutions	0	0	0	0	0	100	0
Public -Non Institutions	83831590	18991562	22.65	18934565	56997	99.70	0.30
Total	212654290	147814262	69.51	147757265	56997	99.96	0.04

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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2) PROCEDURE FOR POSTAL BALLOT

Resolutions were proposed to be passed by postal ballot, only through remote e-voting process ("e-voting"), in accordance with General Circular Nos. 14/2020 dated 8[th] April, 2020 and 17/2020 dated 13[th] April, 2020 read with other pertinent circulars, including General Circular No. 3/2022 dated 5[th] May, 2022, issued by the Ministry of Corporate Affairs.

The Company had engaged the services of National Securities of Depositories Limited as the agency to provide e-voting facility. Mr. Debabrata Deb Nath, a Practicing Company Secretary, (ICSI Membership No.: 7612), Partner, R&D Company Secretaries acted as Scrutinizer for conducting the Postal Ballot in a fair and transparent manner.

The Postal Ballot Notice dated 15[th] March, 2024 was sent electronically in accordance with MCA Circulars to Members whose names appeared in the Register of Members/List of Beneficial Owners as of Friday, 15[th] March, 2024 ("Cut-Off Date") received from the Depositories and whose e-mail addresses were registered with the Company/Registrar and Transfer Agent/Depository Participant/Depositories. The guidelines provided in the postal ballot notice clarified the process for e-voting by (i) individual shareholders holding shares of the company in demat mode, (ii) shareholders other than individuals holding shares of the company in demat mode, (iii) shareholders holding shares of the company in physical mode, and (iv) shareholders who have not registered their e-mail address. Members exercised their vote(s) by e-voting during the period starting from 09:00 A.M. (IST) on Friday, 22[nd] March, 2024 till 05:00 P.M. (IST) on Saturday, 20[th] April, 2024.

(B) POSTAL BALLOT PROCESS- 24[th] OCTOBER, 2024(Voting result date)

1) POSTAL BALLOT PROCESS

The Company had sought the approval of the shareholders by way of a Special Resolution through notice of postal ballot dated 23[rd] September, 2024 for the following special businesses, which was duly passed and the results of which were announced on 24[th] October, 2024 and the same were duly filed on NEAPS Portal.

The Board of Directors of the Company in its Meeting held on 23[rd] September, 2024 had appointed Mr. Debabrata Deb Nath, (FCS No.: 7775; CP No.: 8612) Partner, R&D Company Secretaries, Practicing Company Secretaries as the Scrutinizer for conducting the Postal Ballot by way of remote e-voting process in accordance with the Act and in a fair and transparent manner.

RESOLUTION NO. 2: Issuance of Warrants convertible into Equity Shares to Promoter of the Company on a Preferential Basis.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Promoter and Promoter Group	132267800	132267800	100	132267800	0	100	0
Public – Institutions	12978644	161044	1.24	161044	0	100	0
Public -Non Institutions	22341056	22341056	28.27	22319047	22009	99.99	0.01
Total	212654290	154769900	69.43	154747891	22009	99.99	0.01

2) PROCEDURE FOR POSTAL BALLOT

Resolutions were proposed to be passed by postal ballot, only through remote e-voting process (“e-voting”), in accordance with General Circular Nos. 14/2020 dated 8[th] April, 2020 and 17/2020 dated 13[th] April, 2020 read with other pertinent circulars, including General Circular No. 3/2022 dated 5[th] May, 2022, issued by the Ministry of Corporate Affairs.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Corporate Governance Report

The Postal Ballot Notice dated 23[rd] September, 2024 was sent electronically in accordance with MCA Circulars to Members whose names appeared in the Register of Members/List of Beneficial Owners as of Friday, 20[th] September, 2024 (“Cut-Off Date”) received from the Depositories and whose e-mail addresses were registered with the Company/Registrar and Transfer Agent/Depository Participant/Depositories. The guidelines provided in the postal ballot notice clarified the process for e-voting by (i) individual shareholders holding shares of the company in demat mode, (ii) shareholders other than individuals holding shares of the company in demat mode, (iii) shareholders holding shares of the company in physical mode, and (iv) shareholders who have not registered their e-mail address. Members exercised their vote(s) by e-voting during the period starting from 09:00 A.M. (IST) on Tuesday, 24[th] September, 2024 till 05:00 P.M. (IST) on Wednesday, 23[rd] October, 2024.

(C) POSTAL BALLOT PROCESS- 06[th] DECEMBER, 2024( Voting result date)

1) POSTAL BALLOT PROCESS-

The Company had sought the approval of the shareholders by way of a Special Resolution through notice of postal ballot dated 02[nd] November, 2024 for the following special businesses, which was duly passed and the results of which were announced on 06[th] December, 2024 and the same were duly filed on NEAPS Portal.

The Board of Directors of the Company in its Meeting held on 02[nd] December, 2024 had appointed Mr. Debabrata Deb Nath, (FCS No.: 7775; CP No.: 8612) Partner, R&D Company Secretaries, Practicing Company Secretaries as the Scrutinizer for conducting the Postal Ballot by way of remote e-voting process in accordance with the Act and in a fair and transparent manner.

RESOLUTION NO. 1: Change in Name of the Company from ‘Servotech Power System Limited’ To ‘Servotech Renewable Power System Limited’ and Consequential Alteration to MOA and AOA of the Company.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Promoter and Promoter Group	132267800	1322628 00	100	13226280 0	0	100	0
Public – Institutions	13358208	186543	1.40	186543	0	100	0
Public -Non Institutions	77283282	1995106 1	25.81	19949880	1181	99.99	0.01
Total	222904290	1524004 04	68.37	152399223	1181	100.00	0.00

RESOLUTION NO. 2: TO CONSIDER AND APPROVE SHIFTING OF REGISTERED OFFICE OF THE COMPANY FROM THE “STATE OF NATIONAL CAPITAL TERRITORY OF DELHI” TO THE “STATE OF HARYANA”.

Category	No. of shares held	No. of Votes polled	% of votes Polled on outstanding shares	No. of votes in favour	No. of votes against	% of votes in favour on votes polled	% of votes in against on votes polled
Promoter and Promoter Group	132267800	1322628 00	100	13226280 0	0	100	0
Public – Institutions	13358208	186543	1.40	186543	0	100	0
Public -Non Institutions	77283282	19951060	25.81	19947505	3555	99.98	0.02
Total	222904290	152400403	68.37	152396848	3555	100.00	0.00

2) PROCEDURE FOR POSTAL BALLOT

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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7612), Partner, R&D Company Secretaries acted as Scrutinizer for conducting the Postal Ballot in a fair and transparent manner.

The Postal Ballot Notice dated 02[nd] November, 2024 was sent electronically in accordance with MCA Circulars to Members whose names appeared in the Register of Members/List of Beneficial Owners as of Friday, 01[st] November, 2024 ("Cut-Off Date") received from the Depositories and whose e-mail addresses were registered with the Company/Registrar and Transfer Agent/Depository Participant/Depositories. The guidelines provided in the postal ballot notice clarified the process for e-voting by (i) individual shareholders holding shares of the company in demat mode, (ii) shareholders other than individuals holding shares of the company in demat mode, (iii) shareholders holding shares of the company in physical mode, and (iv) shareholders who have not registered their e-mail address. Members exercised their vote(s) by e-voting during the period starting from 09:00 A.M. (IST) on Tuesday, 05[th] November, 2024 till 05:00 P.M. (IST) on Wednesday, 04[th] December, 2024.

IV. MEANS OF COMMUNICATION

Timely disclosure of the information on corporate financial performance and the corporate developments is a sign of good governance practice which the Company disseminates to its stakeholders as follows:

Financial Results	The quarterly, half-yearly and annual results are displayed on the Company’s website and also published in leading newspapers in India which includes The Financial Express and Jansatta.
Website and News Releases	In compliance with Regulation 46 of the Listing Regulations, a separate dedicated section under ‘Investors Relations on the Company’s website www.servotech.ingives information on various announcements made by the Company, stock quotes, Annual Report, Half-yearly/Quarterly and Annual financial results along with the applicable policies of the Company.
Stock Exchange(s)	Your Company makes timely disclosures of necessary information the National Stock Exchange of India Limited (“NSE”) NEAPS Portal and Digital Exchange Portal in terms of the Listing Regulations and other rules and regulations issued bythe Securities and Exchange Board of India(“SEBI”).
SCORES(SEBI Complaints Redressal System)	SEBI processes investors’ complaints in a centralized web based complaints redressal system i.e. SCORES. Through this system a shareholder can lodge complaint against a company for his/her grievance. The Company uploads the action taken on the complaint which can be viewed by the shareholder. The Company and shareholder can seek and provide clarifications online through SEBI.
Exclusive e-mail ID for investors	The Company has designated the email id investor.relations@ servotechindia.comexclusively for investor servicing and the same isprominentlydisplayed on the Company’s website.

V. DISCLOSURES

1. Code of Conduct

Code of Conduct is a comprehensive document that serves as the ethical road map for the employees and the Company. It also, inter alia, governs the conduct of business in consonance with national interest, fair and accurate presentation of financial statements, being an employer providing equal opportunities to its employees, prohibition on acceptance of gifts and donations that can be intended or perceived to obtain business or uncompetitive favors, practicing

political non-alignment, safe and healthy environment for its people, maintaining quality of products and services, being a good corporate citizen, ethical conduct and commitment for enhancement of stakeholder's value.

The Company has a Code of Conduct for its Board Members and Senior Management Personnel pursuant to the provisions of the Act and as per Regulation 17 of the Listing Regulations. The Code of Conduct been placed on the Company’s website https:// - www.servotech.in/investors/corporate governance/code-of-conduct.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS

STATUTORY REPORTS

Corporate Governance Report

All Directors and Senior Management Personnel have affirmed compliance with the Code of Conduct for the financial year ended 31[st] March, 2025.

2. Role of the Company Secretary in Governance Process

The Company Secretary plays a key role in ensuring that the Board procedures are followed and regularly reviewed. She ensures that all relevant information, details and documents are made available to the directors and senior management for effective decision making at the meetings. She is primarily responsible for assisting the board in the conduct of affairs of the Company, to ensure compliance with the applicable statutory requirements and Secretarial Standards to provide guidance to directors and to facilitate convening of meetings. She interfaces between the Management and the regulatory authorities for governance matters. All the Directors of the Company have access to the advice and services of the Company Secretary.

3. Related Party Transactions

There are no materially significant transactions with the related party’s viz. Promoters, Directors or the Management, or their relatives or subsidiaries that had potential conflict with the interest of the Company. Transactions with related parties, as per requirements of Indian Accounting Standard-24, are disclosed in notes to accounts annexed to the financial statements and the details of significant transactions in Form AOC-2 is annexed to the Directors Report.

The Related Party Transactions Policy as approved by the Board is uploaded on the Company’s website.

4. Details of non-compliance by the Company, penalties, strictures imposed on the Company by Stock Exchanges or SEBI, or any statutory authority, on any matter related to capital markets, during the last three years.

No penalties or strictures have been imposed on the Company by the Stock Exchanges or SEBI or any statutory authority on any matter related to capital markets during the last three years.

5. Whistle Blower Policy/Vigil Mechanism

The Company has this Policy and has established the necessary vigil mechanism

for directors and employees to report concerns about unethical behavior. No person has been denied access to the Chairman of the Audit Committee. The said policy has been uploaded on the website of the Company.

In accordance with the Listing Regulations and provisions of the Act, your Company has adopted a Whistle Blower Policy with an objective to provide its employees a Vigil Mechanism whereby concerns can be raised in line with the Company’s commitment to highest standards of ethical, moral and legal business conduct and its commitment to open communication. The policy is placed on the Company’s website at web-link: https://servotech.in/investors/corporategovernance/policies/

6. Accounting Standards

The Company has followed all relevant Accounting Standards notified by the Companies (Indian Accounting Standards) Rules, 2015 while preparing Financial Statements.

7. Details of utilization of funds raised through Preferential Allotment or qualified institutional placements as specified under Regulation 32(7A).

During the year under review, On 10[th] December, 2024, the Company has allotted 58,50,000 warrants convertible into equivalent number of equity shares of the Company having a face value of Rs 1/- at a price of Rs. 167.40/- each to promoters group upon receipt of upfront amount of Rs. 24,48,22,500/-, which is equivalent to 25% of total consideration as per the terms of preferential issue and balance 75% of the issue price will be received upon exercise of the option of conversion of warrants into equity shares which would become due on or before 18 months from the date of allotment of Warrants. Further, Company has fully utilized the amount raised for the objects or purposes for which the funds have been raised. Further, the Company has no qualified institutions placement as specified under Regulation 32(7A) of SEBI Listing Regulations.

During the year under review, On 06[th] January, 2024, the Company has allotted 89,00,000 warrants convertible into equivalent number of equity shares of the Company having a face value of Rs 1/- at a price of Rs. 83.40/- each to promoters

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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and non-promoter group upon receipt of upfront amount of Rs. 18,55,65,000/-, which is equivalent to 25% of total consideration as per the terms of preferential issue and balance 75% of the issue price has been received during the year upon exercise of the option of conversion of 77,00,000 warrants out of 89,00,000 warrants into equity shares. Further, Company has fully utilized the amount raised for the objects or purposes for which the funds have been raised. Further, the Company has no qualified institutions placement as specified under Regulation 32(7A) of SEBI Listing Regulations.

8. Reconciliation of Share Capital Audit

Mr. Debabrata Deb Nath, qualified Practicing Company Secretary, for the financial year 2024-25, had carried out a share capital audit to reconcile the total admitted equity share capital with the National Securities Depository Limited (“NSDL”) and the Central Depository Services (India) Limited (“CDSL”) and the total issued and listed equity share capital. The audit report confirms that the total issued/paid-up capital is in agreement with the total number of shares in physical form and the total number of dematerialized shares held with NSDL and CDSL.

9. Total fees for all services paid by the Company and its subsidiaries, on a consolidated basis, to the Statutory Auditors is given below:

M/s. Rohit KC Jain & Co., Chartered Accountants

Payment to Statutory Auditors	FY 2024-2025
Audit Fees	8,00,000
Out of Pocket Expenses	-
Other Matters	-
Total	8,00,000

(All Amounts excluding GST)

10. Recommendation of the Board Committees

During the year under review, there have been no instances of rejection by the Board of any recommendations made by any of its Committees.

11. CEO/CFO Certification

The MD and CEO and Chief Financial Officer (CFO) have issued certificate pursuant to

the provisions of Regulation 17(8) of the Listing Regulations, 2015 certifying that the financial statements do not contain any materially untrue statement and these statements represent a true and fair view of the Company’s affairs. The said certificate is annexed and forms part of the Annual Report.

12. Subsidiary Companies

The Company have 5(Five) Subsidiaries and 1(One) Step Down Subsidiary as on 31[st] March 2025. The Company monitors performance of subsidiary companies, inter-alia, by the following means:

i. The Audit Committee reviews the financial statements, in particular, the investments made by the unlisted subsidiary companies.
ii. The minutes of the meetings of the Board of directors of the unlisted subsidiary Companies were placed at the meetings of the Board of Directors of the Company.
iii. The statement of all significant material transactions and arrangements entered into by the unlisted subsidiary is placed before the Audit Committee on a periodical basis.

13. Code of Conduct for Prohibition of Insider Trading

Your Company has adopted a Code of Conduct as per Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended. All Designated Persons who could have access to the Unpublished Price Sensitive Information of the Company are governed by the Code. During the year under review, there has been due compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. On a quarterly basis, the Audit Committee reviews the compliance with these Regulations. Your Company has also formulated a Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information. The Codes have been hosted the Company’s website at https://www. servotech.in/img/investor/Code - of - Conduct-for-Insider-Trading.pdf.

14. Board Diversity

The Company has adopted the Policy on Board Diversity as required under Regulation 19 read with Part D of Schedule

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS

STATUTORY REPORTS

Corporate Governance Report

II of SEBI (LODR) Regulations. The policy is available at Company’s website at https://www.servotech.in/img/investor/ corporate-governance-policies/BoardDiversity-Policy.pdf.

15. Succession Planning

The Nomination and Remuneration Committee works with the Board for succession planning for its Directors, Key Managerial Personnel and Senior Management.

16. Your Company has obtained a certificate from a Company secretary in practice that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as directors of companies by the Securities and Exchange Board of India/ Ministry of Corporate Affairs or any such statutory authority. The same is attached as an Annexure to this report.

17. During the year under review, the Company had not granted any loans/advances in the nature of loans to firms/companies in which Directors are interested.

18. There are no pecuniary relationships or transactions of Non-Executive Directors vis-à-vis the Company which has potential conflict with the interests of the Company at large.

19. The Company has complied with and disclosed all the mandatory corporate governance requirements under Regulation 17 to 27 and sub-regulation (2) of Regulation 46 of Listing Regulations, 2015 (relating to disclosure on the website of the Company).

20. The disclosure in relation to Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 forms part of the Directors’ Report.

VI. DISCRETIONARY REQUIREMENTS

The status of compliance with discretionary recommendations of the Regulation 27 of the Listing Regulations, 2015 with Stock Exchanges is provided below:

1. The Board

The Company elects its Chairman in every meeting, henceforth no office for the Chairman is required to be maintained at the Company’s expense. There was no reimbursement of expenses to the Chairman in performance of his duties.

2. Shareholders’ Rights

The Company’s financials are uploaded on the Company’s website https://www. servotech.in and on the website of National Stock Exchange of India at nseindia.com.

3. Modified Opinion in Auditors Report

The Company’s financial statements for the year 2024-2025 do not contain any modified audit opinion.

4. Separate posts of Chairman and CEO

The Company elects its Chairman in every meeting, therefore, office of Chairperson is separate from that of the Managing Directors in the Company.

5. Reporting of Internal Auditor

The Chief Internal Auditor reports to the Audit Committee and he participates in the meetings of the Audit Committee and presents his audit observations to the Committee.

VII. GENERAL SHAREHOLDER INFORMATION

21[st] Annual General Meeting

Day and Date Time Venue 2. Financial Year 3. Dividend payment date

Record date 5. Name and address of Stock Exchanges at which Company’s securities are listed;

Tuesday, 30[th] September, 2025

11:00 A.M.

Video Conferencing (“VC”)/Other Audio Visual Means (“OAVM”) 1[st] April, 2024 to 31[st] March, 2025

The Board in the meeting held on 06[th] May, 2025 proposed the final dividend of Rs. 0.05 paise (5%) per equity share of the Company subject to the approval of shareholders in the ensuing AGM. 23[rd] September 2025 National Stock Exchange of India Limited (“NSE”) Exchange Plaza, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai 400051

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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21[st] Annual General Meeting
Stock Symbol 7. Listing Fees to Stock Exchanges 8. Custodial Fees to Depositories

NSE Symbol: SERVOTECH

ISIN: INE782X01033

The Company has paid the annual listing fees for the financial year 2025-26 to the above Stock Exchanges. The Company has paid custodial fees for the financial year 2025-2026 to National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

VIII. REGISTRAR TO AN ISSUE AND SHARE TRANSFER SYSTEM

The Company’s shares are compulsorily traded in the demat segment on stock exchanges, bulk of the transfers take place in the electronic form. The share transfers received in physical form are processed through R & T Agent, within seven days from the date of receipt, subject to the documents being valid and complete in all respects. The Board has delegated the authority for approving transfer, transmission, issue of duplicate share certificate, dematerialization etc. to the Stakeholders’ Relationship Committee (“SRC”). All the physical transfers received are processed by the R & T Agent and are approved by SRC well within the statutory period of one month. The share certificates

duly endorsed are returned immediately to the shareholders by the R & T Agent.

The Company obtained following certificate(s) from a Practicing Company Secretary and submitted the same to the stock exchanges within stipulated time:

Certificate confirming due compliance of share transfer formalities by the Company pursuant to Regulation 40(9) of the SEBI Listing Regulations for financial year ended 31[st] March, 2025 with the Stock Exchange and
Certificate regarding reconciliation of the share capital audit of the Company on quarterly basis. All share transfer and other communication regarding share certificates, change of address, dividend etc. should be addressed to R & T Agents of the Company.

IX. DISTRIBUTION OF SHAREHOLDING AS ON 31ST MARCH, 2025

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----- Start of picture text -----

Sl. No. of % of total No. of total Shareholding
No. of equity Shares held
No. Shareholders Shareholders Shares held in % age
----- End of picture text -----

1	1-5000	205927	99.5230	34456636	15.3382
2	5001-10000	509	0.2460	3727642	1.6593
3	10001-20000	213	0.1029	3049511	1.3574
4	20001-30000	74	0.0358	1827632	0.8135
5 6 7 8	30001-40000	52	0.0251	1896779	0.8443
	40001-50000	19	0.0092	853454	0.3799
	50001-100000	37	0.0179	2590481	1.1531
	100001 & above	83	0.0401	176243213*	78.4539
	TOTAL	206914	100	22,46,45,348	100

*Trading approval for 17,00,000 shares were given as on 29.05.2025

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS

STATUTORY REPORTS

Corporate Governance Report

X. CATEGORIES OF SHAREHOLDERS AS ON 31ST MARCH, 2025

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----- Start of picture text -----

Sl.
No. of equity Shares held Share Percentage (%)
No.
----- End of picture text -----

1	CORPORATE BODIES	1,10,67,962	4.93
2	DIRECTORS-RELATIVES	3,48,20,218	15.50
3	CLEARING MEMBER	1,27,498	0.06
4	NON RESIDENT INDIANS	29,46,322	1.31
5 6 7 8 9	FOREIGN PORTFOLIO INVESTOR(CORPORATE)- CATEGORY I	60,03,089	2.67
	FOREIGN PORTFOLIO INVESTOR(CORPORATE)- CATEGORY II	4,96,340	0.22
	PROMOTERS	9,76,48,852	43.47
	PUBLIC	7,15,33,797	31.84
	TRUST	1,270	0.00
	Total	22,46,45,348	100.00

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----- Start of picture text -----

Chart Title
CORPORATE BODIES
DIRECTORS-RELATIVES
CLEARING MEMBER
NON RESIDENT INDIANS
FOREIGN PORTFOLIO INVESTOR (CORPORATE)- CATEGORY I
FOREIGN PORTFOLIO INVESTOR (CORPORATE)- CATEGORY II
PROMOTERS
PUBLIC
----- End of picture text -----

XI. DEMATERIALIZATION OF SHARES AND LIQUIDITY

The Equity Shares of the Company are tradable in the compulsory dematerialized segment of the Stock Exchanges and are available in depository system of National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

The Company has established connectivity with both the depositories viz. NSDL and CDSL through the Registrar & Share Transfer Agent- Bigshare Services Private Limited. This has facilitated the shareholders to hold and trade their shares in ‘electronic form’. As on 31[st] March, 2025, 224578338 equity shares of the Company, forming 99% of the shareholding stand dematerialized.

XII. OUTSTANDING GDRs/ADRs/Warrants or any convertible Instruments, conversion dates and likely impact on equity

The Company had issued share warrants convertible into equivalent no. of equity shares on preferential basis to Ms. Sarika Bhatia, Promoter of the Company. The said warrants shall be converted into equivalent no. of equity shares as per the timelines stipulated in SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, Companies Act, 2013 and other applicable provisions.

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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XIII. GREEN INITIATIVE IN CORPORATE GOVERNANCE

As a responsible corporate citizen, the Company welcomes and supports the ‘Green Initiative’ undertaken by the Ministry of Corporate Affairs, Government of India, enabling electronic delivery of documents including the Annual Report, quarterly and half-yearly results, amongst others, to Shareholders at their e-mail address previously registered with the DPs and RTAs. To support this Green Initiative of the Government in full measure, Members who have not registered their e-mail addresses, so far, are requested to register their e-mail addresses, in respect of electronic holding with the depository through their concerned Depository Participant. Shareholders who hold shares in physical form are requested to register their e-mail addresses with the RTA, by sending a letter, duly signed by the first/sole holder quoting details of Folio No.

XIV. MARKET PRICE DATA

Monthly high and low of the Equity Shares of the Company at NSE during the year ended 31[st] March, 2025 are as follows:

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NSE
Months during the financial year ended 31 [st] March, 2025 High Low
(Rs./share) (Rs./share)
April, 2024 96.10 79.20
May, 2024 89.70 79.00
June, 2024 94.00 75.50
July, 2024 129.81 86.59
August, 2024 153.65 114.30
September, 2024 205.40 135.00
October, 2024 198.40 159.84
November, 2024 196.98 168.00
December, 2024 189.67 160.00
January, 2025 172.90 133.82
February, 2025 152.80 109.03
March, 2025 136.00 105.10
Market Price Data
250
200
150
100
50
0
High (Rs./share) Low (Rs./share)
April, 2024May, 2024June, 2024July, 2024August, 2024September, 2024October, 2024November, 2024December, 2024January, 2025February, 2025March, 2025
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XV. Transfer of Unpaid/Unclaimed Dividend Amounts to Investor Education and Protection Fund

During the year under review, the Company had declared a Final dividend but since the tenure of 7 Years has not been completed yet. Therefore, there is no dividend liable to be transferred to IEPF.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Corporate Governance Report

XVI. PLANT LOCATIONS

1. Kundli, Sonepat, Haryana:

Plot No. 76-A, Sector-57, Kundli Industrial Area, Sonepat-31028, Haryana.

2. Sonepat Haryana:

Khewat No. 138, Khata No. 162, Killa No. 14//6/1/2(0-3), 6/2/3(5-13), Village- Safiabad Pana Paposhian, Tehsil- Rai, District- Sonepat-131029, Haryana

XVII. ADDRESS FOR CORRESPONDENCE

CORPORATE OFFICE: SERVOTECH RENEWABLE POWER SYSTEM LIMITED

REGISTRAR & SHARE TRANSFER AGENT:

BIGSHARE SERVICES PVT. LTD.

806, 8[th] Floor, Crown Heights, Hotel Crown Plaza, Sector-10, 302, Kushal Bazar, Nehru Place, New Delhi, Rohini, New Delhi-110085 Delhi-110019 INVESTOR RELATIONS DEPARTMENT E-mail id: [email protected] E-mail id: [email protected] [email protected] Website: www.servotech.in Website: www.bigshareonline.com

COMPLIANCE OFFICER

Ms. Rupinder Kaur Company Secretary ICSI Membership No.: A38697

DECLARATION REGARDING CODE OF CONDUCT

I hereby declare that all Directors and Senior Management Personnel have confirmed compliance with the Code of Conduct as adopted by the Company during the year 2025.

Raman Bhatia

New Delhi

Managing Director

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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COMPLIANCE CERTIFICATE

(Issued in accordance with the provisions of Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,

The Board of Directors

Servotech Renewable Power System Limited (Formerly Known as Servotech Power Systems Limited) 806, 8[th] Floor, Crown Heights, Hotel Crown Plaza, Sector-10, Rohini-110085, New Delhi

Dear Sirs,

We have reviewed the financial statements together with the cash flow statement of Servotech Renewable Power System Limited for the quarter ended 31[st] March, 2025 and that to the best of our knowledge and belief, we state that;

These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading.
These statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards, applicable laws and regulations.
There are, to the best of our knowledge and belief, no transactions entered into by the Company during the financial year ended 31[st] March, 2025 which is fraudulent, illegal or violative of the Company’s code of conduct.
We accept the responsibility for establishing and maintaining internal controls for financial accounting and we have evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and there had been no deficiency in design or operation of such internal controls during the period under review.

We further certify that the following information has been indicated to the Auditors and the Audit committee:

a) There have been no significant changes in internal control over financial reporting during the year;
b) There have been no significant changes in accounting policies during the year; and
c) There have been no instances of significant fraud of which we have become aware and the involvement therein, of the management or an employee having a significant role in the Company’s internal control system over financial reporting.

Yours Sincerely

Date: 06.05.2025 Place: New Delhi

Vikas Bhatia Chief Financial Officer

Raman Bhatia Managing Director

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Corporate Governance Report

COMPLIANCE CERTIFICATE ON CORPORATE GOVERNANCE

To

The Members of

Servotech Renewable Power System Limited

We have examined the compliance of conditions of Corporate Governance by Servotech Renewable Power System Limited (formerly known as Servotech Power Systems Limited), for the year ended on 31[st] March 2025, as stipulated in Regulations 17 to 27, clauses (b) to (i) of Regulation 46(2) and Paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”).

The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to review of procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the SEBI LODR Regulations during the year ended on 31[st] March 2025.

We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For R&D Company Secretaries

Debabrata Deb Nath

Place: Delhi Date: 1[st] August, 2025

Partner FCS No.: 7775; CP No.: 8612 UDIN: F007775G000913878 Peer Review Certificate no. 1403/2021 Unique Identification No. P2005DE011200

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Business Responsibility & Sustainability Reporting 2024-25

SECTION A: GENERAL DISCLOSURES

I. Details of listed entity

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1. Corporate Identity Number (CIN) of the Company L31200HR2004PLC136025
2. Name of the Company Servotech Renewable Power System Limited
3. Year of Incorporation 24/09/2004
4. Registered office address Khata No. 1970, Khewat No. 1672, Khasra No.
21/20/2/2, Revenue Estate, Kundli, Sonipat,
Haryana, 131029.
5. Corporate Address 806, 8th Floor, Crown Heights, Hotel Crowne
Plaza, Rohini Sector-10, New Delhi-110085
6. Email Address [email protected]
7. Telephone 011-41130158
8. Website https://servotech.in/
9. Financial Year Reported April 1, 2024, to March 31, 2025
10. Name of the Stock Exchanges where shares are listed National Stock Exchange of India (NSE)
11. Paid-up Capital Rs. 22,58,45,348
12. Name and contact details (telephone, email address) of Ms. Rupinder Kaur Company Secretary &
the person who may be contacted in case of any queries Compliance Officer Email:investor.relations@
on the BRSR report servotechindia.com, Ph: 9311344776
13. Reporting boundary - Are the disclosures under this report made Standalone basis
on a standalone basis (i.e. only for the entity) or on a consolidated
basis (i.e. for the entity and all the entities which form a part of its
consolidated financial statements, taken together).
14. Name of assurance provider Not Applicable (N.A.)
15. Type of assurance obtained
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Note: The Company has made every effort to provide data that is measurable, verifiable, and assured by the relevant internal departments. Certain data points are currently under evaluation and calculation, and will be disclosed in future reporting cycles to ensure accuracy and completeness. Additionally, the Company has initiated measurement of several key parameters from the current financial year onwards. As a result, data for previous years on these specific topics may not be available at this time.

II. Products/Services

16. Details of business activities (accounting for 90% of the turnover)

S. No. Description of Main Activity	S. No. Description of Main Activity	Description of Business Activity	% of turnover of the Company
1 Manufacturing		Solar	11.40
		EV Charger	83.20
		Other	5.40
Products/Services sold by the Company (accounting for 90% of the turnover)
S. No.	Product/Service	NIC Code	% of total Turnover contribute
1	Solar	35105	11.40
2	EV Charger	27900	83.20
3	Others	27900	5.40

17 Products/Services sold by the Company (accounting for 90% of the turnover)

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS

STATUTORY REPORTS

Business Responsibility & Sustainability Reporting

III. Operations

18 Number of locations where plants and/or operations/offices of the Company are situated:

Location	Number of plants	Number of offices	Total
National	2	1	3
International	0	0	0

19 Markets served by the Company

a. Number of locations

Locations	Number
National (No. of States)	24
International (No. of Countries)	9

b. What is the contribution of exports as a percentage of the total turnover of the Company?

4.13%

c. Types of customers

Servotech Renewable Power System Limited serves customers across different groups. These include wholesalers like distributors and dealers who buy in bulk to sell further. It also works with businesses that use its EV chargers and solar products for their operations. Many individual customers buy its products for home use. Government and public sector organizations also buy from Servotech for their projects. The company sells internationally to countries such as Turkery, Singapore , UAE, Nepal and Bahrain. This mix of customers shows the company’s wide reach and the different ways its products are used.

IV. Employees

20 Details as at the end of Financial Year:

a. Employees and workers (including differently abled):

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S. Male Female
Particulars Total (A)
No. No. (B) % (B / A) No. C % (C / A)
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	EMPLOYEES	EMPLOYEES
1	Permanent(D)	310	246	79.35%	64	21%
2	Other than Permanent(E)	4	4	100.00%	0	0%
3	Total employees(D + E)	314	250	79.62%	64	20%
	WORKERS
4	Permanent (F)	151	144	95.36%	7	4.64%
5	Other than Permanent (G)	2	2	100.00%	0	0.00%
6	Total workers(F + G)	153	146	95.42%	7	4.58%

b. Differently abled Employees and workers:

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S. Male Female
Particulars Total (A)
No. No. (B) % (B / A) No. C % (C / A)
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	EMPLOYEES	EMPLOYEES
1	Permanent(D)	0	0	0	0	0
2	Other than Permanent(E)	0	0	0	0	0
3	Total employees(D + E)	0	0	0	0	0
	WORKERS
4	Permanent(F)	0	0	0	0	0
5	Other than Permanent(G)	0	0	0	0	0
6	Total workers(F + G)	0	0	0	0	0

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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21. Participation/Inclusion/Representation of Women

Particulars	Total (A)	No. and percentage of Females	No. and percentage of Females
		No. (B)	% (B / A)
Board of Directors	6	1	17%
KeyManagement Personnel	4	2	50%

22 Turnover rate for permanent employees and workers (disclose trends for the past 3 years)

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FY 2024-25 FY 2023-24 FY 2022-23
Particulars
Male Female Total Male Female Total Male Female Total
Permanent 41 30 39 36 56 40 31 37 33
Employees
Permanent Workers 15 0 14 42 0 39 41 40 41
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V. Holding, Subsidiary and Associate Companies (including joint ventures)

23 Name of holding/subsidiary/associate companies/joint ventures

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Name of the holding/ Indicate whether Does the entity indicated at column
S. subsidiary/associate Holding/Subsidiary/ % of shares held A, participate in the Business
No. companies/joint Associate/Joint by the Company Responsibility initiatives of the
ventures (A) Venture Company (Yes/No)
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1	Rebreathe Medical Devices India Private Limited	Subsidiary	95%	NO
2	Techbec Industries Limited	Subsidiary	63.50%	NO
3	Hertz And Pixelz Private Limited (Formerly Known As Techbec Green Energy Private Limited)	Subsidiary	100%	NO
4	Servotech Ev Infra Private Limited	Subsidiary	94.28%	NO
5	Servotech Sports And Entertainment Private limited	Subsidiary	74.80%	NO
6	Servotech Siliguri Strikers Private Limited	Step Down Subsidiary	0%	NO

VI. CSR Details

24 (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes

(ii) Turnover (in Rs.): 5,89,10,94,000

(iii) Net worth (in Rs.): 2,24,66,86,000

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Business Responsibility & Sustainability Reporting

VII. Transparency and Disclosure Compliances

25 Complaints/Grievances on any of the principles (Principle 1 to 9) under the National Guidelines on Responsible Business Conduct:

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Grievance FY 2024-25 FY 2023-24
Redressal
Stakeholder No. of No. of
Mechanism
group from No. of complaints No. of complaints
in place (Yes/
whom complaints pending complaints pending
No) (If yes, then Remarks Remarks
compliant is filed during resolution filed during resolution
provide web link
received the year at close of the year at close of
for grievance
the year the year
redressal policy)
Communities Yes 0 0 - 0 0 -
Investors Yes 0 0 - 0 0 -
(other than
shareholders)
Shareholders Yes 0 0 - 0 0 -
Employees and Yes 0 0 - 0 0 -
workers
Customers Yes 3004 47 - 2311 0 -
Value Chain Yes 0 0 - 0 0 -
Partners
Others Yes 0 0 - 0 0 -
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26. Overview of the Company’s material responsible business conduct and sustainability issues pertaining to environment and social matters that present a risk or an opportunity to the business of the Company, rationale for identifying the same approach to adapt or mitigate the risk along with its financial implications, as per the following format:

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Financial
implications
Indicate whether In case of risk, of the risk or
S. Material issue Rationale for identifying
risk or opportunity approach to adapt opportunity
No. identified the risk/opportunity
(R/O) or mitigate (Indicate positive
or negative
implications)
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Not conducted in current year

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

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Disclosure Question P1 P2 P3 P4 P5 P6 P7 P8 P9
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Policy and managementprocesses	Policy and managementprocesses
1	a. Whether the Company’s policy/ policies cover each principle and its core elements of the NGRBCs. (Yes/ No)	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	b. Has the policy been approved by the Board? (Yes/No)	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	c. Weblink of thepolicies, if available

2	Whether the Company has translated thepolicyintoprocedures. (Yes/No)	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
3	Do the enlisted policies extend to the Company’s value chain partners? (Yes/ No)	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Disclosure Question P1 P2 P3 P4 P5 P6 P7 P8 P9
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4	Name of the national and international codes/certifications/ labels/ standards (e.g. Forest Stewardship Council, Fairtrade, Rainforest Alliance, Trustea) standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by the Company and mapped to each principle.	ISO 9001:2015 ISO 14001 BIS CE Certification ARAI Certification OCPP 1.6 Certification
5.	Specific commitments, goals and targets set by the Company with defined timelines, if any.	At present, the Company has not outlined any formal or documented commitments, goals, or targets with defined timelines.
6.	Performance of the Company against the specific commitments, goals and targets along with reasons, in case the same are not met.

