HPL Electric & Power Ltd witnessed a higher share from its metering systems & services business in the company’s total revenues in FY24.
In a release, HPL said that this share rose from 53 per cent in FY23 to around 58 per cent in FY24. In value terms, revenue from the metering systems & services business vertical rose 27.25 per cent to reach Rs.852.58 crore in FY24 from Rs.670.03 crore in FY23.
As of March 31, 2024, HPL’s had an outstanding order book position of over Rs.2,000 crore, ensuring revenue visibility for the short and medium term.
Of this order book, around 88 per cent pertained to the metering business, which the remaining 12 per cent came from the “consumer, industrial and services” segment. Of metering order book, more than 88 per cent related to smart meters.
An investor presentation by HPL Electric & Power noted that specific capacity expansion and automation measures were being undertaken at the company’s meter plants located at Gurugram, Sonepat (both in Haryana) and Jabli (Himachal Pradesh) to meet the growing demand.
HPL Electric has an installed capacity of 1.1 crore meters per year and currently commands a share of around 20 per cent in the domestic meters market.
The company’s presentation also observed that 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 Union power ministry’s plan to install 25 to 30 crore smart meters across India translates into a cumulative opportunity size of Rs. 60,000 crore to Rs. 90,000 crore, the presentation said.
Focus on R&D
Ongoing investment in R&D led to significant product innovations, particularly in smart meters, enhancing HPL’s competitive edge in technology-driven markets, the release said.
During the year, HPL strategically aligned with Wirepas Oy, a forerunner in RF mesh technology globally. This partnership seeks to enhance the capabilities of the company’s smart metering solutions, tailored specifically for the demanding needs of the Indian market. “By incorporating state-of-the-art RF technology into our metering systems, we are significantly advancing our data collection and energy management capabilities,” HPL Electric & Power said.
Also read: HPL Electric & Power: Order Book Surpasses Rs.2,400 Crore
Featured photograph (source: T&D India) shows smart meters of HPL Electric on display at Elecrama 2023
