HPL Electric & Power Ltd has won smart meter-related orders, aggregating Rs.545 crore.
In a stock exchange communication, HPL Electric & Power said that it has won smart meter orders worth Rs.545 crore from various prestigious customers, without giving further details.
This achievement marks a significant stride in HPL’s journey, further solidifying its market share in the competitive smart meter arena. The order is indicative of the company’s continued growth trajectory and promising future in the industry. This order is a milestone in HPL’s journey and a strong indicator of its promising future in the smart metering industry, the release noted.
According to Gautam Seth, Joint Managing Director of HPL, “The receipt of these orders reflects our alignment with the government’s ongoing efforts to implement smart meters nationwide. While understanding that this is just one more step in a much broader initiative, it highlights HPL’s significant role in this sector. Our high acceptability in terms of performance and quality with leading AMISPs demonstrates HPL’s strong positioning in the smart meter market. This achievement is not just a measure of our current standing but also a promising indicator of the potential opportunities that lie ahead in the evolving landscape of smart metering in India.”
As already reported by T&D India, HPL Electric’s order book had crossed Rs.2,000 crore, as of November 6, 2023.
The company’s “Metering & Systems” line of business accounted for 85 per cent of the total order book with “Consumer & Industrial” representing the remaining 15 per cent. Further, smart meters accounted for 85 per cent of the order book of the “Metering & Systems” business.
HPL Electric, with an installed capacity of 1.1 crore meters per year, commands a market share of around 20 per cent in the domestic meters market, the company said. Its product portfolio includes conventional meters as well as smart meters (including prepaid meters, and those driven by communication software).
Also read: HPL Electric & Power: Order Book Crosses Rs.2,000 Crore
Featured photograph (source: HPL Electric) is for representation only.