Governance, leadership and oversight

7. Statement by Director, responsible for the Business Responsibility Report, highlighting ESG related challenges, targets and achievements (listed entity has flexibility regarding the placement of this disclosure)

At Servotech Renewable Power System Ltd., integrating Environmental, Social, and Governance (ESG) principles into our business fabric isn’t just an obligation—it’s our guiding compass for sustainable growth. As a leading manufacturer of solar solutions, EV chargers, and energy-efficient products, we remain deeply committed to ushering in a cleaner, greener energy future. Our rebranding to Servotech Renewable Power System Ltd. underscores this ethos and our long-term vision for sustainable innovation.

Environmental Stewardship: We’re actively reducing carbon footprints by delivering green infrastructure solutions from deploying high-efficiency solar rooftop systems to pioneering ultra-fast DC EV charging stations across India. Our projects span from airport airside EV operations to solar installations for public utilities reflecting both scale and impact.

Social Responsibility & Inclusion: Diversity and community upliftment are cornerstones of our operations. With women comprising approximately 45% of our workforce, we foster inclusive leadership that delivers balanced perspectives and enhanced organisational resilience. Meanwhile, our CSR initiatives actively support education, livelihoods, and sustainable community development, aligning business goals with societal welfare.

Governance & Integrity: Underpinned by a framework of ethics, transparency, and stakeholder engagement, our governance approach ensures accountability and long-term value creation. We continue to refine our processes, reinforce risk mitigation, and align with ESG best practices.

Targets & Achievements: We are proud to have delivered significant performance results achieving a robust fiscal outlook with Q1 FY26 showing marked growth in revenue, EBITDA, and profit across standalone and consolidated figures. Looking forward, we are focused on further enhancing margins (targeting up to 10%), expanding our solar and EV infrastructure footprint, and optimizing our ESG-driven innovation pipeline.

Moving forward, our focus will be on deepening our low-carbon impact, scaling inclusive practices, and strengthening governance frameworks all while delivering value to stakeholders and society at large. With ESG embedded at every level, Servotech is on a steadfast march toward a resilient, sustainable future.

8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy(ies).

Mr. Raman Bhatia

Managing Director

DIN: 00153827

Does the Company have a specified Committee of the Board/Director responsible for decision making on sustainability related issues? (Yes / No). If yes, provide details.

Yes, Servotech Renewable Power System Limited has constituted a specified committee of the Board responsible for decision making on sustainability-related issues. The company’s Board of Directors has established a Corporate Social Responsibility (CSR) Committee in line with Section 135 of the Companies Act, 2013. This committee oversees the company’s sustainability, environment, and social initiatives, ensuring alignment with legal requirements and strategic direction

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS

STATUTORY REPORTS

Business Responsibility & Sustainability Reporting

Details of review of NGRBCs by the Company:

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|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Indicate whether review was undertaken|
|Frequency (Annually/Half yearly/|
|by Director/Committee of the Board/any|
|Subject for review|Quarterly/Any other – please specify)|
|other Committee|
|P1|P2|P3|P4|P5|P6|P7|P8|P9|P1|P2|P3|P4|P5|P6|P7|P8|P9|
|Performance against|
|above policies and follow|Committee|Annually|
|up action|
|Compliance with statutory|
|requirements of relevance|
|to the principles, and,|Committee|Annually|
|rectification of any non-|
|compliances|

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Has the entity carried out independent assessment /evaluation of the working of its policies by an external agency? (Yes/No). If yes, provide the name of the agency..

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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Principles|P1|P2|P3|P4|P5|P6|P7|P8|P9|
|No|

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If answer to question (1) above is ‘No’ i.e. not all Principles are covered by a Policy, reasons to be stated:

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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Questions|P1|P2|P3|P4|P5|P6|P7|P8|P9|
|The entity does not consider the Principle|
|material to its business (Yes/No)|

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The entity is not at a stage where it is in a position to formulate and implement the policies on specified principles (Yes/No)

The entity does not have the financial or/ human and technical resources available for the task (Yes/No)

Not Applicable

It is planned to be done in the next financial year (Yes/No) Any other reason (please specify)

SECTION C: PRINCPLE WISE PERFORMANCE DISCLOSURE

PRINCIPLE - 1

Businesses should conduct and govern themselves with integrity and in a manner that is Ethical, Transparent and Accountable

Essential Indicators

1 Percentage coverage by training and awareness programmes on any of the principles during the financial year:

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|||||
|---|---|---|---|
|Total number|%age of persons in|
|of training and|Topics/principles covered under the training and|respective category|
|Segment|
|awareness|its impact|covered by the|
|programmes held|awareness programmes|
|Board of|1. Code of Conduct and Corporate Governance|
|2|100|
|Directors|2. Corporate Social Responsibility|
|Key|1. Code of Conduct and Corporate Governance|
|Managerial|2|2. SEBI Regulations, Regulatory Changes and|100|
|Personnel|Impact|

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Employees other than Board of Directors and KMPs	3 1. Prevenion of Sexual Harassment (POSH) 2. Energy efficiency 3. Skill Upgradation 71.19
Workers	2 1. Fire & Safety 2. Skill Upgradation 70.52

2 Details of fines /penalties/punishment/award/compounding fees/settlement amount paid in proceedings (by the entity or by Directors/KMPs) with regulators/law enforcement agencies/judicial institutions, in the financial year:

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Monetary
Name of the
regulatory/ Has an appeal
NGRBC Amount (In Brief of the
enforcement been preferred?
Principle INR) Case
agencies/ judicial (Yes/No)
institutions
Penalty/ Fine
Settlement Nil
Compounding fee
Non-Monetary
Name of the regulatory/
NGRBC Brief of the Has an appeal been
enforcement agencies/ judicial
Principle Case preferred? (Yes/No)
institutions
Imprisonment Nil
Punishment
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3 Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where monetary or non-monetary action has been appealed.

Name of the regulatory/ enforcement agencies/ judicial Case Details institutions Nil

4 Does the Company have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to the policy

Yes, Servotech Renewable Power System Limited has an anti-corruption and anti-bribery policy in place. The company’s Code of Conduct and governance documents explicitly state that Servotech prohibits all forms of corruption and bribery. These policies apply to all directors, officers, employees and key value chain partners. The policy mandates that employees must not offer, give, solicit, or receive any form of bribe or corrupt payment, either directly or indirectly, for securing business or any improper advantage. It also outlines strict compliance with applicable anti-corruption laws and requires regular awareness and training for employees to ensure adherence. Violations of the policy are subject to disciplinary action, including termination.

Link - https://www.servotech.in/investors/corporate-governance/code-of-conduct

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery/ corruption:

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FY 2024-25 FY 2023-24
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	FY 2024-25	FY 2023-24
Directors	Nil	Nil
KMPs
Employees
Workers

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

STATUTORY REPORTS

Business Responsibility & Sustainability Reporting

6 Details of complaints with regard to conflict of interest

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FY 2024-25 FY 2023-24
Number Remark Number Remark
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Number of complaints received
in relation to issues of Conflict of
Interest of the Directors Number of complaints received	Nil	Nil
in relation to issues of Conflict of
Interest of the KMPs

7 Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflict of interest.

There are no cases or incidents related to fines/ penalties/ action taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.

**8 Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the following format:**

	FY 2024-25	FY 2023-24
Number of days of accountspayables	36.58	28.86

9 Open-ness of business Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with loans and advances & investments, with related parties, in the following format:

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Parameter Metrics FY 2024-25 FY 2023-24
Concentration of a. Purchases from trading houses as % of 0 0
Purchases total purchases
b. Number of trading houses where 0 0
purchases are made from
c. Sales to top 10 dealers / distributors as % 0 0
of total sales to dealer / distributors
Concentration of a. Sales to dealer / distributors as % of total 0 0
Sales sales
b. Number of dealers / distributors to whom 0 0
sales are made
c. Sales to top 10 dealers / distributors as % 0 0
of total sales to dealer / distributors
Share of RPTs in a. Purchases (Purchases with related 5.15% 0.03%
parties as % of Total Purchases)
b. Sales (Sales to related parties as % of 2.16% 0.01%
Total Sales)
c. Loans & advances given to related 0 0
parties as % of Total loans & advances
d. Investments in related parties as % of 48.41% 37.36%
Total Investments made
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Leadership Indicators

1 Awareness programmes conducted for value chain partners on any of the Principles during the financial year:

Total number of %age of value chain partners covered (by value Topics/principles covered under awareness programmes of business done with such partners) under the the training held awareness programmes

During the financial year, no formal awareness programmes were conducted specifically for value chain partners on the Principles. However, the company remains committed to strengthening engagement across the value chain and is actively exploring opportunities to initiate such programmes in the upcoming period.

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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2 Does the entity have processes in place to avoid/manage conflict of interests involving members of the Board? (Yes/No) If yes, provide details of the same.

Yes, Servotech Renewable Power System Limited has robust processes in place to avoid and manage conflicts of interest involving members of the Board. The company’s Code of Conduct specifically addresses conflict of interest situations for Directors and Senior Managerial Personnel. Board members are required to act with integrity, avoid situations where personal or family interests could influence their duties, and promptly disclose any potential conflicts to the Compliance Officer or Board. They must abstain from discussions and voting on matters where a conflict may exist. The Code prohibits directors from accepting benefits, employment, or favors from suppliers, customers, or competitors that could compromise objectivity. In case of any doubt regarding a potential conflict, Board members are instructed to seek guidance from the company’s legal or compliance function. These procedures are reviewed regularly as part of Servotech’s corporate governance framework and are in line with SEBI’s Listing Regulations and best practices for listed companies. ensures requisite approvals as required under the statutes as well as Company’s policies are in place before transacting with such entities and individuals.)

PRINCIPLE 2

Business should provide goods and services in a manner that is sustainable and safe

Essential Indicators

1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of products and processes to total R&D and capex investments made by the entity, respectively.

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Segment FY 2024-25 FY 2023-24 Details of improvements in environmental and social impacts
R & D 0 0 As of the current financial year, the company has not tracked specific R&D and capital
Capex 0 0 expenditure allocations towards technologies aimed at improving environmental and
social impacts. Efforts are underway to establish mechanisms for monitoring and
reporting such investments in the future.
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2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) Yes

b. If yes, what percentage of inputs were sourced sustainably? 62%

3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.

waste.
(a) Plastics (including packaging)	Servotech ensures that plastic waste, including packaging materials, is collected and segregated at source. The Company partners with authorized recyclers and waste management agencies to facilitate the recycling of plastic waste. Wherever feasible, packaging materials are reused internally or replaced with eco-friendly alternatives to minimize environmental impact.
(b)E-waste	The Company follows a formal e-waste management protocol aligned with the E-Waste (Management) Rules. All electronic components, devices, and equipment that reach end-of-life are handed over to certified e-waste recyclers. Servotech also encourages customers to return used products through take-back programs, ensuringsafe dismantlingand recoveryof valuable materials.
(c)Hazardous waste	Hazardous waste generated from manufacturing processes, such as chemicals, solvents, and contaminated materials, is handled with utmost care. The Company maintains detailed records of hazardous waste and ensures disposal through authorized hazardous waste treatment, storage, and disposal facilities (TSDFs). Regular audits and staff training are conducted to ensure compliance with safety and environmental.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS

STATUTORY REPORTS

Business Responsibility & Sustainability Reporting

(d) other waste. General waste, including metal scraps, fabrication residues, and non-hazardous industrial waste, is segregated and either reused within operations or sent to approved recycling units. Organic waste from office premises is composted or disposed of through municipal waste channels in an environmentally responsible manner.

4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken to address the same.

Yes, Extended Producer Responsibility (EPR) is applicable to Servotech Renewable Power System Limited’s activities. As a manufacturer and producer of electrical and electronic equipment, solar products, and batteries for EV chargers, Servotech is required to comply with India’s EPR regulations under the E-Waste Management Rules, Battery Waste Management Rules, and aligned frameworks from the Central Pollution Control Board (CPCB)

Leadership Indicators

1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for its services (for service industry)? If yes, provide details in the following format?

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Boundary for Results
Whether conducted
Name of % of total which the Life communicated in
by independent
NIC Code Product / Turnover Cycle Perspective public domain (Yes/
external agency
Service contributed / Assessment was No) If yes, provide
(Yes/No)
conducted the web-link.
NA
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2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same along-with action taken to mitigate the same.

Name	of	Product	/	Service Description	of the risk / concern Action Taken
					NA

3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) or providing services (for service industry).

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Recycled or re-used input material to total material
Indicate input material
FY 2024-25 FY 2023-24
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4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely disposed, as per the following format:

	FY 2024-25	FY 2023-24
	Re-used Recycled Safely Disposed	Re-used Recycled Safely Disposed
Plastics (including packaging)	As of the current reporting period, the company has not yet compiled data on the quantity of products and packaging reclaimed, reused, recycled, or safely disposed at end-of-life. Systems to track and report this information are being evaluated for future implementation.
E-waste
Hazardous waste
Other waste

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.

Reclaimed products and their packaging materials as Indicate product category % of total products sold in respective category -

PRINCIPLE 3

Business should respect and promote the wellbeing of all employees, including those in their value chains

Essential Indicators

1. A. Details of measures for the well-being of employees:

Category				% of employees covered by	% of employees covered by	% of employees covered by	% of employees covered by	% of employees covered by	% of employees covered by	% of employees covered by	% of employees covered by
	Total (A)	Health insurance		Accident insurance Maternity benefits				Paternity Benefits Day Care facilities
		No. (B)	% (B / A)	No. (C ) % (C / A) No. (D) % (D / A)				No. (E)	% (E / A) No. (F)		% (F / A)
				Permanent employees
Male	246	171	69.51%	Nil					Nil
Female	64	62	96.88%			64	100%
Total	310	233	75.16%			64	20.65%
				Other than Permanent employees
Male	4	2	50%	0	0	0	0	0	0	0	0
Female						NA
Total	4	2	50%	0	0	0	0	0	0	0	0

b. Details of measures for the well-being of workers:

Category				% of workers covered by	% of workers covered by	% of workers covered by
	Total (A)	Health insurance		Accident insurance	Maternity benefits		Paternity benefits	Day Care facilities
		Number (B)	% (B/A)	Number (C) % (C/A)	Number (D) % (D/A)		Number (E) % (E/A)	Number (F) % (F/A)
				Permanent Workers
Male	144	85	59.03%	Nil	Nil		Nil
Female	7	5	71.43%		7	100%
Total	151	90	59.60%		7	4.64%
			Other than Permanent Workers
Male	2		Nil
Female			NA
Total	2		Nil

c. Spending on measures towards well-being of employees and workers (including permanent and other than permanent) in the following format –

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FY 2024-25 FY 2023-24
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Cost incurred on wellbeing	The Company has not incurred any specific expenditure on employee/
measures as a % of total	worker well-being measures during the reporting period, apart from
revenue of the company	regular employee benefit expenses disclosed in the financial statements.

ANNUAL REPORT 2024-25

CORPORATE OVERVIEW

FINANCIAL STATEMENTS STATUTORY REPORTS

Business Responsibility & Sustainability Reporting

2 Details of retirement benefits, for Current and Previous Financial Year.

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FY 2024-25 FY 2023-24
Deducted Deducted
No. of No. of No. of No. of
and and
employees workers employees workers
Benefits deposited deposited
covered as covered as covered as covered as
with the with the
a % of total a % of total a % of total a % of total
authority authority
employees workers employees workers
(Y/N/N.A.) (Y/N/N.A.)
PF 49% 0.027% Y 40% 0.067% Y
Gratuity 100% 100% Y 100% 100% NA
ESI 1% 92% y 11% 81% y
Others- please specify NIL NIL NIL NIL NIL NIL
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3. Accessibility of workplaces

Are the premises/offices of the Company accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the Company in this regard.

Not Applicable

4. Does the Company have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the policy.

Servotech Renewable Power System Limited demonstrates its commitment to diversity, equality, and inclusion through publicly available governance documents and policies. The Board Diversity Policy affirms equality of opportunity for all, including persons with disabilities, aligning with best practices and applicable regulations. This - - policy is accessible at the following web link: https://www.servotech.in/blog/wp content/uploads/2022/12/Board Diversity-Policy.pdf

5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Gender	Permanent Employees	Permanent Employees	Permanent Workers	Permanent Workers
	Return to work rate	Retention Rate	Return to work rate	Retention Rate
Male	100%	100%	100%	100%
Female	100%	100%	100%	100%
Total	100%	100%	100%	100%

6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes, give details of the mechanism in brief.

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Yes/No
(If Yes, Then Give Details Of The Mechanism In Brief)
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Permanent workers	Yes, The Company has established a grievance redressal mechanism
Other thanpermanent workers	across all its locations. The Human Resources Department at each
Permanent employees	respective location is responsible for addressing employee grievances
Other than permanent employees	in a timely and appropriate manner.
	In compliance with applicable laws, the Company has also constituted
	a Grievance Committee to oversee and manage grievance-related
	matters. Additionally, for women employees, the Company has
	implemented a Prevention of Sexual Harassment (POSH) Policy. Any
	aggrieved woman may approach the Internal Complaints Committee
	(ICC), the details of which are prominently displayed at all locations in
	easilyaccessible areas.

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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7 Membership of employees and worker in association(s) or Unions recognised by the listed entity

Category	FY 2024-25	FY 2023-24
	Total employees/ workers in respective category (A) No. of employees / workers in respective category, who are part of association(s) or Union (B) %(B/A)	Total employees/ workers in respective category (C) No. of employees / workers in respective category, who are part of association(s) or Union (D) %(D/C)
Total Permanent Employees	Nil
-Male
-Female
Total Permanent Workers
-Male
-Female

8 Details of training given to employees and workers:

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FY 2024-25 FY 2023-24
On Health and On Skill On Health and On Skill
Category Total safety measures upgradation Total safety measures upgradation
(A) No. % (B / (D) No. No. %
No. (C ) % (C / A) % (E/D)
(B) A) (E) (F) (F/D)
Employees
Male 250 184 73.49% 181 72.44% - - - - -
Female 64 44 68.13% 38 59.34% - - - - -
Total 314 228 72.46% 219 69.92% - - - - -
Workers
Male 146 107 73.55% 101 69.01% - - - - -
Female 7 4 55.56% 3 44.44% - - - - -
Total 153 111 72.91% 104 68.13% - - - - -
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9 Details of performance and career development reviews of employees and workers:

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FY 2024-25 FY 2023-24
Category
Total (A) No. (B) % (B / A) Total (C ) No. (D) % (D / C)
Employees
Male 250 155 61.94% - - -
Female 64 46 71.43% - - -
Total 314 201 64.01% - - -
Workers
Male 146 118 80.82% - - -
Female 7 3 42.86% - - -
Total 153 121 79.08% - - -
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ANNUAL REPORT 2024-25

CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Business Responsibility & Sustainability Reporting

10. Health and Safety Management System:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes, the coverage such system?
Yes, Servotech Renewable Power System Limited has implemented an occupational health and safety management system. Servotech has established formal health and safety policies that comply with industry standards and apply to its entire workforce, including both manufacturing facilities and office locations. The system encompasses measures for workplace safety, regular safety training, hazard identification, emergency response, and compliance with legal and regulatory requirements. Coverage includes all employees, workers, and relevant visitors at company sites, ensuring a proactive culture of safety across operations.
b. What are the processes used to identify work-related hazards and assess risks on a routine and nonroutine basis by the entity?

Servotech Renewable Power System Limited uses structured processes to identify work-related hazards and assess risks both on a routine and non-routine basis, as part of its occupational health and safety management system. These processes typically include:

Systematic hazard identification through workplace inspections and audits,
Risk assessment methodologies to analyze potential safety risks and their impact.
Scheduled safety training and awareness programs for employees to identify and mitigate hazards.
Implementation of safety controls and corrective actions based on audit findings.
Procedures to assess risks associated with new (non-routine) activities or changes in processes.
Continuous monitoring and review of safety practices to ensure compliance with applicable laws and standards.
c. Whether you have processes for workers to report work related hazards and to remove themselves from such risks. (Y/N)

Yes, Servotech Renewable Power System Limited has processes in place for workers to report work-related hazards and to remove themselves from such risks. The company encourages incident reporting and investigates all reported issues to implement corrective actions and prevent recurrence. This is part of Servotech’s comprehensive occupational health and safety management system designed to maintain a safe and healthy workplace for all employees and workers.

d. Do the employees/ workers of the entity have access to non-occupational medical and healthcare services? (Yes/ No)

Yes, Servotech Renewable Power System Limited provides its employees and workers access to nonoccupational medical and healthcare services. The company demonstrates a strong commitment to employee well-being through various comprehensive benefits and initiatives beyond workplace safety, including healthcare and wellness programs.

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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11. Details of safety related incidents, in the following format:

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Safety Incident/Number Category FY 2024-25 FY 2023-24
Lost Time Injury Frequency Rate (LTIFR) (per Employees 0.72 Nil
one million-person hours worked) Workers 1.15 Nil
Total recordable work-related injuries Employees 2 Nil
Workers 4 Nil
No. of fatalities Employees Nil Nil
Workers Nil Nil
High consequence work-related injury or ill- Employees 1 Nil
health (excluding fatalities) Workers 2 Nil
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12. Describe the measures taken by the entity to ensure a safe and healthy workplace.

Servotech Renewable Power System Limited is committed to maintaining a safe, healthy, and compliant workplace across all operational sites, including manufacturing facilities and corporate offices. The Company fully adheres to all applicable health and safety regulations and upholds high standards of social governance, with employee well-being as a top priority.

To ensure that operations do not expose employees or workers to workplace risks or injuries, Servotech has implemented a comprehensive Occupational Health and Safety Management System. This system encompasses structured hazard identification and risk assessment processes for both routine and non-routine activities. Employees and workers are empowered to report work-related hazards and may withdraw from unsafe situations without fear of retaliation.

The Company promotes a culture of safety through several proactive and structured initiatives, which are monitored regularly to ensure their effectiveness and continuity. Key measures include:

Conducting internal safety inspections and audits
Holding regular safety review meetings
Providing comprehensive safety training and awareness programs
Organizing mock drills for emergency preparedness
Implementing corrective actions based on safety assessments

Additionally, Servotech provides access to non-occupational medical and healthcare services to support employee well-being beyond regulatory compliance.

13. Number of Complaints on the following made by employees and workers:

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FY 2024-25 FY 2023-24
Pending Pending
Filed Filed
resolution resolution
during the Remarks during the Remarks
at the end at the end
year year
of the year of the year
Working 2 0 Internal review, 3 1 Internal review,
Conditions resolved quickly resolved quickly
Health & Safety 1 0 Handled via safety 2 1 Handled via safety
taskforce taskforce
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14 Assessments for the year:

	% of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Health and safety practices	100%
WorkingConditions	100%

ANNUAL REPORT 2024-25

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CORPORATE OVERVIEW FINANCIAL STATEMENTS STATUTORY REPORTS

Business Responsibility & Sustainability Reporting

15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks / concerns arising from assessments of health & safety practices and working conditions.

Employee refresher training session
Fire safety upgrade
Ventilation Enhancement

Leadership Indicators

1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Y/N) (B) Workers (Y/N).

Employees – YES

Workers – YES

2. Provide the measures undertaken by the entity to ensure payment of statutory dues by the value chain partners.

The deducted amount has paid time to time through government portal.

3. Provide the number of employees/workers having suffered grave consequences due to work-related injury/illhealth/fatalities (as reported in Q11 of Essential Indicators above), who are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment:

	Total No. of affected employees/ workers	No. of employees/workers that are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment
	FY 2024-25 FY 2023-24	FY 2024-25 FY 2023-24
Employees	Nil
Workers

4. Does the entity provide transition assistance programs to facilitate continued employability and the management of career endings resulting from retirement or termination of employment? (Yes/ No)

5. Details on assessment of value chain partners:

% of value chain partners (by value of business done with such partners) that were assessed Health and safety practices - Working Conditions -

6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of health and safety practices and working conditions of value chain partners.

To address significant health and safety risks among value chain partners, the company has implemented supplier audits, on-site SOPs, and vendor training programs (FY25). In FY24, joint risk mitigation projects and thirdparty inspections were conducted for priority partners. Quarterly planning reviews and ongoing supplier safety enhancements continue to support these efforts.

101

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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PRINCIPLE 4

Business should respect the interests of and be responsive to all its stakeholders

Essential Indicators

1 Describe the processes for identifying key stakeholder groups of the Company.

The Company actively identifies and engages with a diverse range of stakeholders to understand their expectations and incorporate their perspectives into the development of its short-, medium-, and long-term strategies.

Key internal and external stakeholder groups identified based on their direct impact on the Company’s operations and performance include employees, shareholders, customers, communities, suppliers, government authorities, partners, and vendors. Through ongoing dialogue and collaboration, the Company aims to foster transparent relationships and ensure that stakeholder interests are effectively addressed.

2. List stakeholder groups identified as key for the Company and the frequency of engagement with each stakeholder group.

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Channels of
communication Frequency of
Whether (Emails, SMS, engagement
identified as Newspapers, (Annually, Purpose and scope of
vulnerable & Pamphlets, Half yearly, engagement including key
Stakeholder Group
marginalised Advertisements, quarterly topics and concerns raised
group (Yes/ Community /others- during such engagement
No) Meetings, Notice please
Board, Website, specify)
Others)
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Shareholders	No	Annual General Meeting, shareholder meets, email, Stock Exchange intimations, investor p r e s e n t a t i o n / analysts investor meet/conference calls, annual report, quarterly results, press release, Company’s website, Stock Exchange’s website	Quarterly	Keeping Shareholders updated about the Company’s business, Answering their queries, understanding shareholders expectation
Employees and Workers	No	Senior leaders’ c o m m u n i c a t i o n , Setting up KRA, KPI, performance appraisal meetings/ review, exit interviews, union meetings, welfare initiatives, email, circulars, websites, HRMS (System), P r e s e n t a t i o n , Trainings etc.	Ongoing	To create an effective communication channel and inform employees on key developments within the Company; align them to the shared purposes of the Company. Taking employee feedback, suggestions, and ideas

ANNUAL REPORT 2024-25

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Business Responsibility & Sustainability Reporting

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Customers	No	Customer meets, mailers, brochures, social media, website and feedback.	Ongoing	To ensure good customer relationships. Business Development, Customer Satisfaction and Retention. Understanding customer expectation
Research Analysts	No	Website, social media, Email, Earnings Call (Conference Call) and forums	Ongoing	Keep abreast of developments of the Company and understanding Investors Sentiments
Suppliers	No	Supplier meets, Regular interaction through phone, e-mail and in person, SupplierAssessment, Plant visits, MoU, NDA, trade association meets/seminars, p r o f e s s i o n a l networks, product workshops.	Ongoing	Quality, timely delivery of supplies and services and payments.
Regulators	No	Advocacy meetings, Seminars, Webinars with local/ state/ national government and ministries through industry bodies such as Indian Chemical Council.	Ongoing	Appraising the Government about Industry Expectation, challenges faced by Industries etc.
Communities	Yes	Site visits and personal meetings	Ongoing	Understanding the Community and identifying the scope of improving their livelihood through CSR initiatives.

Leadership Indicators

1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.

Servotech Renewable Power System Limited has a structured process for stakeholder consultation with its Board on economic, environmental, and social issues. This includes Annual General Meetings where stakeholders can raise concerns directly. The Stakeholders’ Relationship Committee handles grievances and reports to the Board regularly. A Whistle Blower mechanism allows confidential reporting, overseen by the Audit Committee with updates to the Board. The CSR Committee manages sustainability and social matters, consulting external stakeholders

103

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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as needed and reporting back to the Board. Feedback from these channels is documented and reviewed by the Board, ensuring stakeholder views are considered in decision-making, aligned with SEBI BRSR guidelines and industry best practices.

2. Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity.

Yes, Servotech Renewable Power System Limited uses stakeholder consultation to support the identification and management of environmental and social topics. The company engages with various stakeholders including customers, government bodies, community groups, and supply chain partners to gather inputs on these subjects.

3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalized stakeholder groups.

The Company is committed to inclusive and responsible engagement with vulnerable and marginalized stakeholder groups. Through its Corporate Social Responsibility (CSR) initiatives, the Company actively supports these communities by addressing their specific needs and promoting their social and economic well-being.

PRINCIPLE 5

Business should respect and promote human rights

Essential Indicators

1 Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following format:

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FY 2024-25 FY 2023-24
No. of No. of
Category employees employees
Total (A) % (B / A) Total (C ) % (D / C)
/workers /workers
covered (B) covered (D)
Employees
Permanent 310 246 79.35% - - -
Other than permanent 4 2 50.00% - - -
Total Employees 314 248 78.98% - - -
Workers
Permanent 151 107 71% - - -
Other than permanent 2 0 0 - - -
Total Workers 153 107 70% - - -
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2. Details of minimum wages paid to employees and workers, in the following format:

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FY 2024-25 FY 2023-24
More than
Equal to Equal to More than
Minimum
Total Minimum Wage Total Minimum Wage Minimum Wage
(A) Wage (D)
No. % (B / No. % (C / No. No.
% (E/D) % (F/D)
(B) A) (C ) A) (E) (F)
Employees
Permanent
Male 246 0 0% 246 100% - - - - -
Female 64 0 0% 64 100% - - - - -
Other than Permanent
Male 4 0 0% 4 100% - - - - -
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ANNUAL REPORT 2024-25

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FINANCIAL STATEMENTS

STATUTORY REPORTS

Business Responsibility & Sustainability Reporting

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FY 2024-25 FY 2023-24
More than
Equal to Equal to More than
Minimum
Total Minimum Wage Total Minimum Wage Minimum Wage
(A) Wage (D)
No. % (B / No. % (C / No. No.
% (E/D) % (F/D)
(B) A) (C ) A) (E) (F)
Female 0 0 0 0 0 - - - - -
Workers
Permanent
Male 144 0 0 144 100% - - - - -
Female 7 0 0 7 100% - - - - -
Other than Permanent
Male 2 0 0 2 100% - - - - -
Female 0 0 0 0 0 - - - - -
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3. Details of remuneration/salary/wages, in the following format:

a. The details are provided below:

	Male	Male	Female	Female
	Number	Median remuneration / salary / wages of respective category	Number	Median remuneration/ salary/ wages of respective category
Board of Directors (BoD)	2	61,71,427	1	1,20,00,000
KeyManagerial Personnel	1	16,91,256	1	7,89,129
Employees other than BoD and KMP	378	2,30,343	89	1,82,981
Workers	242	82,198	9	1,48,683

b. Gross wages paid to females as % of total wages paid by the entity, in the following format:

	FY 2024-25	PY 2023-24
Gross wagespaid to females as % of total wages	13%	18%

4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business? (Yes/No)

No

5. Describe the internal mechanisms in place to redress grievances related to human rights issues.

Servotech Renewable Power System Limited has established internal mechanisms to address grievances related to human rights issues primarily through its Corporate Social Responsibility (CSR) Committee and governance framework. The company provides formal channels for grievance redressal, including a stakeholder grievance mechanism managed under the oversight of the Board and the CSR Committee. Employees and other stakeholders can report human rights concerns confidentially, often through established policies such as the Whistle Blower Policy and related compliance protocols. These mechanisms ensure that grievances are investigated, corrective actions are taken, and reports are escalated to the Board, maintaining accountability and responsiveness.

105

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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6. Number of Complaints on the following made by employees and workers:

The details are provided below:

	FY 2024-25	FY 2023-24
	Filed during the year Pending resolution at the end of the year Remarks	Filed during the year Pending resolution at the end of the year Remarks
Sexual Harassment	Nil
Discrimination at workplace
Child Labour
Forced Labour/Involuntary Labour
Wages
Other human rights related issues

7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, in the following format:

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FY 2024-25 PY 2023-24
i) Total Complaints reported under Sexual Harassment on of 0 0
Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013 (POSH)
ii) Complaints on POSH as a % of female employees / workers 0 0
iii) Complaints on POSH upheld 0 0
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8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.

Servotech Renewable Power System Limited has formal mechanisms to prevent adverse consequences for complainants in cases of discrimination and harassment. The company’s POSH and Whistle Blower policies ensure confidentiality, prohibit retaliation, and allow employees to report concerns without fear. If any retaliation occurs, it can be reported and will be investigated by the designated committee, helping protect those who raise workplace issues.

9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)

Yes, human rights requirements form part of Servotech Renewable Power System Limited’s business agreements and contracts. The company publicly commits to upholding human rights and ethical standards across all business operations, as highlighted in its annual reports and corporate governance disclosures. Servotech emphasizes compliance with human rights principles not only within its direct activities but also expects adherence from its suppliers, contractors, and value chain partners, integrating these expectations into contractual and business agreements.

10. Assessment for the year:

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% of the Company’s plants and offices that were assessed
(by the Company or statutory authorities or third parties)
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Child labour	100%
Forced/involuntarylabour	100%
Sexual Harassment	100%
Discrimination at workplace	100%
Wages	100%
Others –please specify	-

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11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 10 above.

The Company has implemented a series of robust measures to ensure ethical labour practices and compliance with applicable employment laws:

Age Verification Protocols: Strict age-verification procedures have been introduced during the hiring process. All employment contracts now mandate the submission of valid age proof to prevent underage employment.
Voluntary Employment Assurance: Employment agreements have been revised to explicitly affirm the voluntary nature of employment. To monitor and prevent coercive practices, the Company conducts exit interviews and has established anonymous grievance redressal mechanisms.
POSH Compliance: The Internal Complaints Committee (ICC) is fully operational and trained in accordance with the provisions of the Prevention of Sexual Harassment (POSH) Act, ensuring a safe and respectful workplace for all employees.
Wage and Payment Transparency: Regular internal audits are conducted to verify adherence to minimum wage standards and timely salary disbursements. All salary payments are processed through bank transfers to enhance transparency and accountability.

Leadership Indicators

1. Details of a business process being modified / introduced as a result of addressing human rights grievances/ complaints.

The Company has updated its policies on equal opportunity, non-discrimination, and workplace ethics to align with internationally recognized human rights standards. These policies are prominently displayed across all office premises to ensure visibility, awareness, and adherence among all employees and stakeholders.

2. Details of the scope and coverage of any Human rights due diligence conducted.

The Company has undertaken a comprehensive review of its policies and practices related to wages, working hours, freedom of association, and non-discrimination. This review ensures alignment with applicable labour laws and international standards, reinforcing the Company’s commitment to ethical employment practices and a fair, inclusive workplace.

3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with Disabilities Act, 2016?

4. Details on assessment of value chain partners:

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----- Start of picture text -----

% of the Company’s plants and offices that were assessed
(by the Company or statutory authorities or third parties)
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Sexual Harassment	-
Discrimination at workplace	-
Child Labour	-
Forced Labour/InvoluntaryLabour	-
Wages	-
Others –please specify	-

5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 4 above.

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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PRINCIPLE 6

Business should respect and make efforts to protect and restore the environment.

