A power supply is described, which comprises a first stage DC-to-DC voltage conversion block and a second stage voltage conversion block having a feedback circuit to regulate the output voltage (Vout) thereof so as to reduce changes in the output voltage as the output current (Iout) drawn by a load changes. The power supply also includes a capacitor connected between the first and second stage voltage conversion blocks to supply current to the second stage voltage conversion block when the input voltage (Vint) to the second stage voltage conversion block changes due to changes in output current (Iout) of the second stage voltage conversion block. The first stage voltage conversion block comprises a feedback circuit to regulate the output voltage of the first stage voltage conversion block.