Smart meters are clearly dominating the order book of HPL Electric & Power Ltd.
In a release, HPL Electric & Power Ltd said that its order book, as of February 10, 2025, stood at over Rs.3,400 crore. Out of this the Metering, Systems & Services vertical had a share of more than 95 per cent. Of this, in turn, smart meters accounted for 99 per cent. The enquiry base for metering tenders is at a healthy level, the company said.
HPL Electric operates through two main verticals:
- Metering, Systems & Services (MSS)
- Consumer, Industrial & Services (CIS)
According to an investor presentation, the MSS vertical accounted for 63 per cent of the company’s revenues in 9MFY25 (April to December 2024) as against 58 per cent in 9MFY24.
The MSS division will be the driving segment and is anticipated to receive good traction with strong execution cycle, according to the company’s investor presentation.
Leading India’s smart metering transformation
Commenting on the company’s performance in Q3FY25, Gautam Seth, Joint Managing Director & CFO, said, “Despite a decelerating pace of economic growth being experienced, we continue to lead India’s smart metering transformation, backed by a robust Rs.3,400+ crore order book. Our focus on R&D, capacity expansion, and operational excellence is driving strong financial performance and sustainable growth. Growth in domestic switchgear and wires & cables, along with a growth recovery in LED lighting, reflects our resilience amid industry-wide price pressures. While finance costs and expenses remain areas of focus, we are actively pursuing efficient, cost optimization, and strategic investments to boost profitability.”
Consumer, Industrial & Services (CIS)
Within the CIS vertical, the cables & wires segment grew by 24.56 per cent in 9MFY25 while the domestic switchgear business was up 21 per cent. These growth rates are year-on-year and are with respect to revenues.
Also read: HPL Electric & Power: Order book crosses Rs.3,500crore
Featured photograph (source: HPL Electric & Power Ltd) shows a newly-commissioned testing setup at the company’s smart meter facility at Gurugram. This setup is understood to be very advanced, with extremely high testing accuracy.