Shares of HPL Electric & Power were locked at 10 percent upper circuit of Rs 220.65 per share on December 13 after the company bagged order worth Rs 545 crore for smart meters, supporting India’s national metering initiative.
So far this year, this smallcap stock has soared over 121 percent as against 13 percent rise in the benchmark Sensex. Earlier, HPL Electric shares hit 52-week high of Rs 269 apiece on November 6, 2023.
In an exchange filing on December 13, the company said that the order was indicative of company’s journey to solidy market share in competitive smart meter arena.
“The receipt of these orders reflects our alignment with the government’s ongoing efforts to implement smart meters nationwide. While understanding that this is just one more step in a much broader initiative, it highlights HPL’s significant role in this sector,” said Gautam Seth, Joint Managing Director of HPL.
HPL Electric is an electric equipment manufacturing company in India, manufacturing a diverse portfolio of electric equipment, including metering solutions, switchgear, lighting equipment and wires and cables, catering to consumer and institutional customers in the electrical equipment industry.
In the July-September quarter, HPL Electric saw 16 percent year-on-year (YoY) jump in revenue from operations, while profit-after-tax (PAT) jumped 75.5 percent YoY.
With an order book of Rs 2,000 crore, the management remained confident of strong growth in the upcoming quarters as well.
“Looking at the future, we are well positioned across all our business segments, where our Consumer & Industrial segment also leads with growth of 22 percent YoY for switchgear for H1 FY24, and 17 percent YoY in wire & cables for H1 FY24,” the management said post results.