HPL Electric & Power Ltd said that its outstanding order book, as of July 30, 2024, was over Rs.3,700 crore.
In a release, HPL Electric said that this growing order book signifies a deep pipeline, ensuring sustained revenue generation and future growth opportunities for the company.
The release also said that the company has strengthened its leadership in the smart metering sector, reporting an impressive 35.67 per cent year-on-year increase in revenue from its Metering, Systems & Services segment. This growth was driven by a consistent flow of orders for conventional meters and significant contracts from top Advanced Metering Infrastructure Service Providers (AMISPs). The growing order pipeline in this segment further cements HPL’s position as a leading player in the Indian electricity meters market.
Meanwhile, in an investor presentation, HPL Electric said that the Metering, Systems & Services segment accounts for 95 per cent of the current order book position. The current meter order book has 87 per cent from smart meters, it added.
The enquiry base for metering tenders is at a healthy level as tenders amounting to over Rs.10,000 crore have been floated or are expected to be floated in the near term, the presentation said.
Meanwhile, HPL Electric recently inaugurated an automated smart meter and testing line at its Gurugram plant. This will significantly enhance smart meter output, the company said.
HPL Electric currently has annual electronic meter manufacturing capacity of around 11 million meter per year. Electronic meters are produced at the company’s manufacturing facilities spread over Haryana — Gurugram and Sonipat; and Himachal Pradesh — Kundli and Jabili.
Commenting on the potential market for smart meters, Gautam Seth, Joint Managing Director, HPL Electric & Power Ltd, said, “As India advances in smart meter deployment, driven by continued government support through RDSS and AMISP, the demand for reliable and advanced smart metering solutions is paramount.”
Also read: HPL Electric sees higher revenue share from metering business in FY24
Featured photograph shows a smart meter testing facility of HPL Electric & Power Ltd.