Essential Indicators

1 Details of total energy consumption (in Giga-Joules) and energy intensity, in the following format:

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Parameter FY 2024-25 FY 2023-24
From Renewable sources
Total electricity consumption (A) 348.12 224.64
Total fuel consumption (B) - -
Energy consumption through other sources( ) - -
Total energy consumption from renewable sources (A+B+C) 348.12 224.64
From non-renewable sources
Total electricity consumption (D) 1,044.25 1,487.72
Total fuel consumption (E) - -
Energy consumption through other sources( F ) - -
Total energy consumed from non-renewable sources (D+E+F) 1,044.25 1,487.72
Total energy consumed (A+B+C+D+E+F) 1,392.37 1,712.36
Energy intensity per rupee of turnover (Total energy consumed /
Revenue from operations)
Energy intensity per rupee of turnover adjusted for Purchasing
Power Parity (PPP) (Total energy consumed / Revenue from
operations adjusted for PPP)
Energy intensity in terms of physical output - -
- -
Energy intensity (optional) – the relevant metric may be selected by
the entity
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Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.

Servotech Renewable Power System Limited does not have any sites or facilities identified as Designated Consumers (DCs) under the Perform, Achieve and Trade (PAT) Scheme of the Government of India.

3. Provide details of the following disclosures related to water, in the following format:

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Parameter FY 2024-25 FY 2023-24
Water withdrawal by source (in kiloliters)
(i) Surface water - -
(ii) Groundwater 720 620
(iii) Third party water 1440 1100
(iv) Seawater / desalinated water - -
(v) Others - -
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 2160 1720
Total volume of water consumption (in kilolitres) 2160 1720
Water intensity per rupee of turnover (Total water consumption / 0.00000034 0.00000056
Revenue from operations)
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----- Start of picture text -----

Parameter FY 2024-25 FY 2023-24
Water intensity per rupee of turnover adjusted for Purchasing Power
Parity (PPP)
(Total water consumption / Revenue from operations adjusted for PPP)
Water intensity in terms of physical output - -
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Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. - No

4. Provide the following details related to water discharged:

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Parameter FY 2024-25 FY 2023-24
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
(ii) To Groundwater
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
(iii) To Seawater
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
(iv) Sent to third-parties
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
(v) Others
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
Total water discharged (in kilolitres) 0 0
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Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. - No

5. Has the Company implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.

Not measured in current year.

6. Please provide details of air emissions (other than GHG emissions) by the Company, in the following format:

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Parameter Unit FY 2024-25 FY 2023-24
NOx - - -
SOx - - -
Particulate matter (PM) - - -
Persistent organic pollutants (POP) - - -
Volatile organic compounds (VOC) - - -
Hazardous air pollutants (HAP) - - -
- - -
Others – please specify Mercury, Cadmium,
Chromium etc.
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Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. - No

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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7. Provide details of greenhouse gas emissions (Scope1 and Scope 2 emissions) & its intensity, in the following format:

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Parameter Unit FY 2024-25 FY 2023-24
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Total Scope 1 emissions
Total Scope 2 emissions
Total Scope 1 and Scope 2 emission intensity
per rupee of turnover	No activities were conducted in the current year. Going forward,
Total Scope 1 and Scope 2 emission	the company will prioritize emission inventory, calculation, and
intensity per rupee of turnover adjusted for	management initiatives.
Purchasing Power Parity (PPP)
Total Scope 1 and Scope 2 emission intensity
in terms ofphysical output

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

NA

8. Does the Company have any project related to reducing Green House Gas emission? If yes, then provide details.

Yes, the Company has undertaken multiple projects directly contributing to the reduction of Green House Gas (GHG) emissions:
Solar Energy Projects: Installed a 236.5 kW Solar Power Plant at office & basement areas, saving ~₹6,00,000 annually in electricity cost and reducing dependency on grid-based fossil-fuel power.
Electric Vehicle Adoption: Converted all official & commercial vehicles into Battery-operated EVs, resulting in savings of ~₹12–15 lakh annually and significant reduction of fuel-based GHG emissions.
Green Energy Sourcing: Partially procures electricity from renewable suppliers to reduce carbon footprint.
EV Charging Infrastructure & R&D: Development and large-scale deployment of EV chargers (AC, DC, fast charging, bike ports, split DC stations up to 1 MW) and related battery/storage technologies to support nationwide EV adoption.
Afforestation Drive: Planted ~1,500 trees in and around company premises, contributing to carbon sequestration.

These initiatives align with the company’s vision of “Produce Green to Live Green” and contribute towards India’s clean energy and net-zero transition goals.

9. Provide details related to waste management by the Company, in the following format:

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Parameter FY 2024-25 FY 2023-24
Total Waste generated (in metric tonnes)
Plastic waste (A) As of the current reporting period, the
E-waste (B) company has not yet compiled detailed
Bio-medical waste (C ) data on waste management in the
Construction and demolition waste (D) prescribed format. The company is in the
Battery waste (E) process of developing systems to monitor,
Radioactive waste (F) record, and report waste generation,
handling, and disposal practices to ensure
Other Hazardous waste. Please specify, if any. (G)
accurate and comprehensive disclosures
Other Non-hazardous waste generated (H). Please specify, if any.
in future reports.
(Break-up by composition i.e. by materials relevant to the sector)
Total (A+B + C + D + E + F + G+ H)
Parameter
Waste intensity per rupee of turnover (Total waste generated/ - -
Revenue from operations)
Waste intensity per rupee of turnover adjusted for Purchasing - -
Power Parity (PPP) (Total waste generated / Revenue from
operations adjusted for PPP)
Waste intensity in terms of physical output - -
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Parameter FY 2024-25 FY 2023-24
For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category of waste
(i) Recycled - -
(ii) Re-used - -
(iii) Other recovery operations - -
Total - -
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration - -
(ii) Landfilling - -
(iii) Other disposal operations - -
Total - -
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Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. - No

10. Briefly describe the waste management practices adopted in your establishment. Describe the strategy adopted by your Company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes.

Servotech Renewable Power System Limited adopts responsible waste management practices focused on compliance, environmental safety, and sustainability. The company manages waste generated from its operations including e-waste, battery waste, and manufacturing by-products by following all applicable regulations such as India’s E-Waste Management and Battery Waste Management Rules. Servotech participates in the Extended Producer Responsibility (EPR) system, ensuring collection, safe disposal, and recycling of electrical and battery waste through registered recyclers and annual compliance reporting.

To reduce the usage of hazardous and toxic chemicals in its products and processes, the company prioritizes the use of eco-friendly materials and designs products to minimize environmental impact. Servotech avoids or substitutes hazardous substances wherever feasible and encourages suppliers to adopt similar standards. The company implements careful segregation, storage, and disposal protocols for any hazardous waste, working only with certified handlers and recyclers for its safe treatment. Regular awareness programs and routine audits reinforce these practices, ensuring the company meets legal standards and its own sustainability goals.

11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please specify details in the following format:

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||||
|---|---|---|
|Whether the conditions of environmental approval / clearance are|
|S.|Location of|Type of|
|being complied with? (Y/N) If no, the reasons thereof and corrective|
|No.|operations/offices|operations|
|action taken, if any.|
|Nil|

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12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year:

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|||||
|---|---|---|---|
|Whether conducted|Results|
|Name and|EIA|
|by independent|communicated in|
|brief details of|Notification|Date|Relevant Web link|
|external agency|public domain|
|project|No.|
|(Yes / No)|(Yes / No)|
|Not Assessed for current year|

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection Act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format:

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||||
|---|---|---|
|Specify the law / regulation|Provide details|Any fines / penalties / action taken|
|S.|Corrective action|
|/ guidelines which was not|of the non-|by regulatory agencies such as|
|No.|taken, if any|
|complied with|compliance|pollution control boards or by courts|
|Yes, Complies with all the applicable laws and regulations.|

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Leadership Indicators

1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):

For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the area – No
(ii) Nature of operations – NA
(iii) Water withdrawal, consumption and discharge in the following format:

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Parameter FY 2024-25 FY 2023-24
Water withdrawal by source (in kilolitres)
(i) Surface water The Company does not have any
(ii) Groundwater manufacturing facilities or plants located
(iii) Third party water in areas identified as water-stressed.
(iv) Seawater / desalinated water Accordingly, data on water withdrawal,
(v) Others consumption, and discharge specific
Total volume of water withdrawal (inkiloliters) to such regions is not applicable for the
Total volume of water consumption (in kiloliters) current reporting period.
Water intensity per rupee of turnover (Water consumed / turnover)
Water intensity (optional) – the relevant metric may be selected by
the entity
Water discharge by destination and level of treatment (in kilolitres)
(i) Into Surface water - -
- No treatment - -
- With treatment – please specify level of treatment - -
(ii) Into Groundwater - -
- No treatment - -
- With treatment – please specify level of treatment - -
(iii) Into Seawater - -
- No treatment - -
- With treatment – please specify level of treatment - -
(iv) Sent to third-parties - -
- No treatment - -
- With treatment – please specify level of treatment - -
(v) Others - -
- No treatment - -
- With treatment – please specify level of treatment - -
Total water discharged (in kilolitres) - -
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Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. - No

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2. Please provide details of total Scope 3 emissions & its intensity, in the following format:

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Parameter Unit FY 2024-25 FY’2023-2024
- - -
Total Scope 3 emissions (Break-up of the
GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3,
if available)
- - -
Total Scope 3 emissions per rupee of
turnover
Total Scope 3 emission intensity - - -
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Note: Indicate if any independent assessment, evaluation, or assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. - NA

3. With respect to the ecologically sensitive areas reported in Question 10 of Essential Indicators above, provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and remediation activities.

4. If the entity provided below taken any specific initiatives or used innovative technology or solutions to improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same as well as outcome of such initiatives, as per the following format:

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S. Initiative Details of the initiative (Web-link, if any, may be
Outcome of the initiative
No. undertaken provided along-with summary)
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1	Solar Power	Installation of 236.5 kW rooftop solar power plant	Reduced grid electricity
	Adoption	at office & basement areas.	consumption by ~₹6 lakh
			annually; avoided CO2emissions.
2	Plantation Drive	Plantation of ~1500 plants within company	Contributed to carbon
		premises.	sequestration, improved local
			air quality, and supported
			biodiversity.
3	EV Fleet Conversion	Conversion of all official and commercial vehicles	Reduced fossil fuel consumption;
		into EV.	~₹12–15 lakh annual cost savings;
			lower tailpipe GHG emissions.
4	Solarisation Projects	Executed 150+ solar PSU projects and powered	Expanded access to renewable
		over 2,00,000 homes with solar	energy; reduced fossil fuel
			reliance on a communityscale.

5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.

Servotech Renewable Power System Limited maintains robust business continuity and disaster management practices to ensure operational resilience. The company’s strategy focuses on minimizing disruptions from unforeseen events through well-defined risk management, resilience planning, and employee safety measures. Key elements include maintaining an uninterrupted supply chain, investing in technology for remote work, regular safety audits, and compliance with legal and regulatory requirements.

6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the entity in this regard?

No Signiant adverse impact raised in current financial year.

7. % of Value chain partners (by value of business done with such partners) that were assessed for Environmental Impacts?

Not assessed for current year.

8. How Many green credits have been generated or produced

a By the listed entity

a By the listed entity Nil b By the top ten ( in terms of value of purchase and sales respectively) value chain NA partners

113

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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PRINCIPLE 7

Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent.

Essential Indicators

1. a. Number of affiliations with trade and industry chambers/associations. - Nil

b. List the top 10 trade and industry chambers/associations (determined based on the total members of such body) the Company is a member of/affiliated to.

Reach of trade and industry S. Name of the trade and industry chambers/associations chambers/associations (State/ No. National) Nil

2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the Company, based on adverse orders from regulatory authorities.

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||||
|---|---|---|
|Name of the authority|Brief of the case|Corrective action taken|
|There are no cases of anti-competitive conduct on the Company in FY 2024-25|

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Leadership Indicators

1. Details of public policy positions advocated by the Company:

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Frequency of Review
Whether
by Board (Annually/ Web
S. Public Policy Method resorted for such information
Half yearly/Quarterly/ Link, if
No. advocated advocacy available in public
Others- please available
domain? (Yes/ No)
specify)
NA
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PRINCIPLE 8

Businesses should promote inclusive growth and equitable development.

Essential Indicators

1. Details of Social Impact Assessments (SIA) of projects undertaken by the Company, based on applicable laws, in the current financial year.

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||||
|---|---|---|
|Whether conducted|Results|
|Name and|SIA|
|Date of|by independent|communicated in|
|brief details of|Notification|Relevant Web link|
|notification|external agency|public domain (Yes|
|project|No|
|(Yes / No)|/ No)|
|NA|

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2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by the Company, in the following format:

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||||||
|---|---|---|---|---|
|Name of Project|No. of Project|Amounts paid to|
|S.|% of PAFs|
|for which R&R is|State|District|Affected Families|PAFs in the FY (In|
|No.|covered by R&R|
|ongoing|(PAFs)|INR)|
|NA|

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3. Describe the mechanisms to receive and redress grievances of the community.

Servotech Renewable Power System Limited has set up clear channels for community members to share concerns or feedback, including direct contact with the CSR Committee via email or written complaints. The company reviews all community grievances, investigates issues, and takes corrective action if needed. Community feedback and resolutions are reported to senior management and the Board, ensuring transparency and accountability in handling such matters.

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:

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FY 2024-25 FY 2023-24
Directly sourced from MSMEs/small producers 38% 34%
Sourced directly from within the district and neighbour-ing districts. 83% 79%
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Note: The Company actively promotes local sourcing and supports Micro, Small, and Medium Enterprises (MSMEs) through its procurement practices. Batteries, packaging materials, solar hardware, and fabrication work are awarded to MSME vendors to encourage inclusive growth and strengthen domestic supply chains.

Additionally, all electric vehicle (EV) chargers, LED lights, cables, stabilizers, and raw materials are procured from Indian suppliers approved by the Bureau of Indian Standards (BIS) and the National Institute of Solar Energy (NISE), ensuring quality, compliance, and support for indigenous manufacturing.

5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost

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Location FY 2024-25 PY 2023-24
Rural
% of Job creation in Rural areas 0 -
Semi-urban
% of Job creation in Semi-urban areas 84.34% -
Urban
% of Job creation in Urban areas 0 -
Metropolitan
% of Job creation in Metropolitan areas 15.66% -
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(Place to be categorized as per RBI Classification System - rural / semi-urban / urban / metropolitan)

Leadership Indicators

1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential Indicators above):

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|||
|---|---|
|Details of negative social impact identified|Corrective action taken|
|NA|

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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2. Provide the following information on CSR projects undertaken by the Company in the designated aspirational districts as identified by government bodies:

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||||
|---|---|---|
|S.|
|State|Aspirational District|Amount spent (In INR)|
|No.|
|NA|

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3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalized/vulnerable groups?

  - Yes , Servotech Renewable Power Systems Ltd. has adopted a Preferential Procurement Policy aimed at encouraging inclusivity and supporting equitable growth in its supply chain.

(b) From which marginalized/vulnerable groups do you procure?
- Women-led MSMEs Bid preference or margin support of up to 15% during tender evaluation for qualifying vendors.
(c) What percentage of total procurement (by value) does it constitute?
- 11% of vendors by number and 7% by procurement value were from marginalized/vulnerable segments.

4. Details of the benefits derived and shared from the intellectual properties owned or acquired by the Company (in the current financial year), based on traditional knowledge:

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||||||
|---|---|---|---|---|
|S.|Intellectual Property based on|Owned/ Acquired|Benefit shared|Basis of calculating|
|No.|traditional knowledge|(Yes/ No)|(Yes/No)|benefit share|
|-|

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5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein usage of traditional knowledge is involved.

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||||
|---|---|---|
|Name of authority|Brief of the Case|Corrective action taken|
|-|

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6. Details of beneficiaries of CSR Projects:

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S. No. of persons benefitted % of beneficiaries from vulnerable and
CSR Project
No. from CSR Projects marginalized group
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Please refer AnnexureC of the Board’s Report forming part of Annual Report regarding CSR activities undertaken by the Company.

PRINCIPLE 9

Businesses should engage with and provide value to their consumers in a responsible manner

Essential Indicators

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.

Servotech Renewable Power System Limited has established multiple mechanisms to receive and respond to consumer complaints and feedback, ensuring transparency and prompt grievance redressal. Consumers can reach out directly via dedicated email addresses (such as [email protected] and investor. [email protected]) and official contact numbers for specific queries, service requests, or complaints. The company’s website provides a “Contact Us” section allowing customers to submit remarks or concerns, and also lists direct lines for sales and service support. For investor and shareholder grievances, the contact details of the Company Secretary are provided for prompt resolution. All formal complaints and feedback are recorded, acknowledged, and directed to the relevant department or committee for timely investigation and appropriate action.

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Business Responsibility & Sustainability Reporting

2. Turnover of products and/services as a percentage of turnover from all products/service that carry information about:

As a percentage to total turnover Environmental and social parameters relevant to the product Relevant details are not available for current financial Safe and responsible usage year Recycling and/or safe disposal

3. Number of consumer complaints in respect of the following:

Number of consumer complaints in respect of the following:	FY 2024-25 Remarks Received during the year Pending resolution at end of year	FY 2023-24 Remarks Received during the year Pending resolution at end of year
Dataprivacy	Nil	Nil
Advertising
Cyber-security
Deliveryof essential services
Restrictive Trade Practices
Unfair Trade Practices
Other

4. Details of instances of product recalls on account of safety issues:

S. No.	Number	Reasons for recall
Voluntaryrecalls	Nil	-
Forced recalls	Nil	-

5. Does the Company have a framework/policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a web-link of the policy.

Yes, Servotech Renewable Power System Limited has a framework and policy regarding cyber security and data privacy. The company’s official Privacy Policy states its commitment to protecting the privacy and security of personal data, and explicitly mentions the adoption of appropriate technologies and procedures that align with international standards for data security. This policy is regularly reviewed and updated as needed to address evolving business and regulatory requirements. The Privacy Policy outlines the measures taken for information security, cookies management, procedures for protecting user data, and adherence to relevant laws. You can access Servotech’s Privacy Policy here: https://www.servotech.in/privacy-policy

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty/action taken by regulatory authorities on safety of products/services.

No such incident.

7. Provide the following information relating to data breaches:

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Provide the following information relating to data breaches:
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	Provide the following information relating to data breaches:
a. Number of instances of data breaches along- with impact	Nil
b. Percentage of data breaches involving personallyidentifiable information of customer	NA
c. Impact, if any, of the data breaches	NA

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Leadership Indicators

1. Channels/platforms where information on products and services of the Company can be accessed (provide web-link, if available).

Information about Servotech Renewable Power System Limited’s products and services is available through these official channels:

Main website: https://www.servotech.in
Online store: https://shop.servotech.in

Product-specific pages:

Solar products: https://www.servotech.in/solar-products
Power backup solutions: https://www.servotech.in/power-backup

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.

Servotech Renewable Power System Limited takes multiple steps to inform and educate consumers about the safe and responsible usage of its products and services. The company runs nationwide educational campaigns and television commercials, such as the “Bijli Ki Smart Bachat” campaign, aimed at helping consumers understand the benefits of solar energy and safe product adoption, especially for new users in rural and urban markets. These campaigns are broadcast across traditional and digital media, including national TV and online platforms, to reach a broad audience and simplify the concepts of installation, safe operation, and cost-saving benefits of solar technology.

Additionally, Servotech actively collaborates with electricity distribution companies (DISCOMs) under government schemes like the PM Surya Ghar Muft Bijli Yojana, which includes consumer awareness programs and support for compliance with safety standards when installing solar solutions. Product manuals, website FAQs, blog posts, and real-time customer support further provide guidance on safe setup, usage, and maintenance. Features such as safety indicators, clear LCD displays, and in-built protective mechanisms in their products are also explained in user materials for ease of understanding and responsible handling.

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

Servotech Renewable Power System Limited has established clear mechanisms to inform consumers about any risk of disruption or discontinuation of its essential services. The company communicates such information through multiple official channels, including direct emails, phone notifications, updates on their official website, and social media announcements. For widespread or critical disruptions, notices are published in the “News & Announcements” section of their website and through press releases to keep customers promptly informed. Additionally, customer support teams and helplines are available to provide real-time updates and guidance during any service interruptions, ensuring consumers have access to essential information and assistance in a timely manner.

4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer satisfaction relating to the major products/services of the entity, significant locations of operation of the entity or the entity as whole? (Yes/No)

The Company complies with all applicable regulations regarding product information disclosure. It provides comprehensive details such as specifications, usage instructions, safety precautions, and environmental impact on labels, packaging, and documentation to support informed customer decisions. Committed to transparency and continuous improvement, the Company actively gathers feedback through surveys and maintains open communication to enhance customer satisfaction and trust.

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Independent Auditor’s Report

The Members of SERVOTECH RENEWABLE POWER SYSTEM LIMITED

Report on the Audit of Standalone Financial Statements OPINION

We have audited the accompanying standalone financial statements of SERVOTECH RENEWABLE POWER SYSTEM LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss ( including Other Comprehensive Income), Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and Notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, the Profit, total comprehensive Income, changes in Equity and cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

	Key Audit Matter

	Our audit procedures on revenue recognition included the
	following:
	Understanding and evaluating the design and testing
	the operating effectiveness of Company’s controls
	around revenue recognition including accounting for
	trade discounts and volume rebates.
	Assessing the Company’s accounting policy for revenue recognition including the policy for recording trade discounts and volume rebates in accordance with Ind
	AS 115 “Revenue from Contracts with Customers”
	Selecting samples of revenue transactions during the year and inspecting underlying documents which
	included invoices, shipping documents/ customers’
	acceptance, as applicable, to determine that the revenue
	is recognised in accordance with the agreed terms.

Key Audit Matter

Revenue from sale of products (as described in note 16 of the standalone financial statements).

The Company’s revenue principally comprises sale of goods. The revenue from sale of goods is recognised in accordance with the accounting principles prescribed under Ind AS 115, “Revenue from contracts with customers” and is measured at the transaction price net of trade discounts and volume rebates as per trade schemes, refund liabilities and taxes or duties collected on behalf of government authorities and is recognised at a point in time when the entity satisfies the performance obligation by transferring control of promised goods to customers.

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Key Audit Matter Key Audit Matter
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The control in respect of sale of goods is generally	Testing selected samples of revenue transactions
transferred when the products are delivered to	recorded before and after the financial year end date
customers in accordance with the terms of contract with	to determine whether the revenue has been recognised
customers.	in accordance with agreed terms, in the appropriate
	financial period
	Testing on a sample basis the calculation of the
	provisions for trade discounts and volume rebates at
	year end with approved trade schemes and
	underlying sales data, including testing
	of completeness and arithmetical accuracy of the data
	used by the Company’s Management.
	Testing on a sample basis credit notes issued to
	customers/ payments made for incentives as per the
	approved trade schemes.
	Based on the above procedures performed, we did not
	identify any material exceptions in revenue recognition of
	sale ofgoods.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the standalone financial statements, and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements, or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, other comprehensive income, changes in

equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments

and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether

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FINANCIAL STATEMENTS

Standalone Financial Statement

due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicated with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Act, based on our audit we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act,
e. On the basis of the written representations received from the directors as on March 31[st] , 2025 taken on record by the Board of Directors,

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none of the directors is disqualified as on March 31[st] , 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A” .
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

g. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Amended Rules, 2021, in our opinion and to the best of our information and according to the explanations given to us: -
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts; and

Place: New Delhi Dated: 06[th] May, 2025

For M/S. Rohit KC Jain & CO, CHARTERED ACCOUNTANTS (FRN: 020422N)

ROHIT JAIN

(PARTNER) M. No. 099444 UDIN: 25099444BMMLTN9696

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Standalone Financial Statement

Annexure – A to the Independent Auditors Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of SERVOTECH RENEWABLE POWER SYSTEM LIMITED of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial statements of SERVOTECH RENEWABLE POWER SYSTEM Limited (“the Company”) as of March 31, 2025 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system with reference to financial statements

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that

1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and
3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal

financial controls with reference to financial statements were operating effectively as at March 31, 2025, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by ICAI.

For M/S. Rohit KC Jain & CO, CHARTERED ACCOUNTANTS (FRN: 020422N)

ROHIT JAIN (PARTNER) Place: New Delhi M. No. 099444 Dated: 06[th] May, 2025 UDIN: 25099444BMMLTN9696

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FINANCIAL STATEMENTS

Standalone Financial Statement

Annexure-B to the Independent Auditors’ Report

(Referred to in our Independent Auditors’ Report in Paragraph 1 under ‘Report on Other Legal and Regulatory Requirements to the members of SERVOTECH RENEWABLE POWER SYSTEM LIMITED on the standalone financial statements for the year ended March 31, 2025)

To the best of our information and according to explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

i In respect of the Company’s Property, Plant & Equipment and Intangible Assets:
a) (A) The company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment and relevant details of right-of -use assets.
- (B) The Company has maintained proper records showing full particulars of intangible assets.
b) As explained to us, Property, Plant and Equipment and right-of -use assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us and based on the examination of the registered sale deed / transfer deed / conveyance deed (state any other relevant document which evidences title) provided to us, we report that, the title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.
d) As explained to us, revaluation has been done by the company of its property, plant and equipment (including the right of use assets) or intangible assets or both during the year and revaluation is based on the valuation by registered valuer.
e) Change in values upon revaluation, specify the amount of change is exceeds 10% or more in the aggregate of the net carrying value of each class of property plant and equipment or intangible details of revaluation as follows.

Revaluation of properties

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----- Start of picture text -----

Value in Cr.
Carrying Fair Fair Which method follow
Percentage
Particulars of assets value of value of value for determination of
of change
assets assets gain fair value
Commercial unit bearing no.707,7 [th] 2.68 3.68 1.00 Market value 37.31
floor , situated in the commercial
block, Jakson crown heights
Commercial unit bearing no.808,8 [th] 3.17 4.97 1.80 Market value 56.79
floor , situated in the commercial block,
‘’Jakson crown heights’
Commercial unit bearing no.806,8 [th] 2.77 3.94 1.17 Market value 42.35
floor , situated in the commercial block,
‘’Jakson crown heights’
Commercial unit bearing no.810,8 [th] 2.49 3.43 0.94 Market value 37.84
floor , situated in the commercial block,
‘’Jakson crown heights’
Commercial unit bearing no.807,8 [th] 2.43 3.71 1.28 Market value 52.52
situated in the commercial block
“jakson crown heights
Insutrial property bearing khewat no.- 7.53 13.36 5.83 Market value 77.39
14/16/1/2 (0-3), 6/2/3 (5-13) Revenue
estate village - safiabad, pana
papshian, teshil-rai, sonepat haryana
Total 21.07 33.09 12.02
----- End of picture text -----

f) There are no proceedings which have been initiated or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) (as amended in 2016) and rules made
thereunder. Accordingly, the provisions of clause 3(i)(e) of the Order are not applicable.
ii. a) The physical verification of inventory (excluding goods-in-transit and stocks with third parties) has

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been conducted at reasonable intervals by the Management during the year and, in our opinion, the coverage and procedure of such verification by Management is appropriate. In respect of inventory lying with third parties, these have substantially been confirmed by them. The discrepancies noticed on physical verification of inventory as compared to book records were not 10% or more in aggregate for each class of inventory.

b) During the year, the Company has been sanctioned working capital limits is 114.52 crores from banks on the basis of security of current assets. The Company has filed quarterly returns or statements with such banks, which are in agreement with the books of account.
iii. In our opinion and according to the information and explanations given to us, the Company has not made investments in/, provided any guarantee/ security/ granted loans/ advances in the nature of loans, secured or unsecured, to companies/, firms/, Limited Liability Partnerships/ other parties, Accordingly, the provision of clause 3(iii)(a)-(f) of the order are not applicable.
iv. In our opinion and according to information and explanation given to us, the company has complied with the provisions of Sections 185 and 186 of the

Companies Act, 2013 in respect of loans granted, investments made and guarantees, and securities provided, as applicable.

v. The Company has not accepted any deposits or amounts which are deemed to be deposits referred in Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified.
vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
vii. In respect of Statutory Dues:
- (a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.
(b) According to the information and explanations given to us, there are no statutory dues referred to in subclause (a) that have not been deposited with the appropriate authorities on account of any dispute except for the following cases:

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Nature of Period to which the Forum where pending
Name of the statute Amount ( J )
dues amount relates dispute is pending
----- End of picture text -----

Income Tax Act, 1961	Income Tax	Rs 252.12 Lacs	AY 2017-18	Commissioner Tax (Appeals) Commissioner Tax(Appeal)
Income Tax Act, 1961	Income Tax	Rs.275.23 Lacs	AY 2017-18	Commissioner Tax(Appeal) of Income
Income Tax Act, 1961	Income Tax	Rs 143.36 Lacs	AY 2016-17	Commissioner of Income Tax (Appeals)
H VAT Act,2003	VAT	Rs. 6.52 Lacs	AY 2017-18	H VAT Authority (Appeals)

viii. There are no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
ix. In respect to repayment of dues:
a. In our opinion and according to the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank, Government, or debenture holder, as applicable to the company.
b. The company has not been declared wilful defaulter by any bank or financial institution or any government authority.
c. As per the information provided to us and as per our analysis the loan has been used only for the purpose for which it was taken.
d. On an overall examination of the financial statements of the company, funds raised on short term basis have, prima facie, not been used during the year for long term purpose of the company.
e. On an overall examination of the financial statements of the company, the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

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Standalone Financial Statement

f. According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries. The Company did not have any joint ventures or associate companies during the year.
x. a) The company has not raised any money by way of initial public offer or further public Offer (including debt instruments), hence reporting on Clause 3(x)(a) of the order is not applicable.
b) According to the information and explanations given to us, during the year, the Company has made preferential allotment of shares and Share Warrants. In respect of the same, in our opinion, the Company has complied with the requirement of Section 42 and Section 62 of the Act and the Rules framed there under.
xi. a) According to the information and explanations given to us and Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us by the management, we report that we have neither come across any instance of fraud by the company or on the company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the management.
b) No report under sub section (12) of section 143 of the Companies Act has been filed in from ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors), 2014 with the central government, during the year and up to the date of this report.
xii. The company is not a Nidhi Company as specified in the Nidhi Rules, 2014 therefore the provisions of Clause 3 (xiii) of the Companies (Auditor’s Report) Order, 2020 are not applicable to the Company.
xiii. According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Standalone Financial Statements etc. as required by under Indian accounting standard 24 ”Related Party Disclosures” specified under Section 133 of the Act.
xiv. a) In our opinion and according to the information and explanation given to us, the Company has an internal audit system commensurate with the size and nature of its business.
b) The reports of the Internal Auditor for the period under audit have been considered by us.
xv. According to the information and explanations given to us, the company has not entered any non-cash transactions with directors or persons connected with him therefore the provisions of Clause 3(xv) of the Companies (Auditor’s Report) Order, 2020 are not applicable to the Company.
xvi. In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi) (a), (b) and (c) of the Order is not applicable. In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi) (d) of the Order is not applicable.
xvii. The company has not incurred cash losses in the financial year and in the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors of the Company during the year and accordingly the reporting under clause 3(xviii) is not applicable.
xix. On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
xx. In respect of other than ongoing projects, the company will transfer unspent amount to a fund specified in schedule VII to the companies Act, within a period of six month of the expiry of the financial year in compliance with second proviso to sub section (5) of section 135 of the said Act, Company has transferred Rs 21,34,000 to the said Fund in FY 2024-25 for the FY 2022-23.
xxi. The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of Standalone Financial Statements. Accordingly, no comment in respect of the said clause has been included in this report.

