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Shares of HPL Electric & Power hit a new high of Rs 199.85, as they rallied 8 per cent on the BSE in Thursday’s intra-day trade in an otherwise weak broader market. At 02:34 PM; the stock of the leading provider of electrical equipment and solutions provider was trading 5 per cent higher at Rs 193.55, as compared to 0.51 per cent decline in the S&P BSE Smallcap index.
Thus far in the month of July, the stock has zoomed 52 per cent after the company announced it won smart meter order worth Rs 903 crore (inclusive of tax). HPL said that these orders further bolster the company’s total pending pipeline order book, now totaling Rs 2,250 plus crore.
HPL has 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.
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As government pushes hard for conversion of conventional meters to Smart Meters in the future, the share of Smart Meters for the Company will rise even further. Smart Meters will drive the next wave of growth for the Company. Also, Smart Meters will also attract higher realisations, thereby resulting into increase in revenue and enhanced profitability for the Company, HPL had said in its FY22 annual report.
The company has around 20 per cent market share in metering business with an installed capacity of 11 million units. This capacity is fungible and can be used for smart meters as well. The company would primarily focus on supply of smart meters and supporting IT infrastructure, it added.
