HPL Electric & Power surges 18% on bagging smart meter orders of Rs 903 cr

HPL said these orders further bolster the company's total pending pipeline order book, now totaling Rs 2250 plus crore

Shares of HPL Electric & Power surged 18 per cent to Rs 153.20 on the BSE in Tuesday’s intra-day trade on the back of heavy volumes after the company announced it has won smart meter orders Rs 903 crore (inclusive of tax).

The stock of the leading provider of electrical equipment and solutions surpassed its previous high of Rs 137.40, touched on June 23, 2023. At 11:41 am; it was trading 16 per cent higher at Rs 150.70, as compared to 0.16 per cent rise in the S&P BSE Sensex. A combined 2.7 million equity shares had changed hands on the NSE and BSE.

HPL said that these orders further bolster the company’s total pending pipeline order book, now totaling Rs 2250 plus crore.

HPL Electric & Power's smart meters excels in accuracy and in features such as real-time remote data monitoring. By empowering consumers and utilities to optimize energy usage, these smart meters contribute to a greener and more sustainable future.

The company’s range of smart metering solutions, supported by an efficient after-sales service network, has garnered significant recognition within the 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.

Meanwhile, for the financial year 2022-23 (FY23), the company achieved a 24.48 per cent increase in revenue from operations to Rs 1,262 crore compared to Rs 1,014 crore in FY22, reflecting its ability to capitalize on market opportunities and drive top-line expansion.

Moreover, the company showcased significant improvement in profitability, as its reported profit after tax witnessed exceptional growth surging 288 per cent to Rs 30.24 crore in FY23 compared to Rs 7.80 crore in the previous year. EBITDA margin improved marginally 9 bps to 12.43 per cent in FY23 compared to 12.34 per cent in FY22.