For M/S. Rohit KC Jain & CO, CHARTERED ACCOUNTANTS (FRN: 020422N)

ROHIT JAIN

(PARTNER)

Place: New Delhi Dated: 06[th] May, 2025

M. No. 099444

UDIN: 25099444BMMLTN9696

127

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Standalone Balance Sheet

as at March 31 2025

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(H in Lakhs)
As At As At
Particulars Notes
March 31, 2025 March 31, 2024
ASSETS
(1) Non-Current Assets
a) Property, Plant and Equipment 3 6,449.04 2,896.59
b) Capital Work in Progress 3 275.00 1,446.86
c) Other Intangible Assets 3 24.97 42.21
d) Investment Property 4(b) 218.93 218.93
e) Financial Assets
i) Investments in Subsidiaries 4(a) 205.40 130.60
ii) Trade Receivables 8 1,440.83 327.32
iii) Other Investment - -
iv) Other Financial Assets - -
f) Deferred Tax Assets (net) 5 16.35
g) Other-Non Current Assets 6 1,482.24 1,238.67
10,096.41 6,317.53
(2) Current Assets
a) Inventories 7 6,190.86 3,369.98
b) Financial Assets
i) Investments - -
ii) Trade Receivables 8 14,061.53 8,062.65
iii) Cash and Cash Equivalents 9 735.51 2,737.97
iv) Other Bank Balances 9 2,450.11 3,266.59
v) Other Financial Assets - -
c) Other Current Assets 6 4,912.38 2,054.18
28,350.39 19,491.38
TOTAL ASSETS 38,446.80 25,808.90
EQUITY AND LIABILITIES
(1) Equity
a) Equity Share Capital 10.1 2,246.45 2,169.04
b) Other Equity 10.2 20,220.40 10,689.29
22,466.86 12,858.33
Liabilities
(2) Non-Current Liabilities
a) Financial liabilities
i) Borrowings 11 1,356.75 1,310.22
ii) Trade Payables 14 90.89 41.56
iii) Other Financial Liabilities - -
b) Provisions 13 951.13 395.35
c) Deferred Tax Liabilities (net) 5 219.95
d) Other Non-Current Liabilities 12 215.28 272.48
2,834.01 2,019.61
(3) Current liabilities
a) Financial Liabilities
i) Borrowings 11 6,155.63 6,771.05
ii) Trade Payables 14 4,645.51 2,894.17
iii) Other Financial Liabilities - -
b) Other Current Liabilities 15 895.92 721.76
c) Provisions 13 1,448.88 543.98
13,145.93 10,930.96
TOTAL EQUITY AND LIABILITIES 38,446.80 25,808.90
Summary of Significant accounting policies 1&2
----- End of picture text -----

The accompanying notes are an integral part of standalone financial statements

As per our report of even date

For Rohit KC Jain & Co. Chartered Accountants FRN: 020422N

CA Rohit Jain

Partner

MN. 099444 UDIN: 25099444BMMLTN9696

Place: Delhi Date: 06-05-2025

For and on behalf of the Board of Directors of Servotech Renewable Power System Limited ( Formerly known as Servotech Power Systems Limited)

Raman Bhatia (Managing Director) DIN-00153827

Sarika Bhatia

(Whole-time Director) DIN-00155602

Rupinder Kaur ( Company Secretary ) M.No.- A38697 Place: Delhi

Vikas Bhatia

( Chief Financial Officer) PAN- AJNPB0303P Place: Delhi

Place: Delhi

Date: 06-05-2025

ANNUAL REPORT 2024-25

128

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Standalone Profit and Loss

for the period ending March 31, 2025

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(H in Lakhs)
For the Year ended For the Year ended
Particulars Notes
March 31, 2025 March 31, 2024
Total Income
Revenue from operations 16 58,730.41 30,570.06
Other income 17 180.53 150.98
Total Revenue 58,910.94 30,721.04
Expenses
Cost of materials consumed 18 48,663.81 25,708.42
Change in Inventories 19 (1,410.65) (535.42)
Employee benefits expense 20 1,635.48 1,349.44
Finance costs 21 769.84 325.01
Depreciation,amortisation and impairment expense 22 564.44 298.21
Other expenses 23 4,159.33 2,022.38
Total expenses 54,382.26 29,168.05
Profit before exceptional and tax (I - 2) 4,528.68 1,552.99
Exceptional items - -
Profit before tax (3-4) 4,528.68 1,552.99
Tax expense: 1,181.96 420.36
(1) Current tax 1,139.66 386.73
(2) Deferred tax 41.13 5.77
(3) Income Tax of Earlier Years 1.17 27.86
Profit (Loss) for the period (5-6) 3,346.72 1,132.63
Other Comprehensive Income 965.18 1.28
Items that will not be reclassified to profit or loss 1,160.36 1.71
Income tax relating to items that will not be reclassifed to profit or loss (195.18) (0.43)
Total Comprehensive Income for the period (7+8) 4,311.90 1,133.91
Paid-Up Equity Share Capital ( Face Value of Share Rs.1/-) 2,246.45 2,169.04
Other Equity - -
Earnings per equity share:
(1) Basic (@) 1.49 0.52
(2) Diluted (@) 1.48 0.53
Summary of Significant accounting policies 1&2
----- End of picture text -----

The accompanying notes are an integral part of standalone financial statements

As per our report of even date

For Rohit KC Jain & Co. Chartered Accountants FRN: 020422N

CA Rohit Jain

Partner MN. 099444 UDIN: 25099444BMMLTN9696

Place: Delhi Date: 06-05-2025

For and on behalf of the Board of Directors of Servotech Renewable Power System Limited ( Formerly known as Servotech Power Systems Limited)

Raman Bhatia (Managing Director) DIN-00153827

Sarika Bhatia (Whole-time Director) DIN-00155602

Rupinder Kaur ( Company Secretary ) M.No.- A38697 Place: Delhi

Vikas Bhatia

( Chief Financial Officer) PAN- AJNPB0303P Place: Delhi

Place: Delhi Date: 06-05-2025

129

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Standalone Cash Flow Statement

for the year ended March 31, 2025

(H in Lakhs)

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For the Year ended For the Year ended
Particulars
March 31, 2025 March 31, 2024
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 4,528.68 1,552.99
Adjustments For :
Depreciation and amortization expenses 564.44 298.21
Gain on Sale of Investment in Share - (57.15)
Profit/(loss) on sale of fixed asset (1.26) (6.02)
Finance Costs 769.84 325.01
Interest received (124.01) (63.90)
Rent Received (46.31) (20.00)
Operating Profit before Working Capital Changes 5,691.39 2,029.13
Taxes paid (Net) (845.36) (414.59)
4,846.02 1,614.54
Adjustments For Working Capital :
Increase/ Decrease in Inventories (2,820.88) (1,912.07)
Increase/ Decrease in Trade Receivables (7,112.39) (92.76)
Increase/ Decrease in Other Financial , Provisions & Others (1,978.34) (877.91)
Increase/ Decrease in Trade Payable & Others 1,800.67 1,289.17
Increase/ Decrease in Other liabilities 165.88 (138.02)
Cash generated From Operating Activities (5,099.04) (117.05)
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed assets (1,730.48) (2,493.55)
Sale of fixed Assets 6.10 40.01
Interest/Other Income 124.01 63.90
Rent Received 46.31 20.00
Investment in Subsidiary Company (74.80) (110.00)
Proceeds from Sale of Shares in Subsidiary Company - 63.50
Net Cash Generated from (used in) Investing Activities (1,628.87) (2,416.13)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds for Issue of Shares Capital 77.41 42.50
Share Application Money Received including Reserves 5,330.66 3,986.09
Dividend Paid (111.45) (425.31)
Payment of Principal portion of lease Liabilities (48.94) (92.78)
Repayment/Proceeds for Loan (568.88) 3,853.01
Finance Cost (769.84) (325.01)
Net Cash Generated from (used in) Financing Activities 3,908.97 7,038.50
I Total increase (decrease) in cash and cash equivalents during the year (2,818.94) 4,505.31
(A+B+C)
II Cash and cash equivalents at beginning of year 6,004.56 1,499.25
III Cash and cash equivalents as at end of the year (I+II) 3,185.62 6,004.56
----- End of picture text -----

The accompanying notes are an integral part of standalone financial statements

As per our report of even date

For Rohit KC Jain & Co. Chartered Accountants FRN: 020422N

CA Rohit Jain

Partner MN. 099444 UDIN: 25099444BMMLTN9696

Place: Delhi Date: 06-05-2025

For and on behalf of the Board of Directors of Servotech Renewable Power System Limited ( Formerly known as Servotech Power Systems Limited)

Raman Bhatia (Managing Director) DIN-00153827

Sarika Bhatia (Whole-time Director) DIN-00155602

Rupinder Kaur (Company Secretary ) M.No.- A38697

Vikas Bhatia (Chief Financial Officer) PAN- AJNPB0303P

Place: Delhi Date: 06-05-2025

Place: Delhi

Date: 06-05-2025

ANNUAL REPORT 2024-25

130

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Amount	2,126.54	42.50	2,169.04	77.41	2,246.45	Total	Total	10,689.28	-	-	3,316.20	-111.45	18.34	-18.01	5,388.08	-6,421.80	6,364.39	-0.33	995.71 20,220.40	995.71 20,220.40
						Money received against share warrants		3,732.15							5,388.08	-6,421.80			2,698.43
Numbers	212,654,290	4,250,000	216,904,290	7,741,058	224,645,348
							Revaluation Surplus												995.71 995.71
							Retained Earnings	3,100.42			3,316.20	-111.45							6,305.17
Particulars	As at April 01, 2023	Add: New issued shares	As at March 31, 2024	Add: New issued shares	March 31, 2025
							Securities Premium	3,856.71									6,364.39		10,221.10
						Share application money pending allotment		-					18.34	-18.01				-0.33	-
								Balance at the beginning of the current reporting period	Changes in accounting policy or prior period error	Restated balance at the beginning of the current reporting period	Total Comprehensive Income for the current year	Dividends	Application money received for ESOP	ESOP Issued during the year	Share warrants During the year	Warrant Converted into equity Shares	Security Premium during the year	*Share application pending for refund	Revalaution Surplus on Fixed Assets	Balance at the end of the current reporting period

131

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Total	Total	5,994.73	-0.14	-	1,133.91	-425.31	3,732.15	-98.81	352.75 10,689.29	352.75 10,689.29
Money received against share warrants		98.81					3,732.15	-98.81	3,732.15
	Revaluation Surplus								-
	Retained Earnings	2,391.95	-0.14		1,133.91	-425.31			3,100.42
	Securities Premium	3,503.96							352.75 3,856.71
Share application money pending allotment							-		-
		Balance at the beginning of the current reporting period	Changes in accounting policy or prior period error	Restated balance at the beginning of the current reporting period	Total Comprehensive Income for the current year	Dividends paid	Share warrants During the year	Warrant Converted into equity Shares	Securities Premium during the year	Balance at the end of the current reporting period

ANNUAL REPORT 2024-25

132

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

1 Corporate Information

Servotech Renewable Power System Limited (formerly known as Servotech Power Systems Limited ) (“the Company”) was incorporated on 24.09.2004 as a Private Limited Company and converted in to Public Limited Company domiciled in India on 24.05.2017. Its shares are listed on National Stock Exchange (NSE). On18.12.2024 Company name change from Servotech Power Systems limited to Servotech Renewable power system Limited The company is primarily engaged in manufacturing of LED lights, EV Chargers and Solar power products.

The standalone financial statements were authorized by the Board of Directors for issue in accordance with resolution passed on 6[th] May 2025.

2 Significant Accounting Policies

The significant accounting policies applied by the Company in the preparation of its standalone Ind AS financial statements are listed below. Such accounting policies have been applied consistently to all the periods presented in these financial statements, unless otherwise stated.

2.1 Basis of preparation of financial statements

The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and presentation requirements of, unless otherwise stated.

A) Statement of compliance
These financial statements of the Company are prepared and presented in accordance with Indian Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended and other relevant provision of the Act as amended from time to time and presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the financial statements.

B) Functional and presentation currency

The financial statements are presented in Indian Rupees (‘INR’) and all values are rounded to nearest lakhs upto two decimal places (INR 00,000), except when otherwise indicated.
C) Basis of measurement

The financial statements have been prepared on a historical cost basis, except for the following assets and liabilities:

(i) Derivative Instruments
(ii) Certain financial assets and liabilities that are measured at fair value

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services as at the date of respective transactions.

2.2 Use of estimates

The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the year. Application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 2.3. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

2.3 Critical accounting estimates, assumptions and judgements

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is re vised and future periods affected. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

133

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes Forming Part of the Financial Statement

Significant judgements and estimates relating to the carrying values of assets and liabilities include, determination of estimated projected cost and revenue in long term contracts, determination of term of lease contracts, fair value measurement, impairment of goodwill, provision for employee benefits and other provisions, recoverability of deferred tax assets and commitments and contingencies.

2.3.1 Estimates and assumptions

A). Property, plant and equipment

Property, Plant and Equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company’s assets are determined by management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

B). Provision for employee benefits

The cost of the defined benefit gratuity & leave encashment plan and the present value of the gratuity & leave encashment obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its longterm nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of government bonds in currencies consistent with the currencies of the postemployment benefit obligation. The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future

salary increases and gratuity increases are based on expected future inflation rate and past trends.

C). Provision for litigations and contingencies

The provision for litigations and contingencies are determined based on evaluation made by the management of the present obligation arising from past events the settlement of which is expected to result in outflow of resources embodying economic benefits, which involves judgements around estimating the ultimate outcome of such past events and measurement of the obligation amount. Due to the judgements involved in such estimations the provisions are sensitive to the actual outcome in future periods.

D). Provision

Significant estimates are involved in the determination of provisions related to liquidated damages, onerous contracts and warranty provision. The Company records a provision for onerous sales contracts when current estimates of total contract costs exceed expected contract revenue. Warranty provision is determined based on the historical trend of warranty expense for the same types of goods for which the warranty is currently being determined, after adjusting for unusual factors related to the goods that were sold or based on specific warranty clause in an agreement. Such estimates are reviewed annually for any material changes in assumptions and likelihood of occurrence. The provision for warranty, liquidated damages and onerous contracts is based on the best estimate required to settle the present obligation at the end of reporting period.

E). Impairment of non-financial assets

ANNUAL REPORT 2024-25

134

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

The cash flows are derived from the budget and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.

F). Taxes

The Company uses estimates and judgements based on the relevant rulings in the areas of allocation of revenue, costs, allowances and disallowances which is exercised while determining the provision for income tax. Uncertainties exist with respect to the interpretation of tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of business relationships differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates. The amount of such provisions is based on various factors, such as experience of previous assessments and interpretations of tax regulations by the Company.

G). Leases: whether an arrangement contains a lease

The Company determines the lease term as the agreed tenure of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customisation to the leased asset)

2.4 Current and non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.

An asset is treated as current when it is:

Expected to be realised or intended to be sold or consumed in normal operating cycle;
Held primarily for the purpose of trading;
Expected to be realised within twelve months after the reporting period; or
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All assets and liabilities have been classified as current or non- current as per the Company’s operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current and non- current classification of assets and liabilities, except for longterm contracts. The projects business comprises long-term contracts which have an operating cycle exceeding one year. For classification of current assets and liabilities related to projects business, the Company uses the duration of the individual life cycle of the contract as its operating cycle.

A liability is current when:

It is expected to be settled in normal operating cycle;
It is held primarily for the purpose of trading;
It is due to be settled within twelve months after the reporting period; or
There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period;

Advance tax paid is classified as current assets

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

2.5 Foreign Currency

Functional currency

The functional currency of the Company is the Indian Rupee.

Transactions and translations Initial recognition transactions in foreign currencies are recorded by the Company at their respective functional currency spot rates at the date the transaction first qualifies for recognition.

135

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes Forming Part of the Financial Statement

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. The gains or losses resulting from such translations are recognised in the statement of profit and loss.

Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was measured. Non-monetary assets and nonmonetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of the transaction.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

2.6 Revenue Recognition

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government. The Company has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements as it has pricing latitude and is also exposed to inventory and credit risks.

The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated if any. In determining the transaction price for the sale of goods, the Company considers the effects of variable consideration, the existence of significant financing components, non-cash consideration, and consideration payable to the customer (if any).

Revenue is stated exclusive of goods and service tax and net of trade and quantity discount.

Liquidated damages / penalties are provided for as per the contract terms wherever there is a delayed delivery attributable to the Company.

A) Revenue from the sale of goods

Revenues are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods. Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates.

B) Revenue from sale of services

Revenue from services rendered over a period of time, such as annual maintenance contracts, are recognised on straight line basis over the period of the performance obligation.

C) Income from development services

Revenue from the development services is recognised as per the contract terms and when accrued. When the contract outcome cannot be measured reliably, revenue is recognised only to the extent that the expenses incurred are eligible to be recovered.

D) Export benefits

Export incentives receivable are accrued for, when the right to receive the credit is established and there is no significant uncertainty regarding the realisability of the incentive.

E) Other income

Interest income is recognised on time proportion basis.

Fair value gain on financial instruments is recognized using the effective interest method.

2.7 Income tax

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the statement of profit and loss.

A) Current tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Company operates and generates taxable income.

ANNUAL REPORT 2024-25

136

CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company shall reflect the effect of uncertainty for each uncertain tax treatment by using either most likely method or expected value method, depending on which method predicts better resolution of the treatment.

The Company offsets tax assets and tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

B) Deferred tax

Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date.

A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

2.8 Property, plant and equipment

Recognition and measurement

Freehold Land is carried at historical cost, all other item of property, plant and equipment is measured at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. Such cost includes the cost of replacing part of the plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied.

All other repair and maintenance costs are recognised in statement of profit or loss as incurred. The Company identifies and determines cost of each component/ part of property, plant and equipment separately, if the component/ part has a cost which is significant to the total cost of the property, plant and equipment and has useful life that is materially different from that of the remaining asset. These components are depreciated over their useful lives; the remaining asset is depreciated over the life of the principal asset.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is classified as capital advances and cost of assets not ready for use at the balance sheet date are disclosed under capital work- in- progress is stated at cost less accumulated impairment loss.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset are derecognised when replaced. All other repairs and maintenance are charged to statement of profit and loss during the reporting period in which they are incurred.

A) Depreciation

The Company depreciates property, plant and equipment over their estimated useful lives using the Written Down method. Depreciation

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on additions (disposals) is provided on a prorata basis i.e. from (up to) the date on which asset is ready for use (disposed of).

Lease hold property are depreciated on straight line basis over shorter of the asset’s useful life and their lease term unless the entity expects to use the asset beyond the lease term.

The estimated useful lives of assets are as follows:

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Particulars Years
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Leasehold land	5
Buildingother than factory	60
Computers
- Computers and other peripherals	3
- Software	3
Furniture & Fixtures	10
Vehicles	8
Office equipment	5
Plant & Machinery	15

The useful lives have been determined based on technical evaluation done by the management’s expert which are in line those specified by Schedule II to the Companies Act 2013. The residual values are not more than 5% of the original cost of the asset. The depreciation methods, assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under Other Non-Current Assets and the cost of assets not put to use before such date is disclosed under ‘Capital work-in-progress’.

The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset and the resultant gains or losses are recognized in the Statement of Profit and Loss.

2.9 Intangible Assets

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a written down basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset.

Amortization methods and useful lives are reviewed periodically including at each financial year end. The estimated useful lives for intangible assets are 3 years.

2.10 Inventories

Inventories consist of raw materials, work-inprogress, finished goods, stock-in-trade and stores an spares. Inventories are measured at the lower of cost and net realisable value. However, materials and other items held for use in the production of inventories are not written down below cost if the finished goods in which they will be incorporated are expected to be sold at or above cost.

The cost of various categories of inventories is arrived at as follows:

Stores, spares, raw materials, components and stock-in-trade - at rates determined on the moving weighted average method.

Goods in Transit – at actual cost. Work-in-progress and finished goods - at full absorption cost method which includes direct materials, direct labour and manufacturing overheads. Cost is determined on weighted average method.

Cost includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition.

Provision for obsolescence is made wherever necessary. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

The factors that the Company considers in determining the provision for slow moving, obsolete and other non-saleable inventory include estimated shelf life, planned product discontinuances, price changes, ageing of inventory and introduction of competitive new products, to the extent each of these factors impact the Company’s business and markets. The Company considers all these factors and adjusts the inventory provision to reflect its actual experience on a periodic basis.

2.11 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

2.11.1 Initial recognition

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All

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FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, that are not at fair value through profit or loss, are added to the fair value on initial recognition.

2.11.2 Subsequent measurement

A). Non-derivative financial instruments

(i) Financial assets carried at amortised cost

A financial asset is subsequently measured at amortised cost if it is held within a business where the objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding

(ii) Financial assets at fair value through other comprehensive income

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business where the objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has made an irrevocable election for its investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model. Further, in cases where the Company has made an irrevocable election based on its business model, for its investments which are classified as equity instruments, the subsequent changes in fair value are recognized in other comprehensive income.

(iii) Financial assets at fair value through profit or loss

A financial asset which is not classified in any of the above categories are

subsequently fair valued through profit or loss.

(iv) Financial liabilities

Financial liabilities are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, using the effective interest rate method where the time value of money is significant. Interest bearing bank loans, overdrafts are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in the statement of profit and loss.

For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

Financial liabilities are subsequently carried at amortized cost using the effective interest method, For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

Effective interest method

The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts future cash receipts or payments through the expected life of the financial instrument, or where appropriate, a shorter period.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.

Off-setting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the standalone

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Notes Forming Part of the Financial Statement

balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

B). Derivative financial instruments

This category has derivative financial assets or liabilities which are not designated as hedges.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in the statement of profit and loss when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income / expenses. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the balance sheet date.

2.11.3 Impairment of Financial Assets

For trade receivables only, the Company applies the simplified approach permitted by Ind AS 109 Financial Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables.

2.11.4 Derecognition of Financial Assets

A financial asset is derecognised only when

The Company has transferred the rights to receive cash flows from the financial asset ; or
Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.

Where the entity has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognised. Where the entity has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.

Where the entity has neither transferred a financial asset nor retains substantially all

risks and rewards of ownership of the financial asset, the financial asset is derecognised if the Company has not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement in the financial asset

2.12 Fair value measurement

The Company measures financial instruments at fair value at each Balance Sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for asset or liability, or
In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non- financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

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FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to fair value measurement as a whole) at the end of each reporting period.

The Company has a team comprising of members of senior management that determines the policies and procedures for both recurring fair value measurement, such as derivative instruments and unquoted financial assets measured at fair value, and for nonrecurring measurement, such as assets held for distribution in discontinued operations.

External valuers are involved for valuation of significant assets, such as properties and unquoted investments and financial assets, and significant liabilities, such as contingent consideration. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained.

2.13 Investment Properties

Property that is held for long term rental yields or for capital appreciation or for both, and that is not occupied by the Company, is classified as investment property. Investment property is measured initially at its cost, including related transaction cost and where applicable, borrowing costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any

Investment properties are de-recognised either when they have been disposed off or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in Statement of Profit and Loss in the period of de-recognition.

2.14 Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing

of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.

2.15 Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

2.15.1 Company as a lessee

The Company’s lease asset classes primarily comprise of lease for land, buildings and vehicles. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

i) Right-of- use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right of-use assets in the nature of buildings are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the underlying asset. The right-of-use assets comprising of land is depreciated based on the lease term.

If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right-of-use assets are also subject to impairment.

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Notes Forming Part of the Financial Statement

ii) Lease Liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying assetIn calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.

2.15.2 Company as a Lessor

negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

2.16 Provisions

A provision is recognised when the Company has a present obligation (legal or constructive) as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

A) Warranty Provisions

Provision for assurance type warrantyrelated costs are recognised when the product is sold or service is provided to customer. Initial recognition is based on historical experience. The Company periodically reviews the adequacy of product warranties and adjust warranty percentage and warranty provisions for actual experience, if necessary. The timing of outflow is expected to be with in one to five years.

B) Decommissioning Liability

Decommissioning costs are provided at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the cost of the particular asset.

C) Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases, where there is a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements unless the probability of outflow of resources is remote. Provisions, contingent liabilities, contingent assets and commitments are reviewed at each Balance Sheet date.

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

2.17 Retirement and other employee benefits

A) Defined benefit Plan

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss.

C) Short-term Obligations

Liabilities for wages, salaries and bonus, including non-monetary benefits that are expected to be settled wholly within 3 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

D) Post-Employment Obligations

The Company operates the following postemployment schemes:

defined benefit plans for gratuity, and
defined contribution plans for provident fund.

2.18 Investment in Subsidiaries

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.

B) Defined Contribution Plan

The Company pays provident fund contributions to publicly administered provident funds as per local regulations. The Company has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

The investment in subsidiaries, associate and Joint venture are carried at cost as per Ind AS 27.

2.19 Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the management. The Management monitors the operating results of all strategic business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit and loss and is measured consistently with profit and loss in the financial statements.

2.20 Cash and cash equivalent

Cash and cash equivalents in the Balance Sheet comprise cash at banks and on hand and shortterm deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and which are subject to insignificant risk of changes in value.

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Notes Forming Part of the Financial Statement

2.21 Cash flow statement

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

2.22 Finance costs

Borrowing costs are recognised in the statement of profit and loss using the effective interest method. The associated cash flows are classified as financing activities in the statement of cash flows.

2.23 Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest INR as per the requirement of Schedule III, unless otherwise stated.

2.24 Earning Per share

A) Basic EPS

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders of the Company (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period.

B) Diluted EPS

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

2.25 Approval of Financial Statements

The financial statements were approved for issue by the board of directors on May 6, 2025.

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Standalone Financial Statement

(Hin Lakhs)	Property plant and equipment Intangible Assets	Particulars TOTAL Leasehold Property Freehold land Building Machinery Computer & Printers Furniture & Fixtures Vehicles Electric Vehicle Equipments Other Equipments Total Computer Software Total	Deemed cost- as on 1 304.52 5.21 699.01 196.55 83.41 70.65 197.25 - 67.21 1,623.80 52.56 52.56 1,676.37	April 2021	Additions - - - - - - - - - - - - -	Disposals - - - - - - - - - - - - -	At 31st March 2024 329.08 474.51 1,655.93 647.45 131.00 73.29 331.88 3.19 74.94 3,721.28 103.06 103.06 3,824.34	Additions - 2,629.43 588.16 1,571.36 26.14 22.96 197.27 - 86.17 5,121.49 - - 5,121.49	Disposals - - 1,017.01 - 4.31 - 25.00 - - 1,046.32 - - 1,046.32	As at 31st Mar 2025 329.08 3,103.94 1,227.09 2,218.81 152.84 96.25 504.15 3.19 161.11 7,796.45 103.06 103.06 7,899.51	Accumulated	Depreciation	As At 31 March 2024 10.97 - 267.91 155.88 104.53 64.71 152.09 1.96 66.63 824.68 60.85 60.85 885.53	For the year 65.82 - 23.39 322.12 23.12 6.74 74.63 0.28 31.10 547.20 17.24 17.24 564.44	Disposals - - - - -1.47 - -23.00 - - -24.47 - - -24.47	As At 31st Mar 2025 76.79 - 291.30 478.00 126.18 71.46 203.72 2.24 97.73 1,347.41 78.09 78.09 1,425.50	Net Carrying value as 252.29 3,103.94 935.78 1,740.81 26.66 24.79 300.43 0.96 63.38 6,449.04 24.97 24.97 6,474.01	at 31st Mar 2025	Net Carrying value as 318.11 474.51 1,388.01 491.58 26.47 8.57 179.79 1.24 8.32 2,896.60 42.21 42.21 2,938.81	at 31 March 2024	Capital Work in 275.00	Progress as at 31 st	March 2025	Capital Work in 1446.86	Progress as at 31 st	March 2024	During the year ended 31.03.2025, the company revalued its land and building based on fair market value determined by an independent valuer,M/s NEERAJ KAPOOR as on	31.03.2025 The valution was carried out using the market approach.	"This amount has been credited to the revaluation reserve under equity.

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Notes Forming Part of the Financial Statement

Note : 4 Investments

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Investments in subsidiaries (unquoted) (Carried at cost)
Rebreathe Medical Devices India Private Limited 14.25 14.25
(1,42,500 Equity Shares of Rs 10 each fully paid)
Techbec Industries Limited 6.35 6.35
(63,500 Equity Shares of Rs 10 each fully paid)
Techbec Green Global Private Limited 10.00 10.00
(1,00,000 Equity Shares of Rs 10 each fully paid)
Servotech EV Infra Private Limited 100.00 100.00
(10,00,000 Equity Shares of Rs 10 each fully paid)
Servotech Sports Private Limited 74.80 -
(7,48,000 Equity Shares of Rs 10 each fully paid)
Total Non-Current Investments in Shares 205.40 130.60
Other Investments
Investment In Properties 218.93 218.93
Total Non- Current Investments in Properties 218.93 218.93
Total Investments 424.33 349.53
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Investments are Unquoted , At Cost , Fully Paid up . Investments are measured at Cost as Per IND AS 27 "Separate Financial Statement" .

Note : 5 Deferred Tax Assets (Net)

The balance comprises temporary differences attributable to:

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Property, plant and equipment, capital work in progress and intangible assets 58.86 7.50
Leased Laibility (5.98) (5.07)
Employee benefits (29.88) (21.32)
MAT Credits - -
Interest/Loan Equilisation 1.03 1.80
OCI-Acturial Gain or Loss (10.52) 0.75
OCI -Revaluation of Assets 206.44
Total Deferred Tax Assets / Liabilities (Net) 219.95 (16.35)
Total Deferred Tax Assets / Liabilities (Net) 219.95 (16.35)
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Note : 6 Others Current/Non-Current Assets

Note : 6 Others Current/Non-Current Assets
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Non-current
SecurityDeposits	60.13	48.67
Retention and Performance Gurantee	1,422.11	1,190.00
Total other non-current assets	1,482.24	1,238.67

(i) There are no loan as at 31[st] March 2025 and 31[st] March 2024 which have significant increase in credit risk or which are credit impaired.

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FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

(ii) Loans are non-derivative financial instruments which generate a fixed & variable interest income for the company. The carrying value may be affected by the changes in the credit risk of the counter parties.

		(Hin Lakhs)
Current	As at March 31,2025	As at March 31,2024
Advance to suppliers,staff and Others	1,365.36	917.40
Prepaid Expenses	252.67	307.87
Advance Taxes/TDS/TCS/GST	3,294.35	828.91

Total other current assets	4,912.38	2,054.18
Total others current/ non-current assets	6,394.62	3,292.85

Note :7 Inventories

( valued at lower of cost and net realisable value)

Note :7 Inventories ( valued at lower of cost and net realisable value)
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Additional Information
(As taken,valued and certified bythe management)
Stock-in-Trade
Raw Materials	3,491.35	2,081.12
Work-in-Process	371.32	435.71
Finished Goods/TradingGoods	2,328.19	853.15
Total inventories	6,190.86	3,369.98

Note:

(a) During the year ended March 31, 2025 Rs 6190.86 lakhs ( March 31, 2024 Rs 3369.98 Lakhs) was recognised at cost or net realisable value whichever is lower
(b) Inventories are hypothecated with the banks against working capital limits and non fund facilities availed from lenders.

Note :8 Trade Receivable

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Secured, considered good - -
Unsecured, considered good 15,340.78 8,260.25
Doubtful 161.57 129.72
15,502.36 8,389.97
Total Receivable
The following are the contract balances:
Current portion 14,061.53 8,062.65
Non-Current portion 1,440.83 327.32
Total 15,502.36 8,389.97
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Notes Forming Part of the Financial Statement

Trade receivables are generally on terms of 15 to 90 days and are non interest bearring except in case of overdue payments.

( H in Lakhs)

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Outstanding for following periods from due date of payment (as at March 31, 2025)
Particulars Less than 6 months - More than
1-2 years 2-3 years Total
6 months 1 year 3 years
Undisputed Trade receivables – 12,174.70 1,855.54 1,135.73 117.34 57.48 15,340.79
considered good
Undisputed Trade Receivables – - - - - - -
which have significant increase in
credit risk
Undisputed Trade Receivables – -
credit impaired
Disputed Trade Receivables– - - - - -
considered good
Disputed Trade Receivables – which - 31.29 0.56 - 129.72 161.57
have significant increase in credit risk
Disputed Trade Receivables – - - - - -
credit impaired
Total 12,174.70 1,886.83 1,136.29 117.34 187.20 15,502.36
( H in Lakhs)
Outstanding for following periods from due date of payment (as at March 31, 2024)
Particulars Less than 6 months - More than
1-2 years 2-3 years Total
6 months 1 year 3 years
Undisputed Trade receivables – 7,208.33 854.32 136.82 60.51 0.27 8,260.25
considered good
Undisputed Trade Receivables – - - - - -
which have significant increase in
credit risk
Undisputed Trade Receivables – -
credit impaired
Disputed Trade Receivables– - - - - -
considered good
Disputed Trade Receivables – which - - 3.47 2.88 123.38 129.72
have significant increase in credit risk
Disputed Trade Receivables – - - - - - -
credit impaired
Total 7,208.33 854.32 140.29 63.39 123.65 8,389.97
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Note : 9 Cash and Cash Equivalents

Note : 9 Cash and Cash Equivalents
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Balances with banks
on current accounts	693.05	2,702.50
Cash on hand	42.46	35.46
Total Cash and Cash Equivalents	735.51	2,737.97

ANNUAL REPORT 2024-25

148

CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

Other Bank Balances

( H in Lakhs)

Particulars	As at March 31,2025	As at March 31,2024
Deposits	2,450.11	3,266.59
Total Other Bank Balances	2,450.11	3,266.59

Deposits are with Schdeule Banks including Interest Accrued on such Deposits .

**Fixed Deposits amounting to Rs 2102.70 Lacs are under lien with Punjab National bank, HDFC Bank & ICICI Bank as margin money against issuance of bank guarantees to various customers & collateral Security.

Note : 10 Equity share capital and Other Equity

Share Capital

Authorised Share Capital

( H in Lakhs)

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As at March 31,2025 As at March 31,2024
Particulars
No. of Shares Amount No. of Shares Amount
Authorised
Equity Shares of Rs.1/- each 50,00,00,000 5,000 25,00,00,000 2,500
(50,00,00,000 Equity shares of Rs. 1/- each)
Issued, Subscribed & paid-up Capital
Equity shares of Rs. 1/- each fully paid-up 22,46,45,348 2,246.45 21,69,04,290 2,169.04
(22,46,45,348 Equity shares of Rs. 1/- each)
Total 22,46,45,348 2,246.45 21,69,04,290 2,169.04
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A) Reconciliation of number of Ordinary Shares outstanding:

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( H in Lakhs)
As at March 31,2025 As at March 31,2024
Particulars
No. of Shares Amount No. of Shares Amount
As at beginning of the year 21,69,04,290 2,169.04 21,26,54,290 2,126.54
Issued during the year 77,41,058 77.41 42,50,000 42.50
As at end of the year 22,46,45,348 2,246.45 21,69,04,290 2,169.04
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Terms and rights attached to equity shares

The Company has only one class of equity shares having a par value of ` Rs 1/-. Each holder of equity shares is entitled to one vote per share and is entitled to dividend declared, if any. In the event of liquidation, the equity shareholders are entitled to receive remaining assets of the company after distribution of all preferential amounts in proportion of equity shares held by the shareholders.

Details of shareholders holding more than 5% shares in the Company

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( H in Lakhs)
As at March 31,2025 As at March 31,2024
Name of Shareholders Percentage Percentage
No. of Shares No. of Shares
holding holding
Mr. Raman Bhatia 6,75,52,102 30.07% 6,70,56,900 30.92%
M/s Raman Bhatia HUF 3,03,10,550 13.49% 3,11,10,550 14.34%
Ms. Sarika Bhatia 3,00,96,750 13.40% 3,00,96,750 13.88%
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149

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes Forming Part of the Financial Statement

Equity Shares held by promoters at the end of the year

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( H in Lakhs)
As at March 31,2025 As at March 31,2024
Name of Promoter % of Total % of Total
No. of Shares No. of shares
Shares Shares
Promoter
Mr. Raman Bhatia 6,75,52,102 30.07% 6,70,56,900 30.92%
Ms. Sarika Bhatia 3,00,96,750 13.40% 3,00,96,750 13.88%
Promoter Group
M/s Raman Bhatia HUF 3,03,10,550 13.49% 3,11,10,550 14.34%
Mr. Manohar Lal Bhatia 21,94,918 0.98% 25,03,750 1.15%
Mr. Vikas Bhatia 95,000 0.04% 1,00,000 0.05%
Ms. Sudesh Bhatia 18,750 0.01% 18,750 0.01%
Mr. Rishabh Bhatia 10,68,000 0.48% 10,68,000 0.49%
Ms. Meenu Bhatia 15,000 0.01% - 0.00%
Mr. Kanav Bhatia 11,18,000 0.50% 11,18,000 0.52%
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10.1 Other Equity

Other Equity
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Securitiespremium	10,221.10	3,856.71
Retained earnings	6,305.17	3,100.43
Share warrant	2,698.43	3,732.15
Revaluation Reserve	995.71	-
Total reserve and surplus	20,220.40	10,689.29

Securities Premium

( H in Lakhs)

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As at As at
Particulars
March 31,2025 March 31,2024
Opening balance 3,856.71 3,503.96
Received/Utilized during the Year 6,364.39 352.75
Closing balance 10,221.10 3,856.71
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Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Act.

Retained Earnings

( H in Lakhs)

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As at As at
Particulars
March 31,2025 March 31,2024
Opening balance 3,100.43 2,391.96
Net profit for the period 3,346.72 1,132.63
Less :-
Dividend Paid (111.45) (425.31)
INDAS - Adjustment - -
OCI Income/ Other Adjustment (30.53) 1.14
Closing balance 6,305.17 3,100.43
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ANNUAL REPORT 2024-25

150

CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

Share Warrant

( H in Lakhs)

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As at As at
Particulars
March 31,2025 March 31,2024
Opening balance 3,732.15 98.81
Addition 5,388.08 3,732.15
Conversion into Equity Share (6,421.80) (98.81)
Closing balance 2,698.43 3,732.15
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Distribution Made and Proposed

( H in Lakhs)

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As at As at
Particulars
March 31,2025 March 31,2024
Dividend on equity shares :
Final dividend during the 2023-24 0.05 per share of face of Rs 1 each 111.45 425.31
111.45 425.31
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Note:

During the year the Board of the Directors of the company has recommend the payment of final dividend of Re 0.05 per equity shares of face value of Rs 1 each , on 3[rd] June 2024. The Dividend was paid to those members whose name was appears in the register of members as on Record date 20[th] September 2024. Such final dividend was paid out of General Reserve.

Proposed Dividend

After Reporting Date, the Board Directors of Company has recommended a final dividend of Rs 0.05 per equity share for the financial year 2024-2025 (Rs 0.05 per share for the financial year 2023-2024)

The final dividend proposed by the Directors are subject to approval at the annual general meeting and has not been accounted as liability in these standalone financial Statements. The same will be recognised as a liability and deducted from shareholder's equity in the period in which the final dividends are approved by the equity shareholders in the general meeting.

Note : 11 Non-Current Borrowings

( H in Lakhs)

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As at As at
Particulars
March 31,2025 March 31,2024
Secured from banks
i) From Bank 1,356.75 1,310.22
ii) From Non Banking Companies - -
Unsecured Loans
i) From Bank - -
ii) From Non Banking Companies - -
Total Non current borrowings 1,356.75 1,310.22
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Secured borrowings and assets pledged as security

1) ICICI Bank had sanctioned Term loan of Rs. 600.00 Lacs on 01.12.2022, 360.50 Lacs on 13.04.2023, 185.30 Lacs on 26.04.2023, 154.20 Lacs on 14.06.2023 & 300 Lacs on 30.11.2023. Out of above Rs 600 Lacs against Property and 1000 Lacs towards Machineries. The said loan is repayable in upto 84 equal monthly installments.Outstanding balance as on 31.03.2025 was Rs. 1136.63 Lacs (Previous year 1363.25 Lacs) , Payable within one year Rs 227.29 Lacs (Previous year 227.29 Lacs) .
2) Punjab National Bank had Disbursed term loan of Rs. 325 Lacs on 20.05.2024 toward Machineries. The loan is repayable in 52 installments. Oustanding Balance as on 31.03.2025 Was Rs 260.56 Lacs ,Payable within one year Rs 75 Lakhs

151

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes Forming Part of the Financial Statement

3) Punjab National Bank had Disbursed term loan of Rs. 120.24 Lacs on 30.10.2024 toward Machineries. The loan is repayable in 30 installments. Oustanding Balance as on 31.03.2025 Was Rs 100.21 Lacs , Payable within one year Rs 46.15 Lakhs
4) Punjab National Bank had sanctioned working capital term loan of Rs. 247 Lacs on 18.07.2020 under GECL Scheme to meet operational liabilities and restart the business effected due to COVID-19. The loan is repayable in 36 installments after one year moratorium period. Loan has been fully repaid during the year (Previous year Balance Rs. 20.58 Lacs)
5) Punjab National Bank had sanctioned working capital term loan of Rs. 172.96 Lacs on 15.12.2021 under GECL Scheme to meet operational liabilities. The loan is repayable in 36 installments after 2 years moratorium period. Outstanding as on 31.03.2025 was Rs. 96.08 Lacs (Previous year Rs. 153.74 Lacs) payable within one year Rs. 57.65 Lacs (Previous year Rs. 57.65Lacs)
6) Various banks had sanctioned vehicle loans on different dates of Rs. 345.47 Lacs (Previous year Rs. 231.79 Lacs) secured against hypothecation of vehicles . The said loans are repayable upto 63 installments of different amounts and payable on different dates. Outstanding balance as on 31.03.2025 was Rs. 243.38 Lacs (Previous year Rs. 111.50.00 Lacs) , Payable within one year Rs. 74.03 Lacs (Previous year Rs. 33.33 Lacs) .

