HPL Electric & Power hit an upper circuit of 5% at Rs 51.45 after the company bagged two orders worth over Rs 372 crore for its switchgear, wires and other related accessories for housing projects in Andhra Pradesh.
These orders were bagged amidst stiff competition from various players. This is a big step by the company to increase its presence in the low-cost affordable housing segment. The current total order book of the company now stands over at Rs 700 crore.
HPL has been a major supplier of electrical equipments to the government infrastructure and private housing sector.
Commenting on winning the orders, Gautam Seth, joint managing director, HPL Electric & Power, said, This is a big win for us and enhances our position as one of the leading electrical equipment manufacturer in the country. We have a diversified portfolio of electrical equipments to cater to various needs of the market.
Our manufacturing facilities are state-of-the-art equipped to undertake larger production to meet the present and emerging needs of the country. We also have a strong R&D base with focus on developing technological advancement in electrical equipment solution for various categories and requirements.
HPL Electric & Power is an established electric equipment manufacturing company, manufacturing a diverse portfolio of electric equipment, including, metering solutions, switchgears, lighting equipment and wires and cables, catering to consumer and institutional customers in the electrical equipment industry.
The company reported 25% jump in consolidated net profit to Rs 8.39 crore on a 0.1% decline in net sales to Rs 243.99 crore in Q3 FY21 over Q3 FY20.
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