Smart metering solutions is paramount in India
HPL Electric & Power Ltd (NSE: HPL) (BSE: HPL) has enhanced manufacturing capabilities and aligns with the ‘Make in India‘ initiative following a strategic Memorandum of Understanding (MoU) with China’s Guangxi Ramway Technology Co Ltd, a leader in magnetic latching relays.
“This partnership enables HPL to offer advanced relay technology, thereby improving energy efficiency and reliability for customers across India,” said the company in a financial report for Q1FY2025, ending 30 June 2024 bse .
Further, HPL continues to invest in research and development to enhance its product offerings. The company has launched several new products in the lighting and switchgear segments, underscoring its commitment to innovation and quality nse .
The recent inauguration of a new automated smart meter assembly and testing line at the Gurgaon plant marks a significant step in boosting production capacity and efficiency conexpoconagg .
“Our growing order book of over Rs.3,700+ crore provides us with greater stability and visibility for sustained revenue generation sbi ,” said Gautam Seth, Joint Managing Director & CFO of HPL. The order book as of 30 July 2024 signify a deep pipeline, ensuring sustained revenue generation and future growth opportunities for the company ibef .
“We are also witnessing positive growth in our channel partners and a stabilisation in our LED lighting segment in Q1FY25, reflecting in the improved performance in the Consumer segment for this quarter.
“Looking ahead, we are prepared for a new chapter of growth with our focus remaining on high-quality execution,” he said in a release on 6 Aug.
“Our investments in R&D position us well to capture emerging opportunities as India fast-tracks to becoming the world’s third-largest economy. We are committed to delivering with consistency and excellence in this financial year.”
HPL has strengthened its leadership in the smart metering sector, reporting an impressive 35.67% YoY increase in its Metering, Systems & Services segment sih.gov .
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 company said.
The growing order pipeline in this segment further cements HPL’s position as a leading player in the Indian electricity meters market, it said.
As India advances in smart meter deployment, driven by continued government support, the demand for reliable and advanced smart metering solutions is paramount, said the company.
The company’s revenue grew by 22.50% YoY, reaching Rs.392.91 crore in Q1 FY25 from Rs.320.74 crore in Q1 FY24, driven by positive secular momentum in Metering & Systems and Consumer, Industrial & Services product segments.
Profit After Tax surged by 145.45% YoY to Rs.17.03 crore. Fiinews.com