Current Borrowings

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Secured from banks
i) From Bank 5,675.50 5,625.84
ii) From Non Banking Companies - -
iii) Current Maturity of Long Term Debt 480.14 338.87
Unsecured Loans
i) From Bank - -
ii) From Non Banking Companies - -
iii) From Subsidiary Company - 806.33
Total Current borrowings 6,155.63 6,771.05
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*Punjab National Bank had renewed fund based limit of Cash Credit Rs 5552 Lacs & Term Loan Rs 448 Lacs (Previous year Rs 4600 Lacs towards Cash Credit and Term Loan of Rs 1000 Lacs) and non fund based limit of Rs.1500 Lacs (Previous year Rs 1500 Lacs) towards Bank Guarantee/Letter of Credit on 04.01.2025. These limit are secured against hypothecation of inventories, books debts, other current assets, fixed deposits, Plant and machineries and all other fixed assets of the company, besides equitable mortgage of properties of company and its directors. Current assets are having pari passu charge with HDFC Bank and ICICI Bank.

*HDFC Bank had renewed Fund Based Limit of Cash Credit Rs.3500 Lacs including WCDL of Rs. 1800 Lacs and Bank Guarantee of Rs 500 Lakhs being sublimit of Cash Credit facility(Previous year Cash Credit Limit of Rs 2000 Lacs Including WCDL of Rs 1800 Lacs being sublimit of Cash Credit facility) and Non Fund Based Limit of Rs 3500( Previous year Rs 2000 Lacs) towards Bank Guarantee/Letter of Credit on 24.10.2024. These limits are secured by exchange of Pari passu charge on current assets with ICICI Bank and Punjab National Bank

*ICICI Bank had renewed Fund Based Limit of Rs.2400 Lacs including WCDL of Rs. 1900, Letter of Credit Rs 400 Lacs and buyer credits of 400 Lacs being sublimit of Cash Credit (Previous Year Cash Credit Limit of Rs 1400 Lacs Inclding Working Capital Demand Loan of Rs 800 Lacs, Letter of Credit of Rs 200 Lacs and Buyer Credits of Rs 200 Lacs which is sublimit of Cash Credit), Non Fund Based Limit of Rs 2000 Lacs towards Bank Guarantee/Letter of Credit ( Previous Year Rs 1000 Lacs) and Rs 1283.40 ( Previous year Rs 1600 Lacs) towards Term Loan of on 18.09.2024. These limit are secured by Exchange of Pari passu charge on current assets with Punjab National Bank & HDFC Bank.

Note : 12 Other Non current liabilities

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Lease Liability 272.49 321.42
Total other Non current liabilities 272.49 321.42
Non-Current portion 215.28 272.48
Current portion 57.21 48.94
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ANNUAL REPORT 2024-25

152

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

Note : 13 Provisions

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Non Current
Provisions for Gratuity & Leave Encashment 112.64 55.92
Provision for Warranty 838.50 339.42
Total 951.13 395.35
Current
Provisions for Gratuity & Leave Encashment 47.86 32.12
Provision for Taxation 1,175.67 386.73
Others 225.35 125.12
Total 1,448.88 543.98
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Note : 14 Trade Payables

(carried at amortised cost)

( H in Lakhs)

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As at As at
Particulars
March 31,2025 March 31,2024
(a) Total outstanding dues of micro enterprises and small enterprises 0.00 186.01
(b) Total outstanding dues of creditors other than micro enterprises and 4,736.40 2,749.72
small enterprises
(c) Disputed (Others) - -
Total 4,736.40 2,935.73
Current portion 4,645.51 2,894.17
Non-Current portion 90.89 41.56
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Particulars	Outstanding for following periods from due date of payment (as at March 31, 2025)	Outstanding for following periods from due date of payment (as at March 31, 2025)	Outstanding for following periods from due date of payment (as at March 31, 2025)	Outstanding for following periods from due date of payment (as at March 31, 2025)	Outstanding for following periods from due date of payment (as at March 31, 2025)
	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
MSME	189.32				189.32
Others	4,456.19	49.82	35.88	5.19	4,547.08
Disputed Dues-MSME					-
Disputed Dues-Others					-
Total	4,645.51	49.82	35.88	5.19	4,736.40

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Outstanding for following periods from due date of payment
(as at March 31, 2024)
Particulars
Less than More than
1-2 years 2-3 years Total
1 year 3 years
MSME 186.01 - - - 186.01
Others 2,708.16 36.43 5.13 - 2,749.72
Disputed Dues-MSME - - - - -
Disputed Dues-Others - - - - -
Total 2,894.17 36.43 5.13 - 2,935.73
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(i) Trade payables are non interest bearing and are normally settled in 7 days to 45 days. For explanations on the Company's risk management process.

(ii) Trade payables are unsecured .

(iii) Disclosures required under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 no diclosure need due to nominal value of transaction during the year

153

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes Forming Part of the Financial Statement

Note : 15 Other Current liabilities

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Advance From Customer 411.74 96.53
Share Application Pending for refund 0.33 -
Expenses Payable 211.47 142.10
Contract Laibility Against Sales 176.37 392.98
Other Current liabilities 4.22 1.20
Statutory Liabilities Payable 34.58 40.02
Current Maturity of Lease Liabilities 57.21 48.94
Total other current liabilities 895.92 721.76
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Note : 16 Revenue From Operations

Note : 16 Revenue From Operations
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
(A) Manufactured & Trading Sales
Domestic	58,547.40	28,327.68
Export Sale	2,432.00	3,457.14
(B) Sale of Services	1,765.73	1,051.81
Less : Goods and Service tax	(4,014.71)	(2,266.57)
Netgain/ (loss)on settlement of commodityforward/Future contract
Total Revenue from operations	58,730.41	30,570.06

Performance obligation

The performance obligation for sale of products and scrap are satisfied upon delivery/dispatch of goods depending upon terms with customers and payment is generally due within 15 to 90 days from delivery. Some contracts provide customers with a right of return, volume discount, rebates and other promotion incentive schemes, which gives rise to variable consideration subject to constraint. The contracts do not have a significant financing component. The company offers standard warranty on selected products. The company makes provisions for same as per principles laid down under Ind AS-37. The performance obligation for the product repair services is satisfied over the period of time and payment is generally due upon completion of service and acceptance of the customer. There are no unsatisfied or partially satisfied performance obligation as at March 31, 2025 and March 31, 2024. During the year ended March 31, 2025, revenue recognised from amount included in contract liability at the beginning of the year.

Note : 17 Other Income

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Interest Income & Others Non-operating income
Duty Draw Back Recevable (Income) - -
Interest received 124.01 63.90
Miscellaneous Income 0.89 3.55
Other Income
Rebate & discount 8.06 0.35
Rent Received 46.31 20.00
Clear ass.disp. - -
Gain asset transactn 1.26 6.02
Gain on Sale of Shares - 57.15
Total Other income 180.53 150.98
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ANNUAL REPORT 2024-25

154

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

Note : 18 Cost of Material Consumed

Note : 18 Cost of Material Consumed
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Opening Stock	2,081.12	704.47
Add : Purchases	50,074.04	27,085.08
	52,155.16	27,789.54
Less : Taxes & Others	-	-
Less : Closing Stock	3,491.35	2,081.12
Total Cost of Material Consumed	48,663.81	25,708.42

Note : 19 Changes in Inventories

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Closing Balance
Traded goods 2,328.19 853.15
WIP 371.32 435.71
Total Closing balance 2,699.51 1,288.86
Opening Balance
Traded goods 853.15 638.50
WIP 435.71 114.94
Total Opening Balance 1,288.86 753.44
Total changes in inventories of stock-in-trade (1,410.65) (535.42)
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Note : 20 Employee Benefit Expense

Note : 20 Employee Benefit Expense
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Salaries,wages and bonus	1,342.64	1,157.00
Director Remuneration	224.00	154.95
Gratuity& Leave Encashment	37.66	20.43
Staff welfare expenses	31.18	17.06
Total employee benefit expense	1,635.48	1,349.44

Notes:

(i) The code of Ssocial Security, 2020 (Code) relating to employee benefits during employment and post- eemployment benefits received Presidential assent in September 2020. The Code has been published in the Gezette of India. However, the date on which the Code will come into effect vhas not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code whn it comes into effect and will record any related impact in the period the code becomes effectvive.

Note : 21 Finance cost

Note : 21 Finance cost
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Interest and finance charges	683.13	294.39
Bank Charges and Other Interest Charges	86.71	30.62
Total Finance costs expense	769.84	325.01

Note: The amount capitalised represents finance cost on specific borrowings relating to advances given against building.

155

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes Forming Part of the Financial Statement

Note : 22 Depreciation and Amortisation Expense

Note : 22 Depreciation and Amortisation Expense
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Depreciation ofproperty, plant and equipment & Impairment	564.44	298.21
Total depreciation and amortisation expense	564.44	298.21

Note : 23 Other expenses

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Operational Expenses
Freight , forwarding & others 51.85 35.15
Job Work Charges 4.80 4.37
Power & Fuel 46.28 29.04
102.92 68.55
Administrative Expenses
Printing and stationery 5.62 4.74
Postage, telegram and telephone expenses 17.21 12.80
Computer and IT Expenses 10.04 8.03
Office Maintenance Expenses 40.66 25.41
Travelling and conveyance 340.85 184.92
Installation & Comissioning Charges 275.89 503.71
Legal and professional and consultancy charges 186.88 106.69
Fees and subscription 46.23 13.96
Insurance expenses 12.13 9.31
Repairs and maintenance 4.33 9.49
Vehicle maintenance 5.00 4.83
General expenses 56.86 39.78
Foreign Currency Fluctation 76.88 (2.79)
Audit Fees 8.00 6.25
Bad Debts 113.82 83.26
CSR Expense 46.34 -
Research & Development Expenses 559.38 41.72
Software Expense 97.56 105.64
1,903.69 1,157.76
Selling & Distribution Expenses
Freight & labour charges 675.41 174.86
Commission paid 0.27 5.62
Liquidation damage - 2.97
Tender Fees 78.76 47.22
Business promotion 370.31 101.96
Advertisement 344.66 30.61
Discount on sale 29.68 44.94
Warranty expenses 653.64 387.90
2,152.73 796.07
Total other expenses 4,159.33 2,022.38
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ANNUAL REPORT 2024-25

156

CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

Note -24 Fair value measurements

Note -24.1 Financial instrument by category & Fair value hierarchy

( H in Lakhs)

Particulars	FVPL/			31st March 2025	31st March 2025
	FVOCI/	Level 1		Level 2		Level 3
	Amortised cost	Carrying cost	fair value	Carrying cost	fair value	Carrying cost	fair value
Financial assets
Investment	Amortised cost	-	-	-	-	205.40	205.40
Trade receivables	Amortised cost	-	-	-	-	15,502.36	15,502.36
Cash and cash equivalents	Amortised cost	-	-	-	-	735.51	735.51
Other Bank Balances	Amortised cost	-	-	-	-	2,450.11	2,450.11
Total financial assets		-	-	-	-	18,893.38	18,893.38
Financial liability
Borrowings	Amortised cost					7,512.39	7,512.39
Trade and otherpayables	Amortised cost					4,736.40	4,736.40
Total financial liability		-		-		12,248.78	12,248.78

( H in Lakhs)

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FVPL/ 31 [st] March 2024
FVOCI/ Level 1 Level 2 Level 3
Particulars
Carrying Carrying Carrying
Amortised cost fair value fair value fair value
cost cost cost
Financial assets
Investment Amortised cost - - - - 130.60 130.60
Trade receivables Amortised cost - - - - 8,389.97 8,389.97
Cash and cash Amortised cost - - - - 2,737.97 2,737.97
equivalents
Other Bank Balances Amortised cost - - - - 3,266.59 3,266.59
Total financial assets - - - - 14,525.13 14,525.13
Financial liability
Borrowings Amortised cost 8,081.27 8,081.27
Trade and other payables Amortised cost 2,935.73 2,935.73
Total financial liability - - 11,017.00 11,017.00
----- End of picture text -----

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes mutual funds that have quoted price and are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level3.

Note 24.2 Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

the use of quoted market prices

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes Forming Part of the Financial Statement

Note 24.3 Fair value of financial assets and liabilities measured at amortised cost

The carrying amounts of financial assets comprising trade receivables, cash and cash equivalents, fixed deposits with banks, security and other deposits and carrying value of financial liabilities comprising borrowings and trade paybles and other payables are considered to be the same as their fair values, due to their short-term nature and covered under level 3 category.

Note 25 Financial risk management

The Company’s activities expose it to market risk, liquidity risk and credit risk. In order to minimise any adverse effects on the financial performance, derivative financial instruments, such as foreign exchange forward contracts and commodity forward contracts, are entered to hedge certain foreign currency risk exposures and commodity price risk exposures.

This note explains the sources of risk which the Company is exposed to and how such risk were managed.

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Risk Exposure arising from Measurement Management
----- End of picture text -----

Risk	Exposure arising from	Measurement	Management
Credit risk	Cash and cash equivalents, trade receivables, financial assets measured at amortised cost.	Aginganalysis	Diversification of bank deposits, credit limits and letters of credit
		Credit ratings
Liquidity risk	Borrowings and other liabilities	Rolling cash flow forecasts	Availability of committed credit lines and borrowingfacilities
Market risk — foreign exchange	Future commercial transactions	Cash flow forecasting Sensitivityanalysis	Forward foreign exchange contracts
	Recognised financial assets and liabilities not denominated in Indian rupee
Market risk — commodity price	Future commercial transactions	Cash flow forecasting Sensitivityanalysis	Forward commodity contracts

The Company’s risk management is carried out by a central treasury department under policies approved by the board of directors. The Company treasury identifies, evaluates and hedges financial risks in close co-operation with the Company’s operating units. The board provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, commodity price risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

Note 25.1 Credit risk management

The risk of financial loss due to counterparty’s failure to honour its obligations arises principally in relation to transactions where the Company provides goods on deferred terms.

The Company’s policies are aimed at minimising such losses, and require that deferred terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored with customers subject to credit limits to ensure that the Company’s exposure to bad debts is not significant. The maximum exposure to credit risk regarding financial assets is the carrying amount as disclosed in the balance sheet. With respect to credit risk arising from all other financial assets of the Company, the Company’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the corresponding carrying amount of these instruments.

On account of the adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into account available external and internal credit risk factors such as historical experience for customers. The Company’s receivable are high quality with negligible credit risk and the counter-party has strong capacity to meet the obligations and where the risk of default is negligible or nil. Accordingly, no provision for expected credit loss is recognised.

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

The following table provides information about the exposure to credit risk for trade receivables from individual customers.

31[st] March 2025

(Unsecured, considered good unless otherwise specified)

( H in Lakhs)

Particulars	Less than 6 months	6 months - 1 year	1-2 years	2-3 years	More than 3 years	Total
Undisputed Trade receivables – consideredgood	12,174.70	1,855.54	1,135.73	117.34	57.48	15,340.79
Undisputed Trade Receivables – which have significant increase in credit risk	-	-	-	-	-	-
Undisputed Trade Receivables – credit impaired						-
Disputed Trade Receivables– consideredgood	-	-	-	-		-
Disputed Trade Receivables – which have significant increase in credit risk	-					-
Disputed Trade Receivables – credit impaired	-	31.29	0.56	-	129.72	161.57
Total	12,174.70	1,886.83	1,136.29	117.34	187.20	15,502.36

31[st] March 2024

(Unsecured, considered good unless otherwise specified)

( H in Lakhs)

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Less than 6 months - More than
Particulars 1-2 years 2-3 years Total
6 months 1 year 3 years
i) Undisputed Trade Receivables 7,208.33 854.32 136.82 60.51 0.27 8,260.25
- Considered good
ii) Undisputed Trade Receivables - - - - -
- Considered doubtful
iii) Disputed Trade Receivables - - - - -
-Considered good
iv) Disputed Trade Receivables - - 3.47 2.88 123.38 129.72
-Considered doubtful
Total 7,208.33 854.32 140.29 63.39 123.65 8,389.97
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Note 25.2 Liquidity risk management

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Company’s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows. In addition, the Company’s liquidity management policy involves monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes Forming Part of the Financial Statement

The Company had access to the following undrawn borrowing facilities at the end of the reporting period:

		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Working capital – fund based	13,183.40	12,600.00
Working capital – Non fund based	7,000.00	4,500.00
Total borrowing facilities	20,183.40	17,100.00

Maturities of financial liabilities

The tables below analyse the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for:

all non-derivative financial liabilities, and
net settled derivative financial instruments for which the contractual maturities are essential for an understanding of the timing of the cash flows.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12months equal their carrying balances as the impact of discounting is not significant.

As at 31[st] March 2025

( H in Lakhs)

Particulars	Less than 12 months	More than 12 months
Non- derivative
Borrowings	6,155.63	1,356.75
Tradepayable	4,645.51	90.89
Total non-derivative liabilities	10,801.14	1,447.64

As at 31[st] March 2024

As at 31st March 2024
		(Hin Lakhs)
Particulars	Less than 12 months	More than 12 months
Non- derivative
Borrowings	6,771.05	1,310.22
Tradepayable	2,894.17	41.56
Total non-derivative liabilities	9,665.22	1,351.78

Note 25.3 Market risk management

Interest rate risk

The Company’s main interest rate risk arises from borrowings with variable rates, which expose the Company to cash flow interest rate risk. During 31 March 2025 and 31 March 2024, the Company’s borrowings at variable rate were mainly denominated in INR.

The Company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

The long term variable interest rate borrowings are not significant and accordingly, no such sensitivity for interest rate cash flow has been disclosed.

Price risk

The Company’s significant exposure for price risk is relating to commodity forward contracts. However, no open commodity forward contract is outstanding as on the reporting date and accordingly, doesn’t have related price risk.

ANNUAL REPORT 2024-25

160

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

Note 26 Capital management

Note 26.1 Risk management

The Company’s objectives when managing capital are to

safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and
Maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company issue new shares. Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio: Net debt (total borrowings net of cash and cash equivalents) divided by Total 'equity' (as shown in the balance sheet.

The gearing ratios were as follows:

cash equivalents) divided by Total 'equity' (as shown in the balance sheet. The gearing ratios were as follows:
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Net debt	7512.39	8081.27
Total equity	22466.86	12858.33
Net debt to equity ratio	0.33	0.63

Note 26.2 Loan covenants

The Company has complied with all loan covenants required under borrowing facilities.

Note 27 Related party transactions

Note 27.1 Controlling shareholders

Mr. Raman Bhatia

M/s Raman Bhatia HUF

Ms. Sarika Bhatia

Note 27.2 Fellow Subsidiaries

Rebreathe Medical Devices India Private Limited

Techbec Industries Limited

Techbec Green Energy Private Limited

Servotech EV Infra Private Limited

Servotech sports and entertainment Pvt ltd

Servotech Siliguri strikers Private Limited

Associate Company

NIL

Note 27.3 Key management personnel and their relatives

A number of key management personnel, or their related parties, hold positions in other entities that result in them having control or significant influence over those entities. A number of these personnel transacted with the Company during the reporting period. The terms and conditions of the transactions with key management personnel and their related parties were no more favourable than those available, or those which might reasonably be expected to be available, in respect of similar transactions with non-key management personnel related entities on an arm’s length basis.

Name of key management personnel, their relatives and entities over which they have control or significant influence with whom transaction were entered during the year or balance was outstanding at the balance sheet date are as follows:

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes Forming Part of the Financial Statement

Key management personnel and relatives:

Mr. Raman Bhatia

Ms. Sarika Bhatia Mr.Vikas Bhatia

Ms. Rupinder Kaur

Note 27.4 Transaction with related parties

The details of the related-party transactions entered into by the Company for the years ended 31[st] March 2025 and 31[st] March 2024 are as follows:

RELATED PARTIES TRANSACTIONS

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( H in Lakhs)
Name of Related Party Relationship Nature of Transaction Opening Debit Credit Balance
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Name of Related Party	Relationship	Nature of Transaction	Opening	Debit	Credit	Balance
Raman Bhatia	Managing Director	Remuneration	10.00	110.00	110.00	10.00
		Tour Advance	7.42	42.67	47.89	2.19
		Other Advances Paid	-	-	-	-
		Sales(incl. Taxes)	1.46	3.62	2.98	2.09
Sarika Bhatia	Whole Time Director	Remuneration	10.00	110.00	110.00	10.00
		Tour Advance	0.28	20.63	20.91	-
		Other Advances Paid				-
Rajesh Mohan Rai	Director	SittingFees		0.40	0.40	-
		Remuneration	1.80	3.61	5.41	-
Vikas Bhatia	Chief Financial Officer	Salary	-	16.91	16.91	-
		Sales(incl. Taxes)	-	0.14	0.14	-
		Tour Advance	-	-	-	-
		Other Advances Paid	-	-	-	-
		Imprest	0.68	114.94	115.13	0.49
Rupinder Kaur	Company Secretary	Salary	0.60	11.79	11.69	0.70
Techbec Industries Limited	Subsidiary	Investment	6.35	-	-	6.35
		Sales(incl. Taxes)	-	-	6.23	-6.23
Techbec Green Energy Pvt. Ltd.	Subsidiary	Investment	10.00	0.00	0.00	10.00
Service Solutions	Entity in which director(s) or their relatives are interested	Sales(incl. Taxes)	1.71	88.21	89.14	0.78
		Purchases(incl. Taxes)	1.65	522.33	418.79	105.19
Bhatia Electronics	Entity in which director(s) or their relatives are interested	Sales(incl. Taxes)	671.08	1,114.88	742.84	1,043.12
		Purchases(incl. Taxes)	-325.14	346.59	312.72	(291.27)
Bhatia Electronics Products Pvt Ltd	Entity in which director(s) or their relatives are interested	Sales(incl. Taxes)	-	11.51	4.58	6.93
		Purchases(incl. Taxes)	-	259.24	111.83	147.41
Bab Louie India LLP	Entity in which director(s) or their relatives are interested	Sales(incl. Taxes)	0.07	0.01	-	0.08
Rebreathe Medical Devices India Private Limited	Subsidiary	Investment	14.25	-	-	14.25
		Purchases(incl. Taxes)	0.10	-	0.10	-
		Sales(incl. Taxes)	-	711.39	790.40	(79.01)

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

( H in Lakhs)

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Name of Related Party Relationship Nature of Transaction Opening Debit Credit Balance
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Servotech Ev Infra Pvt. Ltd	Subsidiary	Investment	100.00	-	-	100.00
		Loan & Borrowing	-806.33	1,448.53	642.19	-
		Purchases(incl. Taxes)				-
		Sales(incl. Taxes)		161.28	94.63	66.64
Servotech Sports & Entertainment	Subsidiary	Purchases(incl. Taxes)	-	341.54	422.39	(80.85)
		Sales(incl. Taxes)	-	493.48	493.48	-
		Investment	-	74.80	-	74.80

Note 28 Segment information

Description of segments and principal activities

The Company’s operations primarily comprise of Dealing in Commodities, Commodity Derivatives broadly falling in one segment as such there is no other reportable business segment as specified by Ind AS 109 issued by The Institute of Chartered Accountants of India.

The Geographical Segments considered for disclosure are Sales within India Sales outside India

Geographical Segment (based on Location of Customers)

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( H in Lakhs)
2024-25 2023-24
Particulars
in Lacs in Lacs
Segment Assets
- within India 38,446.80 25,808.90
- outside India - -
38,446.80 25,808.90
Segment Revenue
- within India 56,478.94 27,263.90
- outside India 2,432.00 3,457.14
58,910.94 30,721.04
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Note 29 Earnings per share

The calculations of profit attributable to equity shareholders and weighted average number of equity shares outstanding for purposes of basic earnings per share as well as diluted earnings per share calculation are as follows:

(Amount in lacs)

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As at As at
Particulars
March 31,2025 March 31,2024
Profit (loss) attributable to equity shareholders 3,346.72 1,132.63
Paid-Up Equity Share Capital ( Face Value of Share Rs.1/-) 2,246.45 2,169.04
Basic earnings per share 1.49 0.52
Diluted Earning Per Share 1.48 0.53
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Note 30 Contingent liabilities

		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Claims against the Company not acknowledged as debts	137.89	63.39
OutstandingLetter of Credit	243.83	-
Guarantees
Guarantees issued bybanks on behalf of the Company	7509.69	3,643.89
Total contingent liabilities	7,891.41	3,707.28

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Notes Forming Part of the Financial Statement

Note 31 Commitments

Note 31.1 Contractual commitments

Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:

	(Hin Lakhs)
Particulars	As at March 31,2025 As at March 31,2024
Property, plant and equipment	-
Total commitments	-

Note 31.2 Non-cancellable operating leases

The operating leases entered by the Company are cancellable on serving a notice of one to three months and accordingly, there are no non-cancellable operating leases required commitments for operating lease payments.

Note 32 Assets pledged as security

The carrying amounts of assets pledged as security for current and non-current borrowings are as follows:

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Current
Financial assets
- Cash & cash equivalents 2,102.70 1,106.27
Non-financial assets
- Inventories 6190.86 3369.98
Total current assets pledged as security 8,293.56 4,476.25
Non-current
Non-financial assets
Property, plant and equipment 2,285.60 1,295.49
Capital WIP ( Machinery) 1,446.86
Total non-current assets pledged as security 2,285.60 2,742.35
Total assets pledged as security 10,579.16 7,218.60
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Note 33 Other Matters

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
CIF Value of Imports
Raw Material 11784.71 7,072.17
FOB Value of Exports 2,432.00 3,457.14
Expenditure in Foreign Currencies
Raw Materials 11,257.86 5,034.33
Tour Advance & Advance Against Raw Material/Software License 52.91 9.77
Asset 17.16 1,132.56
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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Standalone Financial Statement

Notes Forming Part of the Financial Statement

Other Matters :-

(a) The VAT Department of Government of Haryana at Kundli had assessed the Sales Turnover of the company up to 30.06.2017 and created the demand of Rs.8.81 Lacs (Including Interest) for short submission of statutory forms on 12[th] March 2021. The Company paid the amount of Rs 2.28 lacs on 29[th] June,2020. Hence net demand of Rs 6.52 Lacs is payable as on balance sheet date. The company had charged the said amount to profit & loss account and reduce the advance payment Rs. 40.92 Lacs from the said Government Department .
(b) The income tax department has created demand of Rs 252.12 Lacs for the A.Y. 2017-18 on 26[th] of December 2019. The company had filed an appeal before Commissioner of Income Tax, New Delhi on 21[st] January 2020 and deposited Rs. 2.50 Lac against the same. The appeal is pending.
(c ) The income tax department has created demand of Rs 143.36 Lacs for the A.Y. 2016-17 on 28[th] March 2022. The company had filed an appeal before Commissioner of Income Tax, New Delhi on 19[th] of April 2022. The appeal is pending.
(d) In the opinion of the Board, the current assets, loans and advances have a value on realization in the ordinary course of business, at least equal to the aggregate amount as shown in the Balance Sheet
( e ) The company had received Rs.411.74 Lacs from different customers against supply / to be supply of goods has been shown as advance from customers in books of accounts, will be adjusted against their outstanding after reconciliation of their accounts.
(f) The outstanding balances of sundry debtors ,creditors & securities are as per the books of accounts of the Company which are subject to confirmations and reconciliation, if any.
(g) Previous year figures have been regrouped/rearranged wherever found necessary.
(h) Note 1 to 33 are forming part of Balance Sheet, Profit & Loss & Cash Flow Statement and have been authenticated by the directors.

Events occurring after the reporting period

There have been no material events other than disclosed in the financial statements after reporting date which would require disclosure or adjustments to the financial statements as of and for the year ended 31[st] March 2025

Significant accounting policies 1&2

Notes on Financial Statements

The accompanying notes are an integral part of the financial statements.

As per our report of even date

For Rohit KC Jain & Co. For and on behalf of the Board of Directors of Chartered Accountants Servotech Renewable Power System Limited FRN: 020422N ( Formerly known as Servotech Power Systems Limited) Raman Bhatia (Managing Director) DIN-00153827 CA Rohit Jain Rupinder Kaur Partner (Company Secretary ) MN. 099444 M.No.- A38697 UDIN: 25099444BMMLTN9696

Sarika Bhatia (Whole-time Director) DIN-00155602

Vikas Bhatia (Chief Financial Officer) PAN- AJNPB0303P

Place: Delhi Date: 06-05-2025

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Independent Auditor’s Report

To

The Members of

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

Report on the Audit of the Consolidated Financial Statements Opinion

We have audited the accompanying Consolidated financial statements of Servotech Renewable Power System Limited (“the Company”), its Subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”) which comprises the consolidated Balance Sheet as at 31[st] March 2025, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the consolidated Statement of Change in Equity and the Consolidated Statement of Cash Flows for the year ended on that date, and Notes to the Consolidated financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “Consolidated financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, of their consolidated state of affairs of the Company as at March 31, 2025, the consolidated Profit, consolidated total comprehensive Income, consolidated changes in equity and its consolidated cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our report.

S Key Audit Matter No

i) Revenue from sale of products (as described in note 16 of the consolidated financial statements)
The Holding Company’s revenue principally comprises sale of goods. The revenue from sale of goods is recognised in accordance with the accounting principles prescribed under Ind AS 115, “Revenue from contracts with customers” and is measured at the transaction price net of trade discounts and volume rebates as per trade schemes, refund liabilities and taxes or duties collected on behalf of government authorities and is recognised at a point in time when the entity satisfies the performance obligation by transferring control of promised goods to customers.

Key Audit Matter

Our audit procedures among others, included the following:

Understanding and evaluating the design and testing the operating effectiveness of Holding Company’s controls around revenue recognition including accounting for trade discounts and volume rebates.
Assessing the Holding Company’s accounting policy for revenue recognition including the policy for recording trade discounts and volume rebates in accordance with Ind AS 115 “Revenue from Contracts with Customers”.
Selecting samples of revenue transactions during the year and inspecting underlying documents which included invoices, shipping documents/ customers’ acceptance, as applicable, to determine that the revenue is recognised in accordance with the agreed terms.

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CORPORATE OVERVIEW

STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

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S
Key Audit Matter Key Audit Matter
No
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The control in respect of sale of goods is generally	Testing selected samples of revenue transactions
transferred when the products are delivered	recorded before and after the financial year end date
to customers in accordance with the terms of	to determine whether the revenue has been recognised
contract with customers.	in accordance with agreed terms, in the appropriate
	financial period.
	Testing on a sample basis the calculation of the
	provisions for trade discounts and volume rebates at
	year end with approved trade schemes and underlying
	sales data, including testing of completeness and
	arithmetical accuracy of the data used by the Holding
	Company’s Management.
	Testing on a sample basis credit notes issued to
	customers/ payments made for incentives as per the
	approved trade schemes.
	Based on the above procedures performed, we did not
	identify any material exceptions in revenue recognition
	of sale ofgoods.

Information Other than the Consolidated Financial Statements and Auditor’s Report Thereon

The Holding Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Directors’ report, Management Discussion and Analysis, Report on Corporate Governance and Business Responsibility and Sustainability Report but does not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The Holding Company’s Board of Directors is responsible for preparation and presentations of these Consolidated financial statements in terms of the requirements of the Companies Act,2013 that give a true and fair view of the

consolidated financial position, consolidated financial performance (including Other Comprehensive Income), consolidated changes in equity and consolidated cash flows of the Group in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act, read with rule 3 of companies (Indian Accounting Standards) Rules 2015 and Companies (Indian Accounting Standards) amendment Rules, 2016. These respective Board of Directors of the Companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated Ind AS financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose for preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

167

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The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit of the Consolidated Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Others Matters

We did not audit the financial statements of three subsidiaries whose financial statements reflect total assets of Rs.2765.41 lakhs and net assets of Rs. 2403.91 lakhs

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CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Consolidated Financial Statements

as at March 31, 2025, total revenues of Rs. 9992.21 lakhs, total comprehensive income (comprising of profit and other comprehensive income) of Rs.-20.24 lakhs for the year ended on that date, as considered in the consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management, and our opinion on the consolidated financial statements insofar as it relates to the amounts and disclosures included in respect of these subsidiaries and our report in terms of Section 143(3) of the Act including report on Other Information insofar as it relates to the aforesaid subsidiaries is based solely on the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the “Annexure B”, a statement on the matter specified in paragraph 3(xxi) of the Order.
2) As required by Section 143(3) of the Act, we report, to the extent applicable, that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors.
(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including other comprehensive income), the consolidated changes in Equity and the Consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.
(d) In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors of the Holding Company as on 31[st] March, 2025 taken on record

by the Board of Directors of the Holding Company and the reports of the statutory auditors of its subsidiary companies, incorporated in India, none of the directors of the Group companies is disqualified as on 31[st] March, 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of internal financial controls over financial reporting of the Group and the operating effectiveness of such controls, refer to our separate report in Annexure A.
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
- i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group, to the consolidated financial statements.
- ii. Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts; and
- iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company and its subsidiary companies incorporated in India.
3) The Group have paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

For M/S. Rohit KC Jain & CO, CHARTERED ACCOUNTANTS (FRN: 020422N)

ROHIT JAIN (PARTNER) Place: New Delhi M. No. 099444 Dated: 06[th] May, 2025 UDIN: 25099444BMMLTO3531

169

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Annexure A to the Independent Auditors Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of SERVOTECH RENEWABLE POWER SYSTEM LIMITED of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

In conjunction with our audit of the Consolidated Financial Statements of SERVOTECH RENEWABLE POWER SYSTEM LIMITED (“the Holding Company”) as of and for the year ended 31 March 2025, we have audited the internal financial controls over financial reporting of the Holding Company, its subsidiary companies which are companies incorporated in India as of that date.

Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of Holding Company, its subsidiary companies, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their

operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

a) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
b) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and
c) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Group has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2024, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Other matters

Our aforesaid Report under Section 143(3)(i) of the act on adequacy and operating effectiveness of the internal financial controls over financial reporting in so far as relates to consolidated/standalone financial statements of subsidiaries, is based on financial statements as certified by the management.

For M/S. Rohit KC Jain & CO, CHARTERED ACCOUNTANTS (FRN: 020422N)

ROHIT JAIN (PARTNER) Place: New Delhi M. No. 099444 Dated: 06[th] May, 2025 UDIN: 25099444BMMLTO3531

171

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Annexure B to the Independent Auditors’ Report

To the best of our information and according to explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

i In respect of the Company’s Property, Plant & Equipment and Intangible Assets:
a) (A) The company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment and relevant details of right-of -use assets.
- (B) The Company has maintained proper records showing full particulars of intangible assets.
b) As explained to us, Property, Plant and Equipment and right-of -use assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us and based on the examination of the registered sale deed / transfer deed / conveyance deed (state any other relevant document which evidences title) provided to us, we report that, the title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.
d) As explained to us, revaluation has been done by the company of its property, plant and equipment (including the right of use assets) or intangible assets or both during the year and revaluation is based on the valuation by registered valuer.
e) Change in values upon revaluation, specify the amount of change is exceeds 10% or more in the aggregate of the net carrying value of each class of property plant and equipment or intangible details of revaluation valuation as follows.

