HPL Electric Shares Up 9% on Rs 204 Crore Supply Contract

HPL Electric and Power Ltd strengthened its market position by winning Rs 204 crore smart meter orders.

Shares of electrical equipment maker HPL Electric and Power Limited jumped 9% on May 10 after announcing it had secured an order for smart meters worth Rs 204 crore from customers in its pan-India business. The company said it would speed up order fulfilment under a government-led smart metering scheme.

It also mentioned a string of pending orders and said its order book was over Rs 1,500 crore.

Gautam Seth, HPL Electric and Power Joint MD said: “The implementation of government programmes has helped the industry tremendously, and we are witnessing tangible results. Our strong pipeline of pending orders and our R&D and process automation initiatives position us for continued growth and market leadership.”

HPL Electric and Power Limited offer a wide range of electrical equipment products, including metering solutions, switchgear, lighting and wires and cables.

In Q3FY23, the company posted a 31.2% decline in consolidated net profit to Rs 6.36 crore compared to Rs 9.3 crore in the same period last year. Net sales rose 7.7% to Rs 301.59 crore against Rs 280 crore reported in Q3FY22. EBITDA stood at Rs 36.78 crore, down 1.41% from Rs 37.31 crore reported in the December 2022 quarter, while margins declined by 113 basis points year-on-year.

The company’s market capitalisation jumped more than 60% in the last year but has fallen 7% over the past six months. The stock was up 6.04% at Rs 95.70 by 12:07 pm, while the benchmark nifty was up 0.029% at 18,270.45.

Get Daily Prediction & Stocks Tips On Your Mobile