HPL Electric & Power Ltd has reported the winning of orders valued at over Rs.2,000 crore.
In a brief media release, HPL Electric said that it has received works orders and letters of awards for the supply of smart meters from its regular leading customers.
The orders are valued at Rs.2,100.71 crore (inclusive of taxes), HPL Electric said, adding that these orders will be executed as per the terms and conditions of the work orders/letters of award.
No further details were provided. As estimated by T&D India, the total value of these orders exceeds the company’s outstanding order book position as of March 31, 2024.
MoU with Guangxi
Meanwhile, in a recent independent development, HPL Electric, earlier this month, announced that it has signed an MoU with Guangxi Ramway Technology Co. Ltd, China for local manufacturing under phased manufacturing/technical tie-up/procurement for the assembly of relay/latching relays in India.
Order book
As reported by T&D India on May 16, 2024, HPL Electric & Power Ltd witnessed a higher share from its metering systems & services business in the company’s total revenues in FY24.
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.
Also read: HPL Electric Sees Higher Revenue Share From Metering Business In FY24