Revaluation of properties

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Value in Cr.
Carrying Fair Fair Which method follow
Percentage
Particulars of assets value of value of value for determination of
of change
assets assets gain fair value
Commercial unit bearing no.707,7 [th] 2.68 3.68 1.00 Market value 37.31
floor,situated in the commercial block,
Jakson crown heights
Commercial unit bearing no.808,8 [th] 3.17 4.97 1.80 Market value 56.79
floor, situated in the commercial block,
‘’Jakson crown heights’
Commercial unit bearing no.806,8 [th] 2.77 3.94 1.17 Market value 42.35
floor, situated in the commercial block,
Jakson crown heights’
Commercial unit bearing no.810,8 [th] 2.49 3.43 0.94 Market value 37.84
floor, situated in the commercial block,
‘’Jakson crown heights’
Commercial unit bearing no.807,8 [th] 2.43 3.71 1.28 Market value 52.52
situated in the commercial block
"jakson crown heights
Insutrial property bearing khewat no.- 7.53 13.36 5.83 Market value 77.39
14/16/1/2 (0-3), 6/2/3 (5-13) Revenue
estate village - safiabad, pana
papshian, teshil-rai,sonepat haryana
Total 21.07 33.09 12.02
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Consolidated Financial Statements

f) The Company has assessed that the market value is same as previous year during the year.
g) There are no proceedings which have been initiated or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) (as amended in 2016) and rules made thereunder. Accordingly, the provisions of clause 3(i)(e) of the Order are not applicable.
ii. a) The physical verification of inventory (excluding goods-in-transit and stocks with third parties) has been conducted at reasonable intervals by the Management during the year and, in our opinion, the coverage and procedure of such verification by Management is appropriate. In respect of inventory lying with third parties, these have substantially been confirmed by them. The discrepancies noticed on physical verification of inventory as compared to book records were not 10% or more in aggregate for each class of inventory.
b) During the year, the Company has been sanctioned working capital limits is 114.52 CR from banks on the basis of security of current assets. The Company has filed quarterly returns or statements with such banks, which are in agreement with the books of account.
iii. In our opinion and according to the information and explanations given to us, the Company has not made investments in/, provided any guarantee/ security/ granted loans/ advances in the nature of loans, secured or unsecured, to companies/, firms/, Limited
- Liability Partnerships/ other parties, Accordingly, the provisions of clause 3(iii)(a) - (f) of the Order are not applicable.
iv. In our opinion and according to information and explanation given to us, the company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made and guarantees, and securities provided, as applicable.
v. The Company has not accepted any deposits or amounts which are deemed to be deposits referred in Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified.
vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
vii. In respect of Statutory Dues:
- (a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.
(b) According to the information and explanations given to us, there are no statutory dues referred to in subclause (a) that have not been deposited with the appropriate authorities on account of any dispute except for the following cases:

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Nature of Period to which the Forum where
Name of the statute Amount ( J )
dues amount relates dispute is pending
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Income Tax Act, 1961	Income Tax	Rs 252.12 Lacs	AY 2017-18	Commissioner of Income Tax (Appeals)
Income Tax Act, 1961	Income Tax	Rs 143.36 Lacs	AY 2016-17	Commissioner of Income Tax (Appeals)
Income Tax Act, 1961	Income Tax	Rs 275.23 Lacs	AY 2017-18	Commissioner of Income Tax (Appeals)
H VAT Act,2003	VAT	Rs. 6.52 Lcas	AY 2017-18	H VAT Authority (Appeals)

viii. There are no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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ix. In respect to repayment of dues:
a. In our opinion and according to the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank, Government, or debenture holder, as applicable to the company.
b. The company has not been declared wilful defaulter by any bank or financial institution or any government authority.
c. As per the information provided to us and as per our analysis the loan has been used only for the purpose for which it was taken.
d. On an overall examination of the financial statements of the company, funds raised on short term basis have, prima facie, not been used during the year for long term purpose of the company.
e. On an overall examination of the financial statements of the company, the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.
f. According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries. The Company did not have any joint ventures or associate companies during the year.
x. a) The company has not raised any money by way of initial public offer or further public Offer (including debt instruments), hence reporting on Clause 3(x)(a) of the order is not applicable.
b) According to the information and explanations given to us, during the year, the Company has made preferential allotment of shares and Share Warrants. In respect of the same, in our opinion, the Company has complied with the requirement of Section 42 and Section 62 of the Act and the Rules framed there under.
xi. a) According to the information and explanations given to us and Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us by the management, we report that we have neither come across any instance of fraud by the company or on the company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the management.
b) No report under sub section (12) of section 143 of the Companies Act has been filed in from ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors), 2014 with the central government, during the year and up to the date of this report.
xii. The company is not a Nidhi Company as specified in the Nidhi Rules, 2014 therefore the provisions of Clause 3 (xiii) of the Companies (Auditor’s Report) Order, 2020 are not applicable to the Company.
xiii. According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Consolidated Financial Statements etc. as required by under Indian accounting standard 24 ”Related Party Disclosures” specified under Section 133 of the Act.
xiv. a) In our opinion and according to the information and explanation given to us, the Company has an internal audit system commensurate with the size and nature of its business.
b) The reports of the Internal Auditor for the period under audit have been considered by us.
xv. According to the information and explanations given to us, the company has not entered any non- cash transactions with directors or persons connected with him therefore the provisions of Clause 3(xv) of the Companies (Auditor’s Report) Order, 2020 are not applicable to the Company.
xvi. In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable. In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.
xvii. The company has not incurred cash losses in the financial year and in the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors of the Company during the year and accordingly the reporting under clause 3(xviii) is not applicable.
xix. On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing

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CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Consolidated Financial Statements

has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

xx. In respect of other than ongoing projects, the company will transfer unspent amount to a fund specified in schedule VII to the companies Act, within a period of six month of the expiry of the financial

year in compliance with second proviso to sub section (5) of section 135 of the said Act, Company has transferred Rs 21,34,000 to the said Fund in FY 2024-25 for the FY 2022-23.

xxi. There is no qualification or adverse remarks of the companies included in consolidated financial statements.

For M/S. Rohit KC Jain & CO, CHARTERED ACCOUNTANTS (FRN: 020422N)

ROHIT JAIN (PARTNER) M. No. 099444 UDIN: 25099444BMMLTO3531

Place: New Delhi Dated: 06[th] May, 2025

175

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Consolidated Balance Sheet

as at March 31 2025

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(H in Lakhs)
As At As At
Particulars Notes
March 31, 2025 March 31, 2024
ASSETS
(1) Non-Current Assets
a) Property, Plant and Equipment 3 6,610.49 2,897.22
b) Capital Work in Progress 3 315.52 1,466.40
c) Other Intangible Assets 3 31.57 42.21
d) Investment Property 4(b) 218.93 218.93
e) Financial Assets - -
i) Investment in Subsidiaries 4(a) - -
ii) Trade Receivables 8 1,440.83 327.32
iii) Other investment - -
iv) Other Financial Assets - -
f) Deferred Tax Assets (net) 5 - 16.44
g) Other-Non Current Assets 6 1,482.24 1,238.67
10,099.58 6,207.17
(2) Current Assets
a) Inventories 7 7,054.57 3,891.56
b) Financial Assets
i) Investments - -
ii) Trade Receivables 8 14,538.28 8,642.31
iii) Cash and Cash Equivalents 9 1,426.61 3,259.10
iv) Other Bank Balances 9 2,827.65 3,383.42
v) Loans
vi) Other Financial Assets - -
c) Other Current Assets 6 5,037.49 2,268.18
30,884.60 21,444.56
TOTAL ASSETS 40,984.18 27,651.74
EQUITY AND LIABILITIES
(1) Equity
a) Equity Share Capital 10.1 2,246.45 2,169.04
b) Other Equity 10.2 21,412.47 12,016.78
c) Non Controling Interest 101.51 23.90
23,760.43 14,209.73
Liabilities
(2) Non-Current Liabilities
a) Financial liabilities
i) Borrowings 11 1,357.93 1,311.40
ii) Trade Payables 14 90.89 36.25
iii) Other Financial Liabilities - -
b) Provisions 13 951.13 395.34
c) Deferred Tax Liabilities (net) 5 220.35 -
d) Other Non-Current Liabilities 12 215.28 272.48
2,835.59 2,015.47
(3) Current liabilities
a) Financial Liabilities
i) Borrowings 11 6,155.63 5,964.71
ii) Trade Payables 14 5,431.29 3,936.12
iii) Other Financial Liabilities - -
b) Other Current Liabilities 15 1,286.69 947.14
c) Provisions 13 1,514.53 578.57
14,388.15 11,426.54
TOTAL EQUITY AND LIABILITIES 40,984.18 27,651.74
Summary of Significant accounting policies 1&2
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The accompanying notes are an integral part of Consolidated financial statements As per our report of even date

Raman Bhatia Sarika Bhatia (Managing Director) (Whole-time Director) DIN-00153827 DIN-00155602

CA Rohit Jain

Partner

MN. 099444 UDIN: 25099444BMMLTO3531 Place: Delhi Date: 06-05-2025

Rupinder Kaur ( Company Secretary ) M.No.- A38697

Place: Delhi Date: 06-05-2025

Vikas Bhatia (Chief Financial Officer) PAN- AJNPB0303P

Place: Delhi

Date: 06-05-2025

ANNUAL REPORT 2024-25

176

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

Consolidated Profit and Loss

for the period ending March 31, 2025

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(H in Lakhs)
For the Year ended For the Year ended
Particulars Notes
March 31, 2025 March 31, 2024
Total Income
Revenue from operations 16 67,443.62 35,368.35
Other income 17 236.38 158.12
Total Revenue 67,680.00 35,526.47
Expenses
Cost of materials consumed 18 57,577.65 30,182.15
Change in Inventories 19 (1,524.11) (503.55)
Employee benefits expense 20 1,905.04 1,413.66
Finance costs 21 726.77 318.76
Depreciation,amortisation and impairment expense 22 586.51 303.92
Other expenses 23 3,927.59 2,194.93
Total expenses 63,199.44 33,909.87
Profit before exceptional and tax (I - 2) 4,480.56 1,616.60
Exceptional items - -
Profit before tax (3-4) 4,480.56 1,616.60
Tax expense: 1,216.86 436.39
(1) Current tax 1,174.07 402.80
(2) Deferred tax 41.62 5.73
(4) Income Tax of Earlier Years 1.17 27.86
Profit (Loss) for the period (5-6) 3,263.70 1,180.21
Other Comprehensive Income 965.18 1.28
Items that will not be reclassified to profit or loss 1,160.36 1.71
Income tax relating to items that will not be reclassifed to profit or loss (195.18) (0.43)
Total Comprehensive Income for the period (7+8) 4,228.89 1,181.49
Paid-Up Equity Share Capital ( Face Value of Share Rs.1/-) 2,246.45 2,169.04
Net Profit attributable to :
a) Owners of the Company 3,273.51 1,176.22
b) Non-Controlling Interest (9.81) 3.98
Other Comprehensive Income attributable to :
a) Owners of the Company 965.18 1.28
b) Non-Controlling Interest - -
Total Comprehensive Income attributable to :
a) Owners of the Company 4,238.70 1,177.50
b) Non-Controlling Interest (9.81) 3.98
Paid-Up Equity Share Capital ( Face Value of Share Rs.1/-) 2,246.45 2,169.04
Other Equity - -
Earnings per equity share:
(1) Basic (@) 1.46 0.54
(2) Diluted (@) 1.45 0.55
Summary of Significant accounting policies 1&2 1&2
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The accompanying notes are an integral part of Consolidated financial statements As per our report of even date

For Rohit KC Jain & Co. Chartered Accountants FRN: 020422N

CA Rohit Jain

Partner

MN. 099444 UDIN: 25099444BMMLTO3531 Place: Delhi Date: 06-05-2025

For and on behalf of the Board of Directors of Servotech Renewable Power System Limited ( Formerly known as Servotech Power Systems Limited)

Raman Bhatia (Managing Director) DIN-00153827

Sarika Bhatia (Whole-time Director) DIN-00155602

Rupinder Kaur ( Company Secretary ) M.No.- A38697

Vikas Bhatia (Chief Financial Officer) PAN- AJNPB0303P

Place: Delhi Date: 06-05-2025

177

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Consolidated Cash Flow Statement

for the year ended March 31, 2025

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(H in Lakhs)
For the Year ended For the Year ended
Particulars
March 31, 2025 March 31, 2024
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 4,480.56 1,616.60
Adjustments For :
Depreciation and amortization expenses 586.51 303.92
Profit/(loss) on sale of fixed asset (1.26) 6.02
Finance Costs 726.77 318.76
Interest received (132.34) (71.58)
Rent Received (42.71)
Operating Profit before Working Capital Changes 5,617.53 2,173.72
Taxes paid (Net) (863.87) (436.39)
4,753.67 1,737.33
Adjustments For Working Capital :
Inventories (3,163.02) (1,805.90)
Trade Receivables & Others (7,009.48) 27.37
Other Financial , Provisions & Others (1,874.29) (1,317.98)
Trade Payable & Others 1,421.03 1,614.68
Increase/ (Decrease) in Other liabilities 331.29 (176.31)
Cash generated From Operating Activities (5,540.79) 79.18
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed assets (1,812.17) (2,616.80)
Sale of fixed Assets 6.10 40.01
Interest/Other Income 132.34 71.58
Rent Received 42.71 -
Net Cash Generated from (used in) Investing Activities (1,631.03) (2,505.20)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds for Issue of Shares Capital 102.61 42.49
Share Application Money Received 5,330.66 5,191.92
Dividend Paid (111.45) (425.31)
Payment of Principal portion of lease Liabilities (48.94) (92.78)
Repayment/Proceeds for Loan 237.45 3,045.74
Finance Cost (726.77) (318.76)
Net Cash Generated from (used in) Financing Activities 4,783.57 7,443.30
I Total increase (decrease) in cash and cash equivalents during the year (2,388.25) 5,017.28
(A+B+C)
II Cash and cash equivalents at beginning of year 6,642.52 1,625.24
III Cash and cash equivalents as at end of the year (I+II) 4,254.26 6,642.52
----- End of picture text -----

The accompanying notes are an integral part of Consolidated financial statements As per our report of even date

For Rohit KC Jain & Co. Chartered Accountants FRN: 020422N

CA Rohit Jain

Partner

MN. 099444

For and on behalf of the Board of Directors of

Servotech Renewable Power System Limited ( Formerly known as Servotech Power Systems Limited)

Raman Bhatia (Managing Director) DIN-00153827

Sarika Bhatia (Whole-time Director) DIN-00155602

Rupinder Kaur ( Company Secretary ) M.No.- A38697

Vikas Bhatia (Chief Financial Officer) PAN- AJNPB0303P

UDIN: 25099444BMMLTO3531

Place: Delhi Date: 06-05-2025

Place: Delhi

Date: 06-05-2025

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CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Consolidated Financial Statements

Key Ratios

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As at 31 [st] March As at 31 [st] March
SL. Ratio
2025 2024
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1	Debtor Turnover ( Days)	86.18	92.15
2	Creditors Days	29.78	40.81
3	Net Profit ratio %= Net Profit / Revenue from operations	4.82%	3.32%
4	InventoryTurnover ratio (times)= COGS/ Closinginventory	10.24	12.50
5	InventoryTurnover Days= (Closinginventory/COGS)*365	35.64	29.19
6	G.P Ratio	17.18%	15.62%
7	Current Ratio ( times) = Current Assets /Current liabilities	2.15	1.88
8	EBIDTA(Lakh)	5,793.84	2,173.42
9	Return on Equity Ratio % = Net Profit after taxes /Average Shareholder's equity	17.19%	10.80%
10	Debt- EquityRatio (times) = Total Borrowings/ Shareholder's equity	0.32	0.63
11	Return on Capital employed % = EBIT/ Capital employed ( Average Total Equity+ Debts)	16.65%	9.0%
12	Return on Investment % = EBIT / Average Total Assets	12.71%	9.11%
13	Interest Coverage Ratio=EBIT/Finance Cost	7.17	5.82

	Average Inventory= (Opening+Closing)/2	5473.06	2,413.94

	Average Shareholder's Equity	18985.08	10,489.80

	Capital Employed	31274.00	20,939.60

	EBIT	5207.33	1,875.21

	Gross Profit	11626.46	5548.03

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Amount	2,126.54	42.50	2,169.04	77.41	2,246.45	Total	Total	12,016.78	-	-	3,233.18	-52.41	-111.45	20.33	-20.00	5,388.08	-6,421.80	6,364.39	-0.33	995.71	- 21,412.47	- 21,412.47
						Money received against share warrants		3,732.15								5,388.08	-6,421.80				2,698.43
Numbers	212,654,290	4,250,000	216,904,290	7,741,058	224,645,348
							Revaluation Surplus													995.71	995.71
							Retained Earnings	3,222.09			3,233.18	-52.41	-111.45								6,291.41
Particulars	As at April 01, 2023	Add: New issued shares	As at March 31, 2024	Add: New issued shares	March 31, 2025
							Other Reserves (specify nature)														-
							Securities Premium	5,062.54										6,364.39			11,426.93
						Share application money pending allotment		-						20.33	-20.00				-0.33		-
								Balance at the beginning of the current reporting period	Changes in accounting policy or prior period error	Restated balance at the beginning of the current reporting period	Total Comprehensive Income for the current year	Non Controlling Interest	Dividends	Application money received for ESOP	ESOP Issued during the year	Share warrants During the year	Warrant Converted into equity Shares	Security Premium during the year	*Share application pending for refund	Revaluation Surplus on Fixed Assets	Other Adjustments	Balance at the end of the current reporting period

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Consolidated Financial Statements

Total	Total	6,082.60	-0.49	-	1,181.49	-13.43	-425.31	3,732.15	-98.81	1,558.58	- 12,016.78	- 12,016.78
Money received against share warrants		98.81						3,732.15	-98.81		3,732.15
	Revaluation Surplus										-
	Retained Earnings	2,479.83	-0.49		1,181.49	-13.43	-425.31				3,222.09
	Other Reserves (specify nature)						-				-
	Securities Premium	3,503.96								1,558.58	5,062.54
Share application money pending allotment								-			-
		Balance at the beginning of the current reporting period	Changes in accounting policy or prior period error	Restated balance at the beginning of the current reporting period	Total Comprehensive Income for the current year	Non Controlling Interest	Dividends paid	Share warrants During the year	Warrant Converted into equity Shares	Security Premium during the year	Other Adjustment	Balance at the end of the current reporting period

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

1 Corporate Information

Servotech Renewable Power System Limited (formerly known as Servotech Power Systems Limited) (“the Company”) was incorporated on 24.09.2004 as a Private Limited Company and converted in to Public Limited Company domiciled in India on 24.05.2017. Its shares are listed on National Stock Exchange (NSE). On18.12.2024 Company name change from Servotech Power Systems limited to Servotech Renewable power system Limited The company is primarily engaged in manufacturing of LED lights, EV Chargers and Solar power products.

The standalone financial statements were authorized by the Board of Directors for issue in accordance with resolution passed on 6[th] May 2025.

2 Significant Accounting Policies

The significant accounting policies applied by the Company in the preparation of its Consolidated Ind AS financial statements are listed below. Such accounting policies have been applied consistently to all the periods presented in these financial statements, unless otherwise stated.

2.1 Basis of preparation of financial statements

A) Statement of compliance
These financial statements of the Company are prepared and presented in accordance with Indian Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended and other relevant provision of the Act as amended from time to time and presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the financial statements.
B) Functional and presentation currency

The financial statements are presented in Indian Rupees (‘INR’) and all values are rounded to nearest lakhs upto two decimal places (INR 00,000), except when otherwise indicated.

C) Basis of measurement

The financial statements have been prepared on a historical cost basis, except for the following assets and liabilities:

(i) Derivative Instruments
(ii) Certain financial assets and liabilities that are measured at fair value

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services as at the date of respective transactions.

2.2 Use of estimates

2.3 Critical accounting estimates, assumptions and judgements

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and future periods affected. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

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Consolidated Financial Statements

Notes to the Consolidated Financial Statements

2.3.1 Estimates and assumptions

A). Property, plant and equipment

B). Provision for employee benefits

C). Provision for litigations and contingencies

The provision for litigations and contingencies are determined based on evaluation made by the management of

the present obligation arising from past events the settlement of which is expected to result in outflow of resources embodying economic benefits, which involves judgements around estimating the ultimate outcome of such past events and measurement of the obligation amount. Due to the judgements involved in such estimations the provisions are sensitive to the actual outcome in future periods.

D). Provision

Significant estimates are involved in the determination of provisions related to liquidated damages, onerous contracts and warranty provision. The Company records a provision for onerous sales contracts when current estimates of total contract costs exceed expected contract revenue. Warranty provision is determined based on the historical trend of warranty expense for the same types of goods for which the warranty is currently being determined, after adjusting for unusual factors related to the goods that were sold or based on specific warranty clause in an agreement. Such estimates are reviewed annually for any material changes in assumptions and likelihood of occurrence. The provision for warranty, liquidated damages and onerous contracts based on the best estimate required to settle the present obligation at the end of reporting period.

E). Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a Discounted Cash Flow (DCF) model. The cash flows are derived from the budget and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the

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Notes to the Consolidated Financial Statements

DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.

F). Taxes

G). Leases: whether an arrangement contains a lease

2.4 Current and non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.

An asset is treated as current when it is:

Expected to be realised or intended to be sold or consumed in normal operating cycle;
Held primarily for the purpose of trading;
Expected to be realised within twelve months after the reporting period; or
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All assets and liabilities have been classified as current or non- current as per the Company’s operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current and non- current classification of assets and liabilities, except for long-term contracts. The projects business comprises long-term contracts which have an operating cycle exceeding one year. For classification of current assets and liabilities related to projects business, the Company uses the duration of the individual life cycle of the contract as its operating cycle.

A liability is current when:

It is expected to be settled in normal operating cycle;
It is held primarily for the purpose of trading;
It is due to be settled within twelve months after the reporting period; or
There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period;

Advance tax paid is classified as current assets

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

2.5 Foreign Currency

Functional currency

The functional currency of the Company is the Indian Rupee.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting

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Consolidated Financial Statements

Notes to the Consolidated Financial Statements

date. The gains or losses resulting from such translations are recognised in the statement of profit and loss.

2.6 Revenue Recognition

Revenue is stated exclusive of goods and service tax and net of trade and quantity discount.

Liquidated damages / penalties are provided for as per the contract terms wherever there is a delayed delivery attributable to the Company.

A) Revenue from the sale of goods

B) Revenue from sale of services

Revenue from services rendered over a period of time, such as annual maintenance contracts, are recognised on straight line basis over the period of the performance obligation.

C) Income from development services

D) Export benefits

Export incentives receivable are accrued for, when the right to receive the credit is established and there is no significant uncertainty regarding the realisability of the incentive.

E) Other income

Interest income is recognised on time proportion basis.

Fair value gain on financial instruments is recognized using the effective interest method.

2.7 Income tax

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the statement of profit and loss.

A) Current tax

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Notes to the Consolidated Financial Statements

B) Deferred tax

A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized.

2.8 Property, plant and equipment

Recognition and measurement

Freehold Land is carried at historical cost, all other item of property, plant and equipment is measured at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. Such cost includes the cost of replacing part of the plant and equipment and borrowing costs for longterm construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied.

A) Depreciation

The Company depreciates property, plant and equipment over their estimated useful lives using the Written Down method. Depreciation on additions (disposals) is provided on a prorata basis i.e. from (up to) the date on which asset is ready for use (disposed of).

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CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Lease hold property are depreciated on straight line basis over shorter of the asset’s useful life and their lease term unless the entity expects to use the asset beyond the lease term.

The estimated useful lives of assets are as follows:

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Particulars Years
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Leasehold land	5
Buildingother than factory	60
Computers
- Computers and other peripherals	3
-Software	3
Furniture & Fixtures	10
Vehicles	8
Office equipment	5
Plant & Machinery	15

2.9 Intangible Assets

Amortization methods and useful lives are reviewed periodically including at each financial year end. The estimated useful lives for intangible assets are 3 years.

2.10 Inventories

The cost of various categories of inventories is arrived at as follows:

Stores, spares, raw materials, components and stock-in-trade - at rates determined on the moving weighted average method.

Cost includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition.

2.11 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

2.11.1 Initial recognition

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized

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Notes to the Consolidated Financial Statements

at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, that are not at fair value through profit or loss, are added to the fair value on initial recognition.

2.11.2 Subsequent measurement

A). Non-derivative financial instruments

(i) Financial assets carried at amortised cost

(ii) Financial assets at fair value through other comprehensive income

(iii) Financial assets at fair value through profit or loss

subsequently fair valued through profit or loss.

(iv) Financial liabilities

For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

Effective interest method

A financial asset which is not classified in any of the above categories are

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CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Off-setting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the standalone balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

B). Derivative financial instruments

This category has derivative financial assets or liabilities which are not designated as hedges.

of the financial asset. In such cases, the financial asset is derecognised. Where the entity has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.

Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognised if the Company has not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement in the financial asset

2.12 Fair value measurement

2.11.3 Impairment of Financial Assets

The Company measures financial instruments at fair value at each Balance Sheet date.

In the principal market for asset or liability, or
In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company.

2.11.4 Derecognition of Financial Assets

A financial asset is derecognised only when

The Company has transferred the rights to receive cash flows from the financial asset ; or
Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.

Where the entity has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of ownership

All assets and liabilities for which fair value is measured or disclosed in the financial statements are

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Notes to the Consolidated Financial Statements

categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

2.13 Investment Properties

Investment properties are de-recognised either when they have been disposed off or when they

are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in Statement of Profit and Loss in the period of de-recognition.

2.14 Borrowing Costs

2.15 Leases

2.15.1 Company as a lessee

i) Right-of- use assets

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Consolidated Financial Statements

Notes to the Consolidated Financial Statements

depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right of-use assets in the nature of buildings are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the underlying asset. The right-of-use assets comprising of land is depreciated based on the lease term.

The right-of-use assets are also subject to impairment.

ii) Lease Liabilities

the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying assetIn calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.

2.15.2 Company as a Lessor

Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

2.16 Provisions

A) Warranty Provisions

Provision for assurance type warranty-related costs are recognised when the product is sold or service is provided to customer. Initial recognition is based on historical experience. The Company periodically reviews the adequacy of product warranties and adjust warranty percentage and warranty provisions for actual experience, if necessary. The timing of outflow is expected to be with in one to five years.

B) Decommissioning Liability

Decommissioning costs are provided at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the cost of the particular asset.

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Notes to the Consolidated Financial Statements

C) Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases, where there is a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements unless the probability of outflow of resources is remote. Provisions, contingent liabilities, contingent assets and commitments are reviewed at each Balance Sheet date.

2.17 Retirement and other employee benefits

A) Defined benefit Plan

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.

B) Defined Contribution Plan

C) Short-term Obligations

D) Post-Employment Obligations

The Company operates the following postemployment schemes:

defined benefit plans for gratuity, and
defined contribution plans for provident fund.

2.18 Investment in Subsidiaries

The investment in subsidiaries, associate and Joint venture are carried at cost as per Ind AS 27.

2.19 Segment Reporting

2.20 Cash and cash equivalent

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Consolidated Financial Statements

Notes to the Consolidated Financial Statements

of cash and which are subject to insignificant risk of changes in value.

2.21 Cash flow statement

2.22 Finance costs

2.23 Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest INR as per the requirement of Schedule III, unless otherwise stated.

2.24 Earning Per share

A) Basic EPS

B) Diluted EPS

2.25 Approval of Financial Statements

The financial statements were approved for issue by the board of directors on May 6, 2025.

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(Hin Lakhs)	TOTAL	TOTAL	Deemed cost- as on 1 April 2021 304.52 5.21 699.01 196.55 83.41 70.65 197.25 - 67.21 1,623.80 52.56 52.56 1,676.37 Additions - - - - - - - - - - - - - Disposals - - - - - - - - - - - - - At 31st March 2024 329.08 474.51 1,655.93 647.78 132.28 73.78 331.88 22.73 75.01 3,742.97 103.06 103.06 3,846.03 Additions - 2,629.43 588.16 1,846.90 30.80 22.96 197.27 - 86.17 5,401.69 6.60 6.60 5,408.29 Disposals - - 1,017.01 116.84 4.31 - 25.00 - - -1,163.16 - - As at 31st Mar 2025 329.08 3,103.94 1,227.09 2,377.83 158.78 96.73 504.15 22.73 161.18 7,981.50 109.66 109.66 8,091.16 Accumulated Depreciation As At 31 March 2024 10.97 - 267.91 155.93 105.72 64.95 152.09 1.96 66.68 826.22 60.85 60.85 887.07 For the year 65.82 - 23.39 338.96 24.73 6.81 74.63 3.82 31.11 569.27 17.24 17.24 586.51 Disposals - - - - -1.47 - -23.00 - - -24.47 - - - As At 31st Mar 2025 76.79 - 291.30 494.89 128.98 71.77 203.72 5.78 97.78 1,371.01 78.09 78.09 1,473.57 Net Carrying value as at 31st Mar 2025 252.29 3,103.94 935.78 1,882.94 29.80 24.96 300.43 16.95 63.39 6,610.49 31.57 31.57 6,642.06 Net Carrying value as at 31 March 2024 318.11 474.51 1,388.01 491.80 26.57 8.87 179.79 1.24 8.32 2,897.22 42.21 42.21 2,939.43 Capital Work in Progress as at 31 st March 2025 315.52 Capital Work in Progress as at 31 st March 2024 1466.40	During the year ended 31.03.2025, the company revalued its land and building based on fair market value determined by an independent valuer, NEERAJ KAPOOR as of 31.03.2025 The valution was carried out using the market approach. "This amount has been credited to the revaluation reserve under equity.
	Property plant and equipment Intangible Assets	Total
		Computer Software
		Total
		Other Equipments
		Electric Vehicle Equipments
		Vehicles
		Furniture & Fixtures
		Computer & Printers
		Machinery
		Building
		Freehold land
		Leasehold Property
	Particulars

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Note : 4 Investments

Note : 4 Investments
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
a) Total Non-Current Investments in Shares	-	-
b) Investmentproperty
Investment In Properties	218.93	218.93
Total Non- Current Investments in Properties	218.93	218.93
Total Invetments	218.93	218.93

Investments are Unquoted , At Cost , Fully Paid up . Investments are measured at Cost as Per IND AS 27 "Separate Financial Statement" .

Note : 5 Deferred Tax Assets (Net)

The balance comprises temporary differences attributable to:

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( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Property, plant and equipment, capital work in progress and intangible assets 59.26 7.42
Leased Laibility (5.98) -5.07
Employee benefits (29.88) (21.32)
MAT Credits - -
Interest/Loan Equilisation 1.03 1.80
OCI-Acturial Gain or Loss (10.52) 0.75
OCI -Revaluation of Assets 206.44 -
Total Deferred Tax Assets / Liabilities (Net) 220.35 (16.44)
Total Deferred Tax Assets / Liabilities (Net) 220.35 (16.44)
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Note : 6 Others Current/Non-Current Assets

Note : 6 Others Current/Non-Current Assets
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Non-current
SecurityDeposits	60.13	48.67
Defered Capital Expenditure	-	-
Retention and Performance Gurantee	1,422.11	1,190.00
Total other non-current assets	1,482.24	1,238.67

(i) There are no loan as at 31[st] March 2025 and 31[st] March 2024 which have significant increase in credit risk or which are credit impaired.

(ii) Loans are non-derivative financial instruments which generate a fixed & variable interest income for the company. The carrying value may be affected by the changes in the credit risk of the counter parties.

		(Hin Lakhs)
Current	As at March 31,2025	As at March 31,2024
Advance to suppliers,staff and Others	1,379.86	1,082.65
Prepaid Expenses	252.67	307.87
Advance Taxes/TDS/TCS/GST	3,404.95	877.65
Total other current assets	5,037.49	2,268.18
Total others current/ non-current assets	6,519.72	3,506.84

195

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

Note : 7 Inventories

( valued at lower of cost and net realisable value)

Note : 7 Inventories ( valued at lower of cost and net realisable value)
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Additional Information
(As taken,valued and certified bythe management)
Stock-in-Trade
Raw Materials	4,189.14	2,549.30
Work-in-Process	372.06	436.44
Finished Goods/TradingGoods	2,493.38	905.81
Total inventories	7,054.57	3,891.56

Note:

(a) During the year ended March 31, 2025 Rs 7054.57 lakhs ( March 31, 2024 Rs 3891.56 Lakhs) was recognised at cost or net realisable value whichever is lower

(b) Inventories of value are hypothecated with the banks against working capital limits and non fund facilities availed from lenders.

Note :8 Trade Receivable

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----- Start of picture text -----

( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Secured, considered good - -
Unsecured, considered good 15,817.53 8,839.91
Doubtful 161.57 129.72
15,979.11 8,969.63
Total Receivable
The following are the contract balances:
Current portion 14,538.28 8,642.31
Non-Current portion 1,440.83 327.32
Total 15,979.11 8,969.63
----- End of picture text -----

Trade receivables are generally on terms of 15 to 90 days and are non interest bearring except in case of overdue payments.

( H in Lakhs)

Particulars	Outstanding	for following periods from due date ofpayment( as at March 31, 2025)	for following periods from due date ofpayment( as at March 31, 2025)	for following periods from due date ofpayment( as at March 31, 2025)	for following periods from due date ofpayment( as at March 31, 2025)	for following periods from due date ofpayment( as at March 31, 2025)
	Less than 6 months	6 months - 1 year	1-2 years	2-3 years	More than 3 years	Total
Undisputed Trade receivables – consideredgood	12,485.80	2,021.19	1,135.73	117.34	57.48	15,817.55
Undisputed Trade Receivables – which have significant increase in credit risk	-	-	-	-	-	-
Undisputed Trade Receivables – credit impaired	-	-	-	-	-	-
Disputed Trade Receivables– consideredgood	-	-	-	-	-	-
Disputed Trade Receivables – which have significant increase in credit risk	-	31.29	0.56	-	129.72	161.57
Disputed Trade Receivables – credit impaired	-	-	-	-	-	-
Total	12,485.80	2,052.48	1,136.29	117.34	187.20	15,979.12

ANNUAL REPORT 2024-25

196

CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

( H in Lakhs)

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----- Start of picture text -----

Outstanding for following periods from due date of payment (as at March 31, 2024)
Particulars Less than 6 months - More than
1-2 years 2-3 years Total
6 months 1 year 3 years
Undisputed Trade receivables – 7,787.99 854.32 136.82 60.51 0.27 8,839.91
considered good
Undisputed Trade Receivables – - - - - - -
which have significant increase in
credit risk
Undisputed Trade Receivables – - - - - - -
credit impaired
Disputed Trade Receivables– - - - - - -
considered good
Disputed Trade Receivables – which - - 3.47 2.88 123.38 129.72
have significant increase in credit risk
Disputed Trade Receivables – credit -
impaired
Total 7,787.99 854.32 140.28 63.39 123.65 8,969.63
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Note : 9 Cash and Cash Equivalents

( H in Lakhs)

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----- Start of picture text -----

As at As at
Particulars
March 31,2025 March 31,2024
Balances with banks
on current accounts 1,380.64 3,220.12
Cash on hand 45.97 38.98
Total Cash and Cash Equivalents 1,426.61 3,259.10
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Other Bank Balances

Other Bank Balances
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Deposits	2,827.65	3,383.42
Total Other Bank Balances	2,827.65	3,383.42

Deposits are with Schdeule Banks including Interest Accrued on such Deposits .

