HPL Electric & Power’s current outstanding order book has crossed Rs.3,500 crore, as of November 9, 2024, the company said in a release. Most orders relate to the Metering Systems & Services business.
The robust order book position stems from large orders received in Q2 (July to September) of FY25. In July 2024, HPL received a major work order valued at Rs.2,100 crore for the supply of smart meters from one of its leading regular customers. Additionally, in September 2024, the company received another order worth Rs.143.77 crore for both smart meters and conventional meters, further reinforcing its leadership in the metering solutions segment.
With these new orders, HPL has solidified its leadership position in India’s smart metering market. These contracts align with the national initiatives aimed at upgrading energy infrastructure, showcasing HPL’s critical role in advancing the country’s smart grid capabilities, the release said.
HPL has an estimated market share of 20 per cent in the domestic electric meter business. The company’s manufacturing capacity currently stands at 11 million meters per year with its facilities located at Gurugram (Haryana), Jabili and Kundli (both in Himachal Pradesh).
The overall book of over Rs.3,500 crore is dominated by Metering Systems & Services business that has a share of 95 per cent. Within metering-related orders, smart meters have a share of 99 per cent.
The company has positioned itself very well in the smart meter market and is receiving good traction from customers. Smart meters attract higher realizations, thereby resulting to increased revenue and enhanced profitability, an investor presentation by HPL Electric observed.
Setting the pace
According to Gautam Seth, Joint Managing Director & CFO, HPL Electric & Power Ltd, “Our Q2 and H1FY25 results are proof positive that HPL is on a powerful growth path, fuelled by solid AMISP faith and sharp operational focus. We’re not just keeping up; we’re setting the pace, with strategic investments in R&D and manufacturing driving strong gains in revenue and profitability.”
Featured photograph relates to HPL Electric & Power’s metering facility at Jabili, Himachal Pradesh
