HPL Electric soars on bagging smart meters supply contract worth Rs 161-cr

HPL Electric & Power surged 6.10% to Rs 100.85 after the company announced the receipt of an order worth Rs 161.59 crore for the supply of smart meters to serve a leading private DISCOM player.

This win underscores the company's dominant market position in the smart metering space, and fortifies its reputation as a strong advanced meter solutions company. Furthermore, this new order has expanded the company's metering order book to exceed Rs 600 crore as of 29 December 2022.

With this win, the company has further improved its market share in the smart meter market, making it a peer vendor in a highly competitive market.

Gautam Seth, joint managing director, said, This order with one of India's leading private power utility player proves our competitive capability for this exciting market opportunity, and also motivates us to intensify our aggressive stance within the marketplace.

We hope to win more substantial orders in this space within the coming quarters, and look forward to being at the forefront of the national shift towards smart metering.

HPL is an established electric equipment manufacturing company in India, manufacturing a diverse portfolio of electric equipment, including metering solutions, switchgear, lighting equipment and wires and cables, catering to consumer and institutional customers in the electrical equipment industry. HPL had the largest market share in India's electricity energy meters market, with one of the most comprehensive portfolios of meters in India and the fifth largest market share for LED lamps during the corresponding period.

The company's consolidated net profit rose 26.16% to Rs 6.27 crore on a 8.04% increase in sales to Rs 302.28 crore in Q2 FY23 over Q2 FY22.

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