Note : 10 Equity share capital and Other Equity

Share Capital

Authorised Share Capital

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----- Start of picture text -----

( H in Lakhs)
As at March 31,2025 As at March 31,2024
Particulars
No. of Shares Amount No. of Shares Amount
Authorised
Equity Shares of Rs.1/- each 50,00,00,000 5,000 25,00,00,000 2,500
(50,00,00,000 Equity shares of Rs. 1/- each)
Issued, Subscribed & paid-up Capital
Equity shares of Rs. 1/- each fully paid-up 22,46,45,348 2,246.45 21,69,04,290 2,169.04
(22,46,45,348 Equity shares of Rs. 1/- each)
Total 22,46,45,348 2,246.45 21,69,04,290 2,169.04
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197

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

A) Reconciliation of number of Ordinary Shares outstanding:

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Terms and rights attached to equity shares

Details of shareholders holding more than 5% shares in the Company

( H in Lakhs)

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----- Start of picture text -----

As at March 31,2025 As at March 31,2024
Name of Shareholders Percentage Percentage
No. of Shares No. of Shares
holding holding
Mr. Raman Bhatia 6,75,52,102 30.92% 6,70,56,900 30.92%
M/s Raman Bhatia HUF 3,03,10,550 14.34% 3,11,10,550 14.34%
Ms. Sarika Bhatia 3,00,96,750 13.88% 3,00,96,750 13.88%
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Equity Shares held by promoters at the end of the year

( H in Lakhs)

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----- Start of picture text -----

As at March 31,2025 As at March 31,2024
Name of Promoter % of Total % of Total
No. of Shares No. of shares
Shares Shares
Promoter
Mr. Raman Bhatia 6,75,52,102 30.07% 6,70,56,900 30.92%
Ms. Sarika Bhatia 3,00,96,750 13.40% 3,00,96,750 13.88%
Promoter Group
M/s Raman Bhatia HUF 3,03,10,550 13.49% 3,11,10,550 14.34%
Mr. Manohar Lal Bhatia 21,94,918 0.98% 25,03,750 1.15%
Mr. Vikas Bhatia 95,000 0.04% 1,00,000 0.05%
Ms. Sudesh Bhatia 18,750 0.01% 18,750 0.01%
Mr. Rishabh Bhatia 10,68,000 0.48% 10,68,000 0.49%
Ms. Meenu Bhatia 15,000 0.01% - 0.00%
Mr. Kanav Bhatia 11,18,000 0.50% 11,18,000 0.52%
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10.1 Other Equity

Other Equity
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
(a)Securitiespremium	11,426.93	5,062.54
(b)Retained earnings	6,291.41	3,222.09
(c)Share warrant	2,698.43	3,732.15
Revaluation Reserve	995.71
Total reserve and surplus	21,412.47	12,016.78

ANNUAL REPORT 2024-25

198

CORPORATE OVERVIEW STATUTORY REPORTS

FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Securities Premium

( H in Lakhs)

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----- Start of picture text -----

As at As at
Particulars
March 31,2025 March 31,2024
Opening balance 5,062.54 3,503.96
Received/Utilized during the Year 6,364.39 1,558.58
Closing balance 11,426.93 5,062.54
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Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Act.

Retained Earnings

( H in Lakhs)

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----- Start of picture text -----

As at As at
Particulars
March 31,2025 March 31,2024
Opening balance 3,222.09 2,479.83
Net profit for the period 3,263.70 1,180.21
Less :-
Dividend Paid (111.45) (425.31)
INDAS - Adjustment - (0.49)
OCI Income/ Other Adjustment (30.53) 1.28
Minority Interest (52.41) (13.43)
Other Adjustment
Closing balance 6,291.41 3,222.09
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Share Warrant

( H in Lakhs)

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Distribution Made and Proposed

( H in Lakhs)

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----- Start of picture text -----

As at As at
Particulars
March 31,2025 March 31,2024
Dividend on equity shares proposed and paid:
111.45 425.31
Final dividend during the 2023-24 0.05 per share of face of Rs 1 each - -
111.45 425.31
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Note:

During the year the Board of the Directors of the company has recommend the payment of final dividend of Re 0.05 per equity shares of face value of Rs 1 each , on 3[rd] June 2024. The Dividend was paid to those members whose name was appears in the register of members as on Record date 20[th] september 2024. Such final dividend was paid out of General Reserve.

199

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

Proposed Dividend

After Reporting Date, the Board Directors of Company has recommended a final dividend of Rs 0.05 per equity share for the financial year 2024-2025 (Rs 0.05 per share for the financial year 2023-2024)

The final dividend proposed by the Directors are subject to approval at the annual general meeting and has not been accounted as liability in these Consolidated financial Statements. The same will be recognised as a liability and deducted from shareholder's equity in the period in which the final dividends are approved by the equity shareholders in the general meeting.

Note : 11 Non-Current Borrowings

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----- Start of picture text -----

( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Secured from banks
i) From Bank 1,356.75 1,310.22
ii) From Non Banking Companies - -
Unsecured Loans
i) From Bank - -
ii) From Directors - -
iii) From Non Banking Companies - -
iv) From Others 1.18 1.18
Total Non current borrowings 1,357.93 1,311.40
----- End of picture text -----

Secured borrowings and assets pledged as security

1) ICICI Bank had sanctioned Term loan of Rs. 600.00 Lacs on 01.12.2022, 360.50 Lacs on 13.04.2023, 185.30 Lacs on 26.04.2023, 154.20 Lacs on 14.06.2023 & 300 Lacs on 30.11.2023. Out of above Rs 600 Lacs against Property and 1000 Lacs towards Machineries.The said loan is repayable in upto 84 equal monthly installments.Outstanding balance as on 31.03.2025 was Rs. 1136.63 Lacs (Previous year 1363.25 Lacs) , Payable within one year Rs 227.29 Lacs (Previous year 227.29 Lacs) .
2) Punjab National Bank had Disbursed term loan of Rs. 325 Lacs on 20.05.2024 toward Machineries. The loan is repayable in 52 installments. Oustanding Balance as on 31.03.2025 Was Rs 260.56 Lacs ,Payable within one year Rs 75 Lakhs
3) Punjab National Bank had Disbursed term loan of Rs. 120.24 Lacs on 30.10.2024 toward Machineries. The loan is repayable in 30 installments. Oustanding Balance as on 31.03.2025 Was Rs 100.21 Lacs , Payable within one year Rs 46.15 Lakhs
4) Punjab National Bank had sanctioned working capital term loan of Rs. 247 Lacs on 18.07.2020 under GECL Scheme to meet operational liabilities and restart the business effected due to COVID-19. The loan is repayable in 36 installments after one year moratorium period. Loan has been fully repaid during the year (Previous year Balance Rs. 20.58 Lacs)
5) Punjab National Bank had sanctioned working capital term loan of Rs. 172.96 Lacs on 15.12.2021 under GECL Scheme to meet operational liabilities. The loan is repayable in 36 installments after 2 years moratorium period. Outstanding as on 31.03.2025 was Rs. 96.08 Lacs (Previous year Rs. 153.74 Lacs) payable within one year Rs. 57.65 Lacs (Previous year Rs. 57.65Lacs)
6) Various banks had sanctioned vehicle loans on different dates of Rs. 345.47 Lacs (Previous year Rs. 231.79 Lacs) secured against hypothecation of vehicles and personal guarantees of directors. The said loans are repayable upto 63 installments of different amounts and payable on different dates. Outstanding balance as on 31.03.2025 was Rs. 243.38 Lacs (Previous year Rs. 111.50.00 Lacs) , Payable within one year Rs. 74.03 Lacs (Previous year Rs. 33.33 Lacs) .

ANNUAL REPORT 2024-25

200

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Current Borrowings

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----- Start of picture text -----

( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Secured from banks
i) From Bank 5,675.50 5,625.84
ii) From Non Banking Companies - -
iii) Current Maturity of Long Term Debt 480.14 338.87
Unsecured Loans
i) From Bank
ii) From Non Banking Companies - -
Total Current borrowings 6,155.63 5,964.71
----- End of picture text -----

**Punjab National Bank had renewed fund based limit of Cash Credit Rs 5552 Lacs & Term Loan Rs 448 Lacs (Previous year Rs 4600 Lacs towards Cash Credit and Term Loan of Rs 1000 Lacs) and non fund based limit of Rs.1500 Lacs (Previous year Rs 1500 Lacs) towards Bank Guarantee/Letter of Credit on 04.01.2025. These limit are secured against hypothecation of inventories, books debts, other current assets, fixed deposits, Plant and machineries and all other fixed assets of the company, besides equitable mortgage of properties of company and its directors. Current assets are having pari passu charge with HDFC Bank and ICICI Bank.

Note : 12 Other Non current liabilities

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Note : 13 Provisions

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----- Start of picture text -----

( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Non Current
Provisions for Gratuity & Leave Encashment 112.64 55.92
Provision for Warranty 838.50 339.42
Total 951.13 395.34
Current
Provisions for Gratuity & Leave Encashment 47.86 62.93
Provision for Taxation 1,239.96 390.53
Others 226.72 125.11
Total 1,514.53 578.57
----- End of picture text -----

201

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

Note : 14 Trade Payables

(carried at amortised cost)

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----- Start of picture text -----

( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
(a) Total outstanding dues of micro enterprises and small enterprises 0.00 186.01
(b) Total outstanding dues of creditors other than micro enterprises and 5,522.18 3,786.35
small enterprises
(c) Disputed (Others) - -
Total 5,522.18 3,972.36
Current portion 5,431.29 3,936.12
Non-Current portion 90.89 36.25
Outstanding for following periods from due date of payment
(as at March 31, 2025)
Particulars
Less than More than
1-2 years 2-3 years Total
1 year 3 years
MSME 196.16 - - - 196.16
Others 5,235.13 49.82 35.88 5.19 5,326.02
Disputed Dues-MSME - - - - -
Disputed Dues-Others - - - - -
Total 5,431.29 49.82 35.88 5.19 5,522.18
Outstanding for following periods from due date of payment
(as at March 31, 2024)
Particulars
Less than More than
1-2 years 2-3 years Total
1 year 3 years
MSME 186.01 - - - 186.01
Others 3,750.11 30.64 5.60 - 3,786.35
Disputed Dues-MSME - - - - -
Disputed Dues-Others - - - - -
Total 3,936.12 30.64 5.60 - 3,972.36
----- End of picture text -----

(i) Trade payables are non interest bearing and are normally settled in 7 days to 45 days. For explanations on the

Company's risk management process.

(ii) Trade payables are unsecured .

(iii) Disclosures required under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

no diclosure need due to nominal value of transaction during the year

ANNUAL REPORT 2024-25

202

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Note : 15 Other Current liabilities

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----- Start of picture text -----

( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Security Received - -
Advance From Customer 752.86 305.10
Share Application Pending for refund 0.33 -
Expenses Payable 213.82 155.40
Contract Laibility Against Sales 176.37 392.98
Other Current liabilities 42.90 1.28
Statutory Liabilities Payable 43.21 43.45
Current Maturity of Lease Liabilities 57.21 48.94
Total other current liabilities 1,286.69 947.14
----- End of picture text -----

Note : 16 Revenue From Operations

Note : 16 Revenue From Operations
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
(A) Manufactured & Trading Sales
Domestic	69,220.70	33,368.88
Export Sale	2,432.00	3,457.14
(B) Sale of Services	1,346.09	1,121.81
Less : Goods and Service tax	(5,555.17)	(2,579.48)
Netgain/ (loss)on settlement of commodityforward/Future contract
Total Revenue from operations	67,443.62	35,368.35

Performance obligation

The performance obligation for sale of products and scrap are satisfied upon delivery/dispatch of goods depending upon terms with customers and payment is generally due within 15 to 90 days from delivery. Some contracts provide customers with a right of return, volume discount, rebates and other promotion incentive schemes, which gives rise to variable consideration subject to constraint. The contracts do not have a significant financing component. The company offers standard warranty on selected products. The company makes provisions for same as per principles laid down under Ind AS-37. The performance obligation for the product repair services is satisfied over the period of time and payment is generally due upon completion of service and acceptance of the customer. There are no unsatisfied or partially satisfied performance obligation as at March 31, 2024 and March 31, 2023. During the year ended March 31, 2024, revenue recognised from amount included in contract liability at the beginning of the year.

Note : 17 Other Income

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----- Start of picture text -----

( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Interest Income & Others Non-operating income
Duty Draw Back Recevable (Income) - -
Interest received 132.34 71.58
Miscellaneous Income 52.01 3.61
Rebate & discount 8.06 0.35
Rent Received 42.71 19.40
Clear ass.disp. - -
Gain asset transactn 1.26 6.02
Gain on Sale of Shares - 57.15
Total Other income 236.38 158.12
----- End of picture text -----

203

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

Note : 18 Cost of Material Consumed

Note : 18 Cost of Material Consumed
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Opening Stock	2,549.30	704.47
Add : Purchases	59,216.55	32,050.87
	61,765.85	32,755.33
Less : Taxes & Others	-	23.88
Less : Closing Stock	4,188.20	2,549.30
Total Cost of Material Consumed	57,577.65	30,182.15

Note : 19 Changes in Inventories

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----- Start of picture text -----

( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Closing Balance
Traded goods 2,494.31 905.81
WIP 372.06 436.44
Total Closing balance 2,866.37 1,342.26
Opening Balance
Traded goods 905.81 1,107.29
WIP 436.44 114.94
Total Opening Balance 1,342.26 1,222.23
Total changes in inventories of stock-in-trade (1,524.11) (503.55)
----- End of picture text -----

Note : 20 Employee Benefit Expense

Note : 20 Employee Benefit Expense
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Salaries,wages and bonus	1,611.72	1,221.21
Director Remuneration	224.00	154.95
Gratuity& Leave Encashment	37.66	20.43
Staff welfare expenses	31.66	17.06
Total employee benefit expense	1,905.04	1,413.66

Notes:

(i) The code of Ssocial Security, 2020 (Code) relating to employee benefits during employment and post- eemployment benefits received Presidential assent in September 2020. The Code has been published in the Gezette of India. However, the date on which the Code will come into effect vhas not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code whn it comes into effect and will record any related impact in the period the code becomes effectvive.

Note : 21 Finance cost

Note : 21 Finance cost
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Interest and finance charges	640.05	288.14
Bank Charges and Other Interest Charges	86.71	30.62
Total Finance costs expense	726.77	318.76

Note: The amount capitalised represents finance cost on specific borrowings relating to advances given against building.

ANNUAL REPORT 2024-25

204

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Note : 22 Depreciation and Amortisation Expense

Note : 22 Depreciation and Amortisation Expense
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Depreciation ofproperty, plant and equipment & Impairment	586.51	303.92
Total depreciation and amortisation expense	586.51	303.92

Note : 23 Other expenses

==> picture [498 x 477] intentionally omitted <==

----- Start of picture text -----

( H in Lakhs)
As at As at
Particulars
March 31,2025 March 31,2024
Operational Expenses
Freight , forwarding & others 51.86 36.99
Job Work Charges 4.80 4.37
Business Auxiliary Expense (0.00) -
Event Management Service - -
Power & Fuel 61.16 29.05
117.82 70.41
Administrative Expenses
Printing and stationery 5.62 4.74
Postage, telegram and telephone expenses 17.21 12.80
Computer and IT Expenses 10.04 8.03
Office Maintenance Expenses 40.66 25.41
Travelling and conveyance 361.30 185.82
Repairs & Installation Charges 320.78 611.66
Legal and professional and consultancy charges 201.36 126.55
Fees and subscription 50.03 17.13
Insurance expenses 12.13 9.31
Repairs and maintenance 0.72 12.63
Vehicle maintenance 5.00 4.83
General expenses 72.12 58.80
Foreign Currency Fluctation 76.88 (2.79)
Audit Fees 9.61 7.65
Bad Debts 113.82 83.26
CSR Expense 46.34 -
Research & Development Expenses 559.38 41.72
Software Expense 97.56 105.64
2,000.58 1,313.20
Selling & Distribution Expenses
Freight & labour charges 683.30 186.25
Commission paid 0.27 5.62
Liquidation damage - 2.97
Tender Fees 78.76 47.22
Business promotion 370.31 104.46
Advertisement (6.77) 30.61
Discount on sale 29.68 46.30
Warranty expenses 653.64 387.90
1,809.19 811.32
Total other expenses 3,927.59 2,194.93
----- End of picture text -----

205

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

Note -24 Fair value measurements

Note -24.1 Financial instrument by category & Fair value hierarchy

( H in Lakhs)

==> picture [497 x 400] intentionally omitted <==

----- Start of picture text -----

FVPL/ 31 [st] March 2025
FVOCI/ Level 1 Level 2 Level 3
Particulars
Carrying Carrying Carrying
Amortised cost fair value fair value fair value
cost cost cost
Financial assets
Investment Amortised cost - - - - - -
Trade receivables Amortised cost - - - - 15,979.11 15,979.11
Cash and cash Amortised cost - - - - 1,426.61 1,426.61
equivalents
Other Bank Balances Amortised cost - - - - 2,827.65 2,827.65
Total financial assets - - - - 20,233.37 20,233.37
Financial liability
Borrowings Amortised cost 7,513.57 7,513.57
Trade and other payables Amortised cost 5,522.18 5,522.18
Total financial liability - - 13,035.75 13,035.75
( H in Lakhs)
FVPL/ 31 [st] March 2024
FVOCI/ Level 1 Level 2 Level 3
Particulars
Carrying Carrying Carrying
Amortised cost fair value fair value fair value
cost cost cost
Financial assets
Investment Amortised cost - - - - - -
Trade receivables Amortised cost - - - - 8,969.63 8,969.63
Cash and cash Amortised cost - - - - 3,259.10 3,259.10
equivalents
Other Bank Balances Amortised cost - - - - 3,383.42 3,383.42
Total financial assets - - - - 15,612.15 15,612.15
Financial liability
Borrowings Amortised cost 7,276.11 7,276.11
Trade and other Amortised cost 3,972.37 3,972.37
payables
Total financial liability - - 11,248.48 11,248.48
----- End of picture text -----

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes mutual funds that have quoted price and are valued using the closing NAV.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level3.

ANNUAL REPORT 2024-25

206

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Note 24.2 Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

the use of quoted market prices

Note 24.3 Fair value of financial assets and liabilities measured at amortised cost

Note 25 Financial risk management

This note explains the sources of risk which the Company is exposed to and how such risk were managed.

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Risk Exposure arising from Measurement Management
----- End of picture text -----

Risk	Exposure arising from	Measurement	Management
Credit risk	Cash and cash equivalents, trade receivables, financial assets measured at amortised cost.	Aginganalysis	Diversification of bank deposits, credit limits and letters of credit
		Credit ratings
Liquidity risk	Borrowings and other liabilities	Rolling cash flow forecasts	Availability of committed credit lines and borrowingfacilities
Market risk — foreign exchange	Future commercial transactions	Cash flow forecasting Sensitivityanalysis	Forward foreign exchange contracts
	Recognised financial assets and liabilities not denominated in Indian rupee
Market risk — commodity price	Future commercial transactions	Cash flow forecasting Sensitivityanalysis	Forward commodity contracts

Note 25.1 Credit risk management

The risk of financial loss due to counterparty’s failure to honour its obligations arises principally in relation to transactions where the Company provides goods on deferred terms.

207

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

capacity to meet the obligations and where the risk of default is negligible or nil. Accordingly, no provision for expected credit loss is recognised.

The following table provides information about the exposure to credit risk for trade receivables from individual customers.

31[st] March 2025

(Unsecured, considered good unless otherwise specified)

						(Hin Lakhs)
Particulars	Less than 6 months	6 months - 1 year	1-2 years	2-3 years	More than 3 years	Total
Undisputed Trade receivables – consideredgood	12,485.80	2,021.19	1,135.73	117.34	57.48	15,817.55
Undisputed Trade Receivables – which have significant increase in credit risk	-	-	-	-	-	-
Undisputed Trade Receivables – credit impaired	-	-	-	-	-	-
Disputed Trade Receivables– consideredgood	-	-	-	-	-	-
Disputed Trade Receivables – which have significant increase in credit risk	-	31.29	0.56	-	129.72	161.57
Disputed Trade Receivables – credit impaired	-	-	-	-	-	-
Total	12,485.80	2,052.48	1,136.29	117.34	187.20	15,979.12

31[st] March 2024

(Unsecured, considered good unless otherwise specified)

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( H in Lakhs)
Less than 6 months - More than
Particulars 1-2 years 2-3 years Total
6 months 1 year 3 years
Undisputed Trade receivables – 7,787.99 854.32 136.82 60.51 0.27 8,839.91
considered good
Undisputed Trade Receivables – - - - - - -
which have significant increase in
credit risk
Undisputed Trade Receivables - - - - -
– credit impaired
Disputed Trade Receivables– - - - - - -
considered good
Disputed Trade Receivables – - - 3.47 2.88 123.38 129.72
which have significant increase
in credit risk
Disputed Trade Receivables – - - - - - -
credit impaired
Total 7,787.99 854.32 140.28 63.39 123.65 8,969.63
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ANNUAL REPORT 2024-25

208

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Note 25.2 Liquidity risk management

The Company had access to the following undrawn borrowing facilities at the end of the reporting period:

		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Working capital – fund based	13,183.40	12,600.00
Working capital – Non fund based	7,000.00	4,500.00
Total borrowing facilities	20,183.40	17,100.00

Maturities of financial liabilities

The tables below analyse the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for:

all non-derivative financial liabilities, and
net settled derivative financial instruments for which the contractual maturities are essential for an understanding
of the timing of the cash flows.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12months equal their carrying balances as the impact of discounting is not significant.

As at 31[st] March 2025

As at 31st March 2025
		(Hin Lakhs)
Particulars	Less than 12 months	More than 12 months
Non- derivative
Borrowings	6,155.63	1,357.93
Tradepayable	5,431.29	90.89
Total non-derivative liabilities	11,586.93	1,448.82

As at 31[st] March 2024

As at 31st March 2024
		(Hin Lakhs)
Particulars	Less than 12 months	More than 12 months
Non- derivative
Borrowings	5,964.71	1,311.40
Tradepayable	3,936.12	36.25
Total non-derivative liabilities	9,900.83	1,347.65

209

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

Note 25.3 Market risk management

Interest rate risk

The long term variable interest rate borrowings are not significant and accordingly, no such sensitivity for interest rate cash flow has been disclosed.

Price risk

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

Note 26 Capital management

Note 26.1 Risk management

The Company’s objectives when managing capital are to

safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and
Maintain an optimal capital structure to reduce the cost of capital.

The gearing ratios were as follows:

cash equivalents) divided by Total 'equity' (as shown in the balance sheet. The gearing ratios were as follows:
		(Hin Lakhs)
Particulars	As at March 31,2025	As at March 31,2024
Net debt	7513.57	7276.11
Total equity	23760.43	14209.73
Net debt to equity ratio	0.32	0.51

Note 26.2 Loan covenants

The Company has complied with all loan covenants required under borrowing facilities.

ANNUAL REPORT 2024-25

210

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Note 27 Related party transactions

Note 27.1 Controlling shareholders

Mr. Raman Bhatia M/s Raman Bhatia HUF Ms. Sarika Bhatia

Note 27.2 Fellow Subsidiaries

Rebreathe Medical Devices India Private Limited

Techbec Industries Limited Techbec Green Energy Private Limited Servotech EV Infra Private Limited Servotech sports and entertainment Pvt ltd

Servotech Siliguri strikers Private Limited

Associate Company

NIL

Note 27.3 Key management personnel and their relatives

Key management personnel and relatives:

Mr. Raman Bhatia

Ms. Sarika Bhatia

Mr.Vikas Bhatia

Ms. Rupinder Kaur

Note 27.4 Transaction with related parties

The details of the related-party transactions entered into by the Company for the years ended 31[st] March 2025 and 31[st] March 2024 are as follows:

RELATED PARTIES TRANSACTIONS

( H in Lakhs)

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Name of Related Party Relationship Nature of Transaction Opening Debit Credit Balance
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Raman Bhatia	Managing Director	Remuneration	10.00	110.00	110.00	10.00
		Tour Advance	7.42	42.67	47.89	2.19
		Other Advances Paid	-	-	-	-
		Sales(incl. Taxes)	1.46	3.62	2.98	2.09
Sarika Bhatia	Whole Time Director	Remuneration	10.00	110.00	110.00	10.00
		Tour Advance	0.28	20.63	20.91	-
		Other Advances Paid				-
Rajesh Mohan Rai	Director	SittingFees		0.40	0.40	-
		Remuneration	1.80	3.61	5.41	-

211

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

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( H in Lakhs)
Name of Related Party Relationship Nature of Transaction Opening Debit Credit Balance
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Name of Related Party	Relationship	Nature of Transaction	Opening	Debit	Credit	Balance
Vikas Bhatia	Chief Financial Officer	Salary	-	16.91	16.91	-
		Sales(incl. Taxes)	-	0.14	0.14	-
		Tour Advance	-	-	-	-
		Other Advances Paid	-	-	-	-
		Imprest	0.68	114.94	115.13	0.49
Rupinder Kaur	Company Secretary	Salary	0.60	11.79	11.69	0.70
Techbec Industries Limited	Subsidiary	Investment	6.35	-	-	6.35
		Sales(incl. Taxes)	-	-	6.23	-6.23
Techbec Green Energy Pvt. Ltd.	Subsidiary	Investment	10.00	0.00	0.00	10.00
Service Solutions	Entity in which director(s) or their relatives are interested	Sales(incl. Taxes)	1.71	88.21	89.14	0.78
		Purchases(incl. Taxes)	1.65	522.33	418.79	105.19
Bhatia Electronics	Entity in which director(s) or their relatives are interested	Sales(incl. Taxes)	671.08	1,114.88	742.84	1,043.12
		Purchases(incl. Taxes)	-325.14	346.59	312.72	(291.27)
Bhatia Electronics Products Pvt Ltd	Entity in which director(s) or their relatives are interested	Sales(incl. Taxes)	-	11.51	4.58	6.93
		Purchases(incl. Taxes)	-	259.24	111.83	147.41
Bab Louie India LLP	Entity in which director(s) or their relatives are interested	Sales(incl. Taxes)	0.07	0.01	-	0.08
Rebreathe Medical Devices India Private Limited	Subsidiary	Investment	14.25	-	-	14.25
		Purchases(incl. Taxes)	0.10	-	0.10	-
		Sales(incl. Taxes)	-	711.39	790.40	(79.01)
Servotech Ev Infra Pvt. Ltd	Subsidiary	Investment	100.00	-	-	100.00
		Loan & Borrowing	-806.33	1,448.53	642.19	-
		Purchases(incl. Taxes)				-
		Sales(incl. Taxes)		161.28	94.63	66.64
Servotech Sports & Entertainment	Subsidiary	Purchases(incl. Taxes)	-	341.54	422.39	(80.85)
		Sales(incl. Taxes)	-	493.48	493.48	-
		Investment	-	74.80	-	74.80

ANNUAL REPORT 2024-25

212

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Note 28 Segment information

Description of segments and principal activities

The Geographical Segments considered for disclosure are Sales within India Sales outside India

Geographical Segment (based on Location of Customers)

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( H in Lakhs)
2024-25 2023-24
Particulars
in Lacs in Lacs
Segment Assets
- within India 40,984.18 27,651.74
- outside India - -
40,984.18 27,651.74
Segment Revenue
- within India 65,011.62 31,911.21
- outside India 2,432.00 3,457.14
67,443.62 35,368.35
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Note 29 Earnings per share

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As at As at
Particulars
March 31,2025 March 31,2024
Profit (loss) attributable to equity shareholders 3,273.51 1,176.22
Paid-Up Equity Share Capital ( Face Value of Share Rs.1/-) 2,246.45 2,169.04
Basic earnings per share 1.46 0.54
Diluted Earning Per Share 1.45 0.55
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Note 30 Contingent liabilities

Note 30 Contingent liabilities
		(Amount in lacs)
Particulars	As at March 31,2025	As at March 31,2024
Claims against the Company not acknowledged as debts	137.89	63.39
OutstandingLetter of Credit	243.83	-
Guarantees
Guarantees issued bybanks on behalf of the Company	7509.69	3,643.89
Total contingent liabilities	7,891.41	3,707.28

Note 31 Commitments

Note 31.1 Contractual commitments

Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:

( H in Lakhs)

Particulars	As at March 31,2025 As at March 31,2024
Property, plant and equipment	-
Total commitments	-

213

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Notes to the Consolidated Financial Statements

Note 31.2 Non-cancellable operating leases

Note 32 Assets pledged as security

The carrying amounts of assets pledged as security for current and non-current borrowings are as follows:

( H in Lakhs)

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As at As at
Particulars
March 31,2025 March 31,2024
Current
Financial assets
- Cash & cash equivalents 2,102.70 1,106.27
Non-financial assets
- Inventories 6,190.86 3369.98
Total current assets pledged as security 8,293.56 4,476.25
Non-current
Non-financial assets
Property, plant and equipment 2,285.60 1,295.49
Capital WIP ( Machinery) 1,446.86
Total non-current assets pledged as security 2,285.60 2,742.35
Total assets pledged as security 10,579.16 7,218.60
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Note 33 Other Matters

( H in Lakhs)

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As at As at
Particulars
March 31,2025 March 31,2024
CIF Value of Imports
Raw Material 11784.71 7,072.17
FOB Value of Exports 2,432.00 3,457.14
Expenditure in Foreign Currencies
Raw Materials 11,257.86 5,034.33
Tour Advance & Advance Against Raw Material/Software License 52.91 9.77
Asset 17.16 1,132.56
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Other Matters :-

(a) The VAT Department of Government of Haryana at Kundli had assessed the Sales Turnover of the company up to 30.06.2017 and created the demand of Rs.8.81 Lacs (Including Interest) for short submission of statutory forms on 12[th] March 2021. The Company paid the amount of Rs 2.28 lacs on 29[th] June,2020. Hence net demand of Rs 6.52 Lacs is payable as on balance sheet date. The company had charged the said amount to profit & loss account and reduce the advance payment Rs. 40.92 Lacs from the said Government Department .
(b) The income tax department has created demand of Rs 252.12 Lacs for the A.Y. 2017-18 on 26[th] of December 2019. The company had filed an appeal before Commissioner of Income Tax, New Delhi on 21[st] January 2020 and deposited Rs. 2.50 Lac against the same. The appeal is pending.
(c ) The income tax department has created demand of Rs 143.36 Lacs for the A.Y. 2016-17 on 28[th] March 2022. The company had filed an appeal before Commissioner of Income Tax, New Delhi on 19[th] of April 2022. The appeal is pending.
(d) In the opinion of the Board, the current assets, loans and advances have a value on realization in the ordinary course of business, at least equal to the aggregate amount as shown in the Balance Sheet

ANNUAL REPORT 2024-25

214

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

( e ) The company had received Rs.752.86 Lacs from different customers against supply / to be supply of goods has been shown as advance from customers in books of accounts, will be adjusted against their outstanding after reconciliation of their accounts.
(f) The outstanding balances of sundry debtors ,creditors & securities are as per the books of accounts of the Company which are subject to confirmations and reconciliation, if any.
(g) Previous year figures have been regrouped/rearranged wherever found necessary.
(h) Note 1 to 33 are forming part of Balance Sheet, Profit & Loss & Cash Flow Statement and have been authenticated by the directors.

Events occurring after the reporting period

Significant accounting policies 1&2

Notes on Financial Statements

The accompanying notes are an integral part of Consolidated financial statements As per our report of even date

For Rohit KC Jain & Co. Chartered Accountants FRN: 020422N

CA Rohit Jain

Partner MN. 099444 UDIN: 25099444BMMLTO3531 Place: Delhi Date: 06-05-2025

For and on behalf of the Board of Directors of Servotech Renewable Power System Limited ( Formerly known as Servotech Power Systems Limited)

Raman Bhatia (Managing Director) DIN-00153827

Sarika Bhatia (Whole-time Director) DIN-00155602

Rupinder Kaur ( Company Secretary ) M.No.- A38697

Vikas Bhatia (Chief Financial Officer) PAN- AJNPB0303P

Place: Delhi Date: 06-05-2025

215

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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Amount in Lakhs	Extent of shareholding (in percentage)	1 Rebreathe Medical Devices India Private Limited 05/07/2021 - - 15 235.04 483.83 483.83 124.32 9832.57 136.72 64.29 102.29 - 95% 2. 1Techbec Industries Limited 13/09/2022 - - 10 (10) 0 0 0 0 (9.78) 0 (9.78) - 63.50% 3. Hertz And Pixelz Private Limited (Formerly Known As Techbec Green Energy Private Limited) 27/07/2023 - - 10 (0.21) 9.8 9.8 - - (0.12) - (0.12) - 100% 4. Servotech EV Infra Private Limited 10/11/2023 - - 106.06 1051.61 1269.13 1269.13 0 159.61 (156.5) 0 (156.9) - 94.28% 5. 2Servotech Sports And Entertainment Private limited 28/05/2024 - - 100 (9.46) 487.52 487.52 0 461.59 (9.46) 0 (9.46) - 74.80% 6. *Servotech Siliguri Strikers Private Limited 06/03/2025 - - 10 0 10 10 0 0 0 0 0 0 0%	1 1Techbec Industries Limited has been strike- off as on 05.08.2025 Servotech Siliguri Strikers Private Limited is a Step-down Subsidiary of the company. Notes:*The following information shall be furnished at the end of the statement: 1. Names of subsidiaries which are yet to commence operations: NA 2. Names of subsidiaries which have been liquidated or sold during the year: NA
	Proposed Dividend
	Profit after taxation
	Provision for taxation
	Profit before taxation
	Turnover
	Investments
	Total Liabilities
	Total assets
	Reserves & surplus
	Share capital
	Reporting currency and Exchange rate as on the last date of the relevant financial year in the case of foreign subsidiaries.
	Reporting period for the subsidiary concerned, if different from the holding company’s reporting period
	The date since when subsidiary was acquired
	Name of the Subsidiary
	SN

ANNUAL REPORT 2024-25

216

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Consolidated Financial Statements

Profit / Loss for the year	Not Considered in Consolidation	NA	For and Behalf of Board of Director of Servotech Renewable Power System Limited Raman Bhatia Sarika Bhatia (Managing Director) Whole Time Director DIN: 00153827 DIN: 00155602 Rupinder Kaur Vikas Bhatia Company Secretary CFO M.N: A38697 PAN: AJNPB0303P
	Considered in Consolidation
Net worth attributable to Shareholding as per latest audited Balance Sheet
Reason why the associate/ joint venture is not consolidated
Description of how there is significant influence
Shares of Associate/Joint Ventures held by the company on the year end.	Extend of Holding %
	Amount of Investment in Associates/ Joint Venture
	No.
Date on which the Associate or Joint Venture was associated or acquired
Latest audited Balance Sheet Date
Name of Associates/ Joint Ventures
S.No.

217

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

(Formerly known as Servotech Power Systems Limited)

CIN: - L31200HR2004PLC136025

Registered Office: Khata No. 1970, Khewat No. 1672, Khasra No. 21/20/2/2, Revenue Estate, Kundli, Sonipat, Haryana, 131029. E-mail: [email protected]; Website- www.servotech.in

NOTICE is hereby given that the 21[st] Annual General Meeting (“AGM”) of SERVOTECH RENEWABLE POWER SYSTEM LIMITED (Formerly known as Servotech Power Systems Limited) (“the Company”) will be held on Tuesday, 30[th] September, 2025 at 11:00 A.M. (“IST”) through Video Conferencing (“VC”)/Other Audio Visual Means (“OAVM”) to transact the following business:

ORDINARY BUSINESS:

1. To receive, consider and adopt

a) The Audited Standalone Financial Statements of the Company for the financial year ended 31[st] March, 2025, together with the Reports of the Board of Directors and the Auditors thereon; and
b) The Audited Consolidated Financial Statements for the financial year ended 31[st] March, 2025, together with the Reports of the Auditors thereon;
To appoint a Director in place of Mrs. Sarika Bhatia (DIN: 00155602), who retires by rotation and being eligible, offers herself for re-appointment.
To declare Final Dividend on Equity Shares of H 0.05/(Rupees Five Paise Only) per Equity Share of face value of H 1/- of the Company as recommended by Board for the financial year 2024-25.

SPECIAL BUSINESS:

To consider and if thought fit, approve the appointment of M/s. R & D Company secretaries, Practicing Company Secretary as Secretarial Auditor of the Company for a first term of five years and to pass with or without modification(s), the following resolution as an Ordinary Resolution:

“RESOLVED THAT pursuant to the provisions of Section 204 and other applicable provisions, if any,

of the Companies Act, 2013 read with rules framed thereunder and Regulation 24A of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015 as amended from time to time (including any statutory modification(s) or amendment(s) thereto or reenactment(s) thereof for the time being in force), and in accordance with the recommendation of the Board of Directors of the Company, M/s. R & D Company Secretaries, Practicing Company Secretary (CP No: 8612 and Peer Review Certificate No. 1403/2021), be appointed as the Secretarial Auditors of the Company for a term of five (5) consecutive years, to conduct the Secretarial Audit of five consecutive financial years from 2025-26 to 2029-30 on such remuneration and reimbursement of out of pocket expenses for the purpose of audit as may be approved by the Audit Committee/Board of Directors of the Company.

