HPL Electric and Power Limited increased by 9% after winning smart metre orders worth INR 204 crore, owing to government initiatives and widespread adoption of smart metering technologies.
According to the corporation, the orders would be filled at a faster rate in accordance with government-led smart metering initiatives.
It also indicated a pipeline of pending orders and an order book worth more than Rs 1500 crore.
“Government schemes have significantly aided the industry, and we are seeing tangible results.” Our solid pipeline of pending orders, along with our R&D and process automation initiatives, positions us well for ongoing growth and market leadership,” said Gautam Seth, Joint MD, HPL Electric and Power.
HPL Electric and Power Limited provides a variety of electric equipment items, including metering solutions, switchgear, lighting equipment, and wires and cables.
The company reported a 31.2 percent drop in overall net profit to Rs 6.36 crore in the third quarter of FY23, compared to Rs 9.3 crore in the same time the previous year.
Net sales increased 7.7 percent to Rs 301.59 crore, up from Rs 280 crore in Q3FY22. Earnings before interest, taxes, depreciation, and amortisation
The company’s market valuation has increased by more than 60% in the last year but has decreased by 7% in the last six months. As of 12:07 p.m., the scrip was trading 6.04 percent higher at INR 95.70, while the benchmark nifty was trading 0.029 percent higher at 18,270.45 points.