HPL Electric & Power Secures Orders Exceeding Rs. 2,000 Crore
HPL Electric & Power Ltd. has secured orders totaling Rs. 2,100.71 crore from its ‘regular customers’, as reported in its stock filing dated 11th July 2024.
Scope of work in these orders includes supply of smart meters for HPL Electric’s clients. The company clarified that HPL will execute these orders as per the respective Letters of Award (LoAs) from different clients.
Metering orders account for a significant portion of the company’s business. The aforementioned orders mark a substantial addition to the company’s order book. The company’s earnings call for its FY-24 results mentioned that HPL Electric’s order book stood at over Rs. 2,000 crore as of 9th May 2024, of which 87% were metering orders. Further, HPL Electric is a major player in the Indian smart meter market, and commands about 20% of the market share.
On the day of announcement of these order wins, the company’s share price increased by 20% as compared to share price before the announcement. HPL Electric’s share price was Rs. 562.40 apiece on the day of announcement and Rs. 468.70 apiece on the trading day before the announcement.
Earlier in July 2023, the company secured smart meters orders worth Rs. 903 crore in India.
