HPL Electric reports robust order book and growth in smart metering segment

HPL Electric & Power Ltd announced that its outstanding order book as of July 30, 2024, stands at over Rs. 37 billion. This substantial order book indicates a strong pipeline, ensuring sustained revenue generation and growth opportunities for the company.

The company has bolstered its leadership in the smart metering sector, reporting a 35.67% year-on-year increase in revenue from its Metering, Systems & Services segment. This growth is attributed to a steady flow of orders for conventional meters and significant contracts from top Advanced Metering Infrastructure Service Providers (AMISPs). The expanding order pipeline in this segment further strengthens HPL’s position in the Indian electricity meters market.

In an investor presentation, HPL Electric highlighted that the Metering, Systems & Services segment accounts for 95% of the current order book, with 87% of the meter orders coming from smart meters. The enquiry base for metering tenders is robust, with tenders amounting to over Rs 100 billion is expected to be floated soon.

HPL Electric recently inaugurated an automated smart meter and testing line at its Gurugram plant, significantly enhancing its smart meter output. The company currently has an annual electronic meter manufacturing capacity of around 11 million meters, produced at its facilities in Haryana (Gurugram and Sonipat) and Himachal Pradesh (Kundli and Jabili).