RESOLVED FURTHER THAT approval of the members be and is hereby accorded to the Board to avail or obtain from the Secretarial Auditor, such other services or certificates, reports, or opinions which the Secretarial Auditors may be eligible to provide or issue under the applicable laws, at a remuneration to be determined by the Audit committee/Board of Directors of the Company.

RESOLVED FURTHER THAT the Board of Directors be

and are hereby authorized to take all actions and do all such deeds, matters and things, as may be necessary, proper or desirable and to settle any question, difficulty or doubt that may arise in this regard.”

To ratify the remuneration of Cost Auditors for the financial year 2025-26 and in this regard to consider and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution:

ANNUAL REPORT 2024-25

218

NOTICE

“ RESOLVED THAT pursuant to the recommendation of Audit Committee and approval of the Board of Directors and provisions of Section 148 and all other applicable provisions, if any, of the Companies Act, 2013 and the rules made thereunder (including any statutory modification(s), clarification(s) or reenactment(s) thereof for the time being in force), the remuneration of INR 30,000/- (Rupees Thirty Thousand Only) plus service tax as applicable, payable to M/s. NN Sharma & Associates, Cost Accountants (Firm

Reg. No.:101702) to carry out audit of cost records of the Company for the financial year 2025-26, be and is hereby ratified and confirmed.

RESOLVED FURTHER THAT the Board be and is hereby authorized to do all such acts, deeds, things and matters as may be deemed necessary, proper or expedient to give effect to this resolution and/ or to make any modification as may be deemed necessary in the best interest of the Company.”

FOR AND ON BEHALF OF SERVOTECH RENEWABLE POWER SYSTEM LIMITED -Sd-

Date: 2[nd] September, 2025 Place: New Delhi

RUPINDER KAUR COMPANY SECRETARY ICSI MEMBERSHIP NO.: A38697

Registered Office:

Khata No. 1970, Khewat No. 1672, Khasra No. 21/20/2/2, Revenue Estate, Kundli, Sonipat, Haryana, 131029.

219

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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NOTES:-

The explanatory statement, pursuant to Section 102 of the Companies Act, 2013 (“the Act”), setting out material facts relating to the Ordinary/Special Businesses to be transacted at the Annual General Meeting (“AGM”/“Meeting”) is annexed hereto.
Pursuant to the General Circular No. 09/2024 dated September 19, 2024, issued by the Ministry of Corporate Affairs (MCA) and circular issued by SEBI vide circular no. SEBI/ HO/ CFD/ CFDPoD-2/ P/ CIR/ 2024/ 133 dated October 3, 2024 (“SEBI Circular”) and other applicable circulars and notifications issued (including any statutory modifications or reenactment thereof for the time being in force and as amended from time to time, companies are allowed to hold EGM/AGM through Video Conferencing (VC) or other audio visual means (OAVM), without the physical presence of members at a common venue. In compliance with the said Circulars, EGM/AGM shall be conducted through VC / OAVM.
The Ministry of Corporate Affairs (“MCA”) has, vide its Circular No. 2/2022 dated 5[th] May, 2022 Circular No. 14/2020 dated 8[th] April 2020, Circular No. 17/2020 dated 13[th] April 2020, issued by the Ministry of Corporate Affairs (“MCA Circulars”) followed by Circular No. 20/2020 dated 5[th] May, 2020, and Circular No. 02/2021 dated 13[th] January, 2021 and all other relevant circulars issued from time to time, physical attendance of the Members to AGM venue is not required and general meeting be held through video conferencing (VC) or other audio visual means (OAVM). Hence, Members can attend and participate in the ensuing AGM through VC/OAVM. The deemed venue for the 21[st] AGM shall be the Registered Office of the Company.
Generally, a member entitled to attend and vote at the AGM is entitled to appoint a proxy to attend and on a poll to vote instead of himself/herself, Since, this meeting is being held through VC/OAVM under the framework of MCA and SEBI circulars where physical presence of the Members has been dispensed with, accordingly, the facility for appointment of proxies by the Members under Section 105 of the Act will not be available for the 21[st] AGM and hence the Proxy Form and Attendance Slip are not annexed to this Notice.
The attendance of Members attending the AGM through VC/OAVM shall be counted for the purpose of reckoning the quorum under Section 103 of the Act.
Since the AGM will be held through VC/OAVM, the Route Map is not annexed in this Notice.
In case of joint holders attending the Meeting, only such joint holder who is higher in the order of names will be entitled to vote.
Institutional/Corporate Shareholders (i.e. other than individuals/HUF, NRI, etc.) are required to send a scanned copy (PDF/JPG Format) of its Board or governing body Resolution/Authorization etc., authorizing its representative to attend the AGM through VC/OAVM on its behalf and to vote through remote e-voting. The said Resolution/Authorization shall be sent to the Scrutinizer by email through its registered email address to [email protected] with a copy marked to [email protected].
+In compliance with the aforesaid MCA Circulars and SEBI Circulars, Notice of the AGM along with the Annual Report 2024-25 is being sent only through electronic mode to those Members whose e-mail addresses are registered with the Company/Depositories. Members may note that the Notice and Annual Report 202425 will also be available on the Company’s website www.servotech.in, websites of the Stock Exchange i.e. National Stock Exchange of India Limited at www.nse. in respectively, and on the website of NSDL at https:// www.evoting.nsdl.com.
The Share Transfer Books and Register of Members Books of the Company will remain closed from Wednesday, 24[th] September, 2025 to Tuesday, 30[th] September, 2025(both days inclusive) the purpose of the AGM.
Kindly note that as per SEBI (Listing Obligations and Disclosure Requirement Regulations), 2015, as amended from time to time (“Listing Regulations”), it is mandatory for the Company to print the bank account details of the investors in dividend payment instrument. Hence, Shareholders are requested to register/update your correct bank account details with the Company/RTA/Depository Participant, as the case may be. Shareholders are requested to follow the process as guided herein below to register their mandate for receiving Dividend directly in their Bank accounts.
As per the provisions of Section 72 of the Act and circulars issued by SEBI, the facility for making nomination is available for the Members in respect of the shares held by them. Members who have not yet registered their nomination are requested to register the same by submitting Form No. SH-13. If a Member desires to opt out or cancel the earlier nomination and record a fresh nomination, he/she should submit the request in ISR-3 or SH-14 as the case may be. The Forms can be downloaded from Company`s website https://servotech.in/investors/ investors-corner/updation-physical-shareholders. Members are requested to submit the said details to their Depository Participant in case the shares are held by them in dematerialized form and to the Company’s Registrar and Transfer Agent (‘RTA’) in case the shares are held by them in physical form, quoting their folio number.

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NOTICE

Members holding shares in physical form, in identical order of names, in more than one folio are requested to send the details of such folios together with the share certificates for consolidating their holdings in one folio to the Company or Company’s RTA i.e. Bigshare Services Private Limited 302, Kushal Bazar, 32-33, Nehru Place, New Delhi 110019, Tel.: 011-42425004, Email:[email protected] (“RTA/Bigshare”) and a consolidated share certificate will be issued to such Members after making requisite changes.
Members are requested to intimate changes, if any, pertaining to their name, postal address, e-mail address, telephone/mobile numbers, Permanent Account Number (“PAN”), mandates, nominations, power of attorney, bank details such as, name of the bank and branch details, bank account number, MICR code, IFSC code, etc.
a. For shares held in electronic form: to their Depository Participant only and not to the Company’s RTA. Changes intimated to the Depository Participant will then be automatically reflected in the Company’s records which will help the Company and its RTA provide efficient and better service to the Members.
b. For shares held in physical form: to the Company’s RTA in prescribed Form ISR-1 and other forms pursuant to SEBI circular SEBI/HO/ MIRSD/MIRSD_RTAMB/P/ CIR/2021/655 dated 3[rd] November, 2021, as per instructions mentioned in the form. The said form can be downloaded from the company’s website at https://servotech.in/ - - -
investors/investors corner/updation physical shareholders and is also available on the website of the RTA.
Members may please note that SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated 25[th] January, 2022 has mandated the listed companies to issue securities in dematerialized form only while processing service requests, viz., Issue of duplicate securities certificate; claim from unclaimed suspense account; renewal/exchange of securities certificate; endorsement; sub-division/splitting of securities certificate; consolidation of securities certificates/ folios; transmission and transposition. Accordingly, Members are requested to make service requests by submitting a duly filled and signed Form ISR-4. The said form can be downloaded from the company’s website at https://servotech.in/investors/investorscorner/updation-physical-shareholders and is also available on the website of the Company’s Registrar and Share Transfer Agent i.e. Bigshare Financial Services Private Limited (“Bigshare/RTA”). It may be noted that any service request can be processed only after the folio is KYC Compliant.
SEBI vide its notification dated 24[th] January, 2022 has amended Regulation 40 of the SEBI Listing Regulations
and has mandated that all requests for transfer of securities including transmission and transposition requests shall be processed only in dematerialized form. In view of the same and to eliminate all risks associated with physical shares and avail various benefits of dematerialization, Members are advised to dematerialize the shares held by them in physical form. Members can contact the Company or the Company’s RTA i.e. Bigshare, for assistance in this regard.
Pursuant to Finance Act 2020, dividend income will be taxable in the hands of shareholders and the Company is required to deduct tax at source from dividend paid to shareholders at the prescribed rates. For the prescribed rates for various categories, the shareholders are requested to refer to the Finance Act, 2020 and amendments thereof. The shareholders are requested to update their PAN with the Company/RTA (in case of shares held in physical mode) and depositories (in case of shares held in demat mode). A Resident individual shareholder with PAN and who is not liable to pay income tax can submit a yearly declaration in Form No. 15G/15H, to avail the benefit of non-deduction of tax at source by email to the Company at investor. [email protected] or to its RTA at info@ bigshareonline.com. Shareholders are requested to refer to communication on this subject sent by the Company to them through e-mail or may visit the Company website www.servotech.in, for further details and formats of declaration.

Kindly note that the relevant documents should be emailed to Bigshare Financial Services Private Limited, the Registrar and Transfer Agent (“Bigshare”) of the Company, at [email protected]. You can also email the same to investor.relations@ servotechindia.com.

In case tax on dividend is deducted at a higher rate in the absence of receipt of the aforementioned details/documents, you would still have the option of claiming refund of the excess tax paid at the time of filing your income tax return. No claim shall lie against the Company for taxes so deducted at higher rate. Copies of the TDS certificate will be emailed to you at your registered email ID.

The members intending to seek any information on Annual Financial Statements or any matter placed/ to be placed at the meeting are requested to kindly write to the Company on or before -10[th] September, 2025 through email on investor.relations@ servotechindia.com. The same will be replied by the Company suitably.
The additional details of Directors retiring by rotation/ seeking appointment/re-appointment, pursuant to Regulation 36(3) of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and

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Disclosure Requirements) Regulations, 2015 (“the SEBI Listing Regulations”) and the Secretarial Standards issued by the Institute of Company Secretaries of India, is annexed as Annexure-I and forms integral part of this Notice.
In accordance with the provisions of Section 124(2) of the Act, the Company has uploaded the details of unclaimed dividend in respect of interim dividend declared during the financial year 2024-25, on the website of the Company. Shareholders may kindly check the said information and if any dividend amount is appearing as unpaid against their name, they may lodge their claim, duly supported by relevant documents to the Company.
The Final Dividend for the Financial Year 2024-25, as recommended by the Board of Directors, if approved at the AGM, would be paid/credited by Date(within 30 days) subject to deduction of tax at source, to the shareholders or their mandates:
(a) Whose names appear as Beneficial Owners as at the end of the business hours on, 23[rd] September, 2025 (“Record Date”), in the list of Beneficial Owners to be furnished by National Securities Depository Limited and Central Depository Services (India) Limited in respect of the shares held in electronic form; and
(b) Whose names appear as Shareholders in the Register of Members of the Company after giving effect to valid share transfers with the Company / Bigshare Financial Services Private Limited or before 23[rd] September, 2025.
All the documents referred to in the accompanying notice and explanatory statement annexed thereto shall be available for inspection by the members at the Registered Office of the Company on all working days (except Saturdays, Sundays & Public Holidays) during 11:00 a.m. to 02:00 p.m. from the date of circulation of this notice up to the date of AGM. These documents along with the extracts from Register of Directors and Key Managerial Personnel & their shareholding and the Register of Contracts & Arrangements in which directors are interested shall be available for inspection in electronic mode during the meeting to any person having right to attend the meeting.
To prevent fraudulent transactions, Members are advised to exercise due diligence and notify the Company of any change in address or demise of any Member as soon as possible. Members are also advised not to leave their demat account(s) dormant for long. Periodic statement of holdings should be obtained from the concerned DPs and holdings should be verified from time to time.

the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the AGM through VC/OAVM will be made available for 1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the AGM without restriction on account of first come first served basis.

VOTING THROUGH ELECTRONIC MEANS

I. In compliance with the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended), the Secretarial Standard on General Meetings (SS-2) issued by the ICSI and Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended), and the Circulars issued by the Ministry of Corporate Affairs dated 8[th] April, 2020, 13[th] April, 2020 and 5[th] May, 2020 the Company is providing facility of remote e-voting to its Members in respect of the business to be transacted at the AGM. For this purpose, the Company has entered into an agreement with National Securities Depository Limited (NSDL) for facilitating voting through electronic means, as the authorized agency. The facility of casting votes by a member using remote e-voting system as well as venue voting on the date of the AGM will be provided by NSDL.
II. Mr. Debabrata Deb Nath, Partner- R&D Company Secretaries (“ICSI Membership No. 7775 and C.P. No. 8612”), has been appointed as the Scrutinizer to scrutinize the remote e-voting process and the voting at AGM in a fair and transparent manner.
III. The cut-off date for the purpose of voting (including remote e-voting) is 23[rd] September, 2025.
IV. The Members who have cast their vote by remote e-voting prior to the AGM may also attend/ participate in the AGM through VC/OAVM but shall not be entitled to cast their vote again.
V. The remote e-voting facility will be available during the following period after which the portal shall forthwith be blocked and shall not be available:

Commencement of remote e-voting	09:00 a.m. (IST) on 25th September,2025
End of remote e-voting	05:00 p.m.(IST)on 29th September,2025

The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of

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NOTICE

VI. During this period, Members holding shares either in physical form or in dematerialized form, as on 23[rd] September, 2025 i.e. cut-off date, may cast their vote electronically. The e-voting module shall be disabled by NSDL for voting thereafter. Those Members, who will be present in the AGM through VC/OAVM facility and have not cast their vote on the Resolutions through remote e-voting and are otherwise not barred from doing so, shall be eligible to vote through e-voting system during the AGM.

THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING AND JOINING GENERAL MEETING ARE AS UNDER:-

The remote e-voting period begins on 25[th] September, 2025at 09:00 A.M. and ends on 29[th] September, 2025 at 05:00 P.M. The remote e-voting module shall be disabled by NSDL for voting thereafter. The Members, whose names appear in the Register of Members / Beneficial Owners as on the record date (cut-off date) i.e. 23[rd] September, 2025, may cast their vote electronically. The voting right

of shareholders shall be in proportion to their share in the paid-up equity share capital of the Company as on the cut-off date, being 23[rd] September, 2025.

How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:

Step 1: Access to NSDL e-Voting system

A. Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.
In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.

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Type of
Login Method
shareholders
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Individual
Shareholders
holding securities
in demat mode
with NSDL.

1.
For OTP based login you can click onhttps://eservices.nsdl.com/SecureWeb/evoting/
evotinglogin.jsp.You will have to enter your 8-digit DP ID,8-digit Client Id, PAN No.,
Verification code and generate OTP. Enter the OTP received on registered email id/mobile
number and click on login. After successful authentication, you will be redirected to NSDL
Depository site wherein you can see e-Voting page. Click on company name ore-Voting
service provider i.e. NSDLand you will be redirected to e-Voting website of NSDL for
casting your vote during the remote e-Voting period.
2. ExistingIDeASuser can visit the e-Services website of NSDL Viz. https://eservices.nsdl.com
either on a Personal Computer or on a mobile. On the e-Services home page click on the
“Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section , this will
prompt you to enter your existing User ID and Password. After successful authentication,
you will be able to see e-Voting services under Value added services. Click on “Access
to e-Voting” under e-Voting services and you will be able to see e-Voting page. Click
on company name ore-Voting service provider i.e. NSDLand you will be re-directed
to e-Voting website of NSDL for casting your vote during the remote e-Voting period or
joining virtual meeting & voting during the meeting.
3. If you are not registered for IDeAS e-Services, option to register is available at https://
eservices.nsdl.com.Select “Register Online for IDeAS Portal” or click at https://eservices.
nsdl.com/SecureWeb/IdeasDirectReg.jsp
4. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://
www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home
page of e-Voting system is launched, click on the icon “Login” which is available under
‘Shareholder/Member’ section. A new screen will open. You will have to enter your User
ID (i.e. your sixteen digit demat account number hold with NSDL), Password/OTP and a
Verification Code as shown on the screen. After successful authentication, you will be
redirected to NSDL Depository site wherein you can see e-Voting page. Click on company
name ore-Voting service provider i.e. NSDLand you will be redirected to e-Voting
website of NSDL for casting your vote during the remote e-Voting period or joining virtual
meeting & voting during the meeting.
5. Shareholders/Members can also download NSDL Mobile App “EXPLANATORY STATEMENT
PURSUANT TO SECTION 102 (1) OF THE COMPANIES ACT, 2013” facility by scanning the QR
code mentioned below for seamless votingexperience.

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Type of
Login Method
shareholders
----- End of picture text -----

Individual
Shareholders
holding securities
in demat mode
with CDSL

1.
Users who have opted for CDSL Easi / Easiest facility, can login through their existing user
id and password. Option will be made available to reach e-Voting page without any
further authentication. The users to login Easi /Easiest are requested to visit CDSL website
www.cdslindia.com and click on login icon & New System Myeasi Tab and then user your
existing my easi username & password.
2. After successful login the Easi / Easiest user will be able to see the e-Voting option for
eligible companies where the evoting is in progress as per the information provided by
company. On clicking the evoting option, the user will be able to see e-Voting page of
the e-Voting service provider for casting your vote during the remote e-Voting period
or joining virtual meeting & voting during the meeting. Additionally, there is also links
provided to access the system of all e-Voting Service Providers, so that the user can visit
the e-Voting service providers’ website directly.
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL website
www.cdslindia.com and click on login & New System Myeasi Tab and then click on
registration option.
4. Alternatively, the user can directly access e-Voting page by providing Demat Account
Number and PAN No. from a e-Voting link available onwww.cdslindia.comhome page.
The system will authenticate the user by sending OTP on registered Mobile & Email as
recorded in the Demat Account. After successful authentication, user will be able to see
the e-Voting option where the evoting is in progress and also able to directly access the
system of all e-VotingService Providers.

Individual
Shareholders
(holding securities
in demat mode)
login through
their depository
participants

You can also login using the login credentials of your demat account through your
Depository Participant registered with NSDL/CDSL for e-Voting facility. Upon logging in, you
will be able to see e-Voting option. Click on e-Voting option, you will be redirected to NSDL/
CDSL Depository site after successful authentication, wherein you can see e-Voting feature.
Click on company name or e-Voting service provider i.e. NSDL and you will be redirected to
e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining
virtual meeting& votingduringthe meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL.

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Login type Helpdesk details
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Individual Shareholders holding securities in demat mode with NSDL	Members facing any technical issue in login can contact NSDL helpdesk by sending a request at [email protected] or call at 022 - 4886 7000
Individual Shareholders holding securities in demat mode with CDSL	Members facing any technical issue in login can contact CDSL helpdesk by sending a request at helpdesk.evoting@ cdslindia.comor contact at toll free no. 1800-21-09911

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NOTICE

Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode.

How to Log-in to NSDL e-Voting website?

Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl. com/ either on a Personal Computer or on a mobile.
Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section.
A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on the screen.

Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com/ with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.

Your User ID details are given below :

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Manner of holding shares i.e. Demat
Your User ID is:
(NSDL or CDSL) or Physical
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a) For Members who hold shares in demat account with NSDL.	8 Character DP ID followed by 8 Digit Client ID For example: if your DP ID is IN300 and Client ID is 12 then your user ID is IN30012**.
b) For Members who hold shares in demat account with CDSL.	16 Digit Beneficiary ID For example: if your Beneficiary ID is 12 then your user ID is 12
c) For Members holding shares in Physical Form.	EVEN Number followed by Folio Number registered with the company For example: if folio number is 001 and EVEN is 101456 then user ID is 101456001

Password details for shareholders other than Individual shareholders are given below:
a) If you are already registered for e-Voting, then you can user your existing password to login and cast your vote.
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’ which was communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial password’ and the system will force you to change your password.
c) How to retrieve your ‘initial password’?
- i. If your email ID is registered in your demat account or with the company, your ‘initial password’ is communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the attachment i.e. a .pdf file. Open the .pdf file. The password to open the pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for

shares held in physical form. The .pdf file contains your ‘User ID’ and your ‘initial password’.

  - ii. If your email ID is not registered, please follow steps mentioned below in process **for those shareholders whose email ids are not registered** .

If you are unable to retrieve or have not received the “ Initial password” or have forgotten your password:
a) Click on “Forgot User Details/Password?”(If you are holding shares in your demat account with NSDL or CDSL) option available on www.evoting.nsdl.com.
b) Physical User Reset Password?” (If you are holding shares in physical mode) option available on www.evoting.nsdl.com.
c) If you are still unable to get the password by aforesaid two options, you can send a request at [email protected] mentioning your demat account number/folio number, your PAN, your name and your registered address etc.

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SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.
After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.
Now, you will have to click on “Login” button.
After you click on the “Login” button, Home page of e-Voting will open.

Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system.

How to cast your vote electronically and join General Meeting on NSDL e-Voting system?

After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding shares and who’s voting cycle and General Meeting is in active status.
Select “EVEN” of company for which you wish to cast your vote during the remote e-Voting period and casting your vote during the General Meeting. For joining virtual meeting, you need to click on “VC/ OAVM” link placed under “Join Meeting”.
Now you are ready for e-Voting as the Voting page opens.
Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for which you wish to cast your vote and click on “Submit” and also “Confirm” when prompted.
Upon confirmation, the message “Vote cast successfully” will be displayed.
You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
Once you confirm your vote on the resolution, you will not be allowed to modify your vote.

General Guidelines for Shareholders:

Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to [email protected] with a copy marked to [email protected]. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) can also upload their Board Resolution / Power of Attorney / Authority Letter etc. by clicking on "Upload Board Resolution / Authority Letter” displayed under “e-voting” tab in their login.
It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such an event, you will need to go through the “Forgot User Details/Password?” or “Physical User Reset Password?” option available on www.evoting. nsdl.com to reset the password.
In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-voting user manual for Shareholders available at the download section of www.evoting.nsdl.com or call on: 022 - 4886 7000 or send a request to Ms Pallavi Matre at [email protected]

PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL IDS ARE NOT REGISTERED WITH THE DEPOSITORIES FOR PROCURING USER ID AND PASSWORD AND REGISTRATION OF E-MAIL IDS FOR E-VOTING FOR THE RESOLUTIONS SET OUT IN THIS NOTICE:-

In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by email to [email protected].
In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) to investor.relations@servotechindia. com. If you are an Individual shareholders holding securities in demat mode, you are requested to refer to the login method explained at step 1 (A) i.e. Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.
Alternatively shareholder/members may send a request to [email protected] for procuring user id and password for e-voting by providing above mentioned documents.
In terms of SEBI circular dated 9[th] December, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are required to update their mobile number and email ID correctly in their demat account in order to access e-Voting facility.

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NOTICE

THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF THE AGM ARE AS UNDER:-

The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for remote e-voting.
Only those Members/ shareholders, who will be present in the AGM through VC/OAVM facility and have not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system in the AGM.
Members who have voted through Remote e-Voting will be eligible to attend the AGM. However, they will not be eligible to vote at the EGM.
The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day of the AGM shall be the same person mentioned for Remote e-voting.

INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM ARE AS UNDER:-

Member will be provided with a facility to attend the AGM through VC/OAVM through the NSDL e-Voting system. Members may access by following the steps mentioned above for Access to NSDL e-Voting system. After successful login, you can see link of “VC/ OAVM” placed under “Join meeting” menu against company name. You are requested to click on VC/ OAVM link placed under Join Meeting menu. The link for VC/OAVM will be available in Shareholder/ Member login where the EVEN of Company will be displayed. Please note that the members who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password may retrieve the same by following the remote e-Voting instructions mentioned in the notice to avoid last minute rush.
Members are encouraged to join the Meeting through Laptops for better experience.
Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
Members who would like to express their views/ask questions as a speaker at the Meeting may preregister themselves by sending a request from their registered e-mail address mentioning their names, DP ID and Client ID/Folio number, PAN and mobile number at [email protected] between Monday, 8[th] September, 2025 (09.00 a.m. IST) and Thursday, 11[th] September, 2025 (05.00 p.m. IST). The Company reserves the right to restrict the number of speakers depending on the availability of time for the AGM.

OTHER INSTRUCTIONS

i. The voting rights of members shall be in proportion to their shares in the paid up equity share capital of the Company as on cut-off date i.e. 23[rd] September, 2025. A person, whose name is recorded in the register of members or in the register of beneficial owners maintained by the depositories, as on cutoff date only shall be entitled to avail the facility of e-Voting system during the AGM.
ii. The result shall be declared not later than 48 hours from conclusion of this Annual General Meeting. The results declared shall be communicated to National Stock Exchange of India Limited, NSDL, M/s. Bigshare Financial Services Private Limited (i.e. Registrar & Share Transfer Agent of the Company) and shall also be displayed on the website of the Company i.e. www.servotechindia.com.
iii. Subject to receipt of requisite number of votes, the resolutions shall be deemed to be passed on date of Annual General Meeting i.e. Monday, 30[th] September, 2025.
Further Members will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.

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EXPLANATORY STATEMENT PURSUANT TO SECTION 102 (1) OF THE COMPANIES ACT, 2013

ITEM NO. 4

Pursuant to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024 (“SEBI Listing Regulations”), on the basis of recommendation of Board of Directors, the Company shall appoint or re-appoint an individual as Secretarial Auditor for not more than one term of five consecutive years; or a Secretarial Audit firm as Secretarial Auditor for not more than two terms of five consecutive years, with the approval of the shareholders in Annual General Meeting (“AGM”).

Based on the recommendation of the Audit Committee, the Board of Directors has approved the appointment of M/s. R & D Company Secretaries, Practicing Company Secretary (CP No: 8612 and Peer Review Certificate No. 1403/2021), as the Secretarial Auditors of the Company for a period of five consecutive financial years from 2025-26 to 2029-30. The appointment is subject to shareholders’ approval at the AGM. While recommending M/s. R & D Company Secretaries for appointment, the Audit Committee and the Board based on past audit experience of the audit firm particularly in auditing large companies, valuated various factors, including the firm’s capability to handle a diverse and complex business environment, its existing experience in the various business segments, the clientele it serves, and its technical expertise.

Pursuant to Regulation 36(5) of SEBI Listing Regulations as amended, the credentials and terms of appointment of M/s. R & D Company Secretaries are as under:

Profile: R & D is a firm of reputed group of professionals providing professional services in the field of merchant banking, corporate planning & restructuring, mergers & acquisitions, corporate laws, corporate secretarial, NBFC, SEBI related matters and corporate advisory services. The firm has a team of Corporate Lawyers and Company Secretaries assisted by other supporting staff. R&D was registered with the Institute of Company Secretaries of India (ICSI) since 2004. The firm is also peer reviewed vide certificate issued by ICSI. Mr Debabrata Deb Nath, Managing Partner is a Fellow member of the Institute of Company Secretaries of India since 2009. He is a Practicing Company Secretary for more than 15 years.

From last 15 years he is giving his consultancy to various MNCs, Start-up Business Hubs and large business houses in Northern India.

Before becoming member of the esteemed institute, he was a Senior Team member of Delhi based Chartered Accountant firm where he has an experience of various Statutory Audits, Internal Audits including Bank Audits. He has entire range of practice relating to Secretarial Audit, Compliances including planning for corporate & non-resident Indians and rendering of Consultancy on Secretarial, Company Law & FEMA matters. He has been a visiting Faculty and Guest Speaker in a number of programs, seminars and workshops organized by the ICSI, ICAI and Educational Institutions..

Terms of appointment:

M/s. R & D Company Secretaries is proposed to be appointed for a term of five (5) consecutive years, to conduct the Secretarial Audit of five consecutive financial years from 2025-26 to 2029-30.

The proposed fees payable to M/s. R & D Company Secretaries is 0.75 lac per annum. The said fees shall exclude GST, certification fees, applicable taxes, reimbursements and other outlays. The Audit Committee / Board is proposed to be authorised to revise the fee, from time to time.

None of the Directors or key managerial personnel or their relatives is in any way concerned or interested, financially or otherwise in the said resolution.

Considering the rich professional experience, reputed clientele, and guidance on best secretarial practices to ensure governance and based on the recommendation of the Audit Committee, the Board of Directors recommends the Resolution at Item No.4 for your approval as an Ordinary Resolution.

ITEM NO. 5

The Board of Directors of the Company, on recommendation of the Audit Committee, at its meeting held on 06[th] May, 2025, had re-appointed M/s. N N Sharma & Associates, Cost Accountants (FRN. No. 101702) as Cost Auditors for the Financial Year 2025-26 at a remuneration of Rs. 30,000/- (including out of pocket expenses) plus applicable taxes.

In accordance with the provisions of Section 148(3) of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014 and the Companies (Cost Records &

ANNUAL REPORT 2024-25

228

NOTICE

Audit), Rules, 2014, the remuneration payable to the Cost Auditor is to be ratified by the Members of the Company. Accordingly, the Members are requested to ratify the remuneration payable to the Cost Auditors to conduct the cost audit for the Financial Year 2025-26.

or interested, financially or otherwise, in the Ordinary Resolution set out in Item No. 5 of the Notice.

The Board recommends the Ordinary Resolution set out at item no. 5 of the Notice for approval of the members.

None of Directors, Key Managerial Personnel of the Company or their relatives are in any way connected

Date: 2[nd] September, 2025 Place: New Delhi

FOR AND ON BEHALF OF SERVOTECH RENEWABLE POWER SYSTEM LIMITED -Sd- RUPINDER KAUR COMPANY SECRETARY ICSI MEMBERSHIP NO.: A38697

229

SERVOTECH RENEWABLE POWER SYSTEM LIMITED

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DETAILS OF DIRECTORS SEEKING APPOINTMENT AND RE-APPOINTMENT AT THE 21ST ANNUAL GENERAL MEETING (PURSUANT TO REGULATION 36(3) OF THE SEBI (LISTING OBLIGATION AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015, READ WITH SECRETARIAL STANDARD-2 ISSUED BY THE INSTITUTE OF COMPANY SECRETARIES OF INDIA)

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Name of Director Ms. Sarika Bhatia
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Director’s Identification Number (DIN)	00155602
Qualifications	Bachelor’s in Commerce
Date of Birth & Age	30thJune, 1978 (47 years)
Date of First Appointment on Board	24thSeptember, 2004
Terms and conditions of appointment	In terms of Section 152 and other applicable provisions of the Companies Act, 2013, Ms. Sarika Bhatia, who retires by rotation, be and is hereby proposed to be re-appointed as a Director of the Company,liable to retire byrotation
Nature of expertise in specific functional area	More than 17 years of experience in Sales, Marketing, Business Operations and Development.
List of Directorships of other Boards	Nil
Chairmanship/Membership of Committees of other Boards	Risk Management Committee Corporate Social Responsibility Committee Committee Of Board of Directors
Resignations, if any, from listed entities(in India)inpast threeyears	Nil
Number of Shares held in the Company	3,00,96,750
Relationship between Directors inter-se	Wife of Mr. Raman Bhatia, Managing Director of the Company
Last Salary Drawn (in Rs.)	Rs.1,20,00,000/- p.a.

Date: 2[nd] September, 2025 Place: New Delhi

FOR AND ON BEHALF OF SERVOTECH RENEWABLE POWER SYSTEM LIMITED -Sd- RUPINDER KAUR COMPANY SECRETARY ICSI MEMBERSHIP NO.: A38697

ANNUAL REPORT 2024-25

230

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Servotech Renewable Power System Ltd.

Corporate Office:

806, 8[th] Floor, Crown Heights, Hotel Crowne Plaza, Rohini Sector-10, New Delhi-110085

Registered Address & Kundli Plant:

Khata No. 1970, Khewat No. 1672, Khasra No. 21/20/2/2, Revenue Estate, Kundli, Sonipat, Haryana, 131029.

Safiabad Plant:

Killa No. 14/6/1/2 (0-3), 6/2/3 (5-13) Village-Safiabad, Pana Paposhian, Rai, Sonipat 131029 Haryana

Ph : +91-11-41130158 / 59, For Sales : 011 41183116, For Service : 011 41183119

AI assistant

Servotech Renewable Power System Limited — Annual Report 2025

62223_rns_2025-09-06_75d7dc80-99ad-4508-acda-732708fdb39d.pdf

Trading Symbol: SERVOTECH

FOR SERVOTECH RENEWABLE POWER SYSTEM LIMITED (Formerly known as Servotech Power Systems Limited)

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CORPORATE OVERVIEW

FINANCIAL STATEMENTS

Our Progress Has Been Built on Three Pillars

Forward-looking statements

STATUTORY REPORTS

30-118

About Servotech

Leading The Charge In Responsible Energy Innovation

Vision

Mission

Our Core Strengths

QUALITY AND AFFORDABILITY

EXPERT TEAM OF PROFESSIONALS

ABSOLUTE CLIENT SATISFACTION

Our Journey

Advancing Responsibly: The Servotech Story

2014

2022

2024

2025

2023

Our Subsidiaries

Building A Greener Future Through Our Subsidiaries

SERVOTECH SPORTS AND ENTERTAINMENT PVT. LTD.

Dream League of India (T10) Private Limited

Servotech Siliguri Strikers Private Limited

SERVOTECH EV INFRA PVT. REBREATHE MEDICAL LTD. (INCHARZ) DEVICES INDIA PVT. LTD.

HERTZ AND PIXELZ PRIVATE LIMITED (FORMERLY KNOWN AS TECHBEC GREEN ENERGY PVT LTD)

Product Portfolio

Innovative Products For A Greener Future

EV CHARGERS

EV CHARGER COMPONENTS

BATTERY ENERGY STORAGE SYSTEMS AIR & OIL COOLED SERVO STABILIZERS

Founder and MD’s Statement

DEAR SHAREHOLDERS,

Financial Highlights: FY 2024–25

Clean Energy & EV Leadership: Expanding Horizons

Key Milestones in FY 2024–25

Solar

EV Charging

Global Expansion

Innovation, Brand Evolution & Diversification

Sustainability & Governance

Future-Readiness & Gratitude

MR. RAMAN BHATIA

Board of Directors

Leadership With Purpose

Mr. Raman Bhatia

MS. SARIKA BHATIA

DR. RAJESH MOHAN RAI

MR. ANUPAM GUPTA

MR. SAMPAT RAI

MR. MEENAKSHISUNDARAM KOLANDAIVEL

MR. DIGVIJAY KAPOOR

MR. GIRISH KUMAR AHUJA

DR. YOGITA PATRA

Global Advisory Board Member

Mr. Errol Musk

KMPs

Our Leadership

Financial Performance

Sustainable Growth Performance

TOTAL REVENUE

GROSS PROFIT

GROSS MARGIN

PAT

Our Projects

Recognition That Drives Us Forward

Key Developments

Momentum That Matters

STRATEGIC PARTNERSHIP FOR EV COMPONENT MANUFACTURING

TECHNOLOGY-ENABLED PUSH FOR SOLAR HOME ADOPTION

ROOFTOP SOLAR ORDER FROM NORTH EASTERN RAILWAY

PATENT GRANTED FOR PEAK SHAVING TECHNOLOGY

Servotech Renewable Power System Limited Annual Report 2025