HPL Electric & Power has won a domestic smart meter order valued at over Rs.400 crore.
In a stock exchange communication, HPL Electric said that it has won a smart meter order worth Rs.409.10 crore from an institutional customer in west India. No further details on the order were divulged.
The company had an outstanding order book of over Rs.1,200 crore as of February 27 ,2023, HPL Electric said.
With this order win, HPL has further strengthened its position as a prominent smart meter solution provider in the Indian market.
HPL’s leadership position in the market and the consumer’s faith in its product portfolio have been key factors in winning this order, as HPL distinguished itself amongst considerable market competition, the company said.
Robust growth story
Commenting on the order win, Gautam Seth, Joint Managing Director, HPL Electric & Power, said, “”We are thrilled to have won this order, which is a testament to our market-leading position in the smart meter segment. Our robust growth story in the Indian market has been driven by our ability to be at the forefront of India’s smart meter transition. We are fully equipped to cater to more large discoms and service providers in the Indian market and are excited to continue growing our order books.”
Also read: HPL Electric Upbeat On Smart Meter Business Opportunities
Positive outlook
This order win signifies a positive outlook for HPL Electric & Power Ltd, indicating sustainability and growth in the long term. The company’s execution of orders has consistently increased during the last two quarters while being at the forefront of the government scheme rollout for smart metering. HPL’s smart meter solutions have been widely recognized for their reliability and quality, and the company is well-positioned to continue leading the market in the smart meter segment, the communication noted.
Featured photograph, showing smart energy meters by HPL Electric & Power, is for representation only.
