HPL Electric and Power Ltd reports strong results for Q2 & H1 FY2023

• Revenue grows briskly by 46.3% YoY to ₹597.9 Crores in H1FY23
• ‘Metering and Systems’ Segment registers muscular progress of 68% YoY in H1FY23 and 23% YoY respectively in Q2FY23

NOIDA, India, Nov. 14, 2022 /PRNewswire/ — HPL Electric and Power Ltd (known as the “Company”) (NSE Symbol: HPL) (BSE Scrip Code: 540136), a longtime electrical tools manufacturing firm in India, manufacturing a various portfolio, introduced its monetary results for the second quarter and half yr ended September 30^th, 2022.

Consolidated Performance Highlights:

• Strong efficiency within the Metering and Systems Segment
• The Metering and programs section surged by 68% YoY to ₹309.6 crores in H1FY23 as in comparison with ₹184.2 crores in H1FY22. This section delivered a strong efficiency in YoY the place income elevated by 23% to ₹162.8 crores in Q2FY22 as in comparison with ₹132.7 crores in Q2FY22.
• The Consumer and Industrial section elevated by 28% YoY to ₹288.2 crores in H1FY23 as in comparison with ₹224.5 crores in H1FY22.
• EBIT of Metering and programs section surged by 176% YoY to ₹40.8 crores in H1FY23 as in comparison with ₹14.8 crores in H1FY22. EBIT of Consumer and Industrial section surged by 72% YoY to ₹34.3 crores in H1FY23 as in comparison with ₹19.9 crores in H1FY22.
• EBITDA at ₹75.5 crores; EBITDA margin at 12.6%
• The EBITDA Margin expanded by 230 bps in H1FY23.
• Robust Order Book & Strong Revenue Visibility
• Consolidated order ebook on the finish of Q2FY23 at present stands at ₹834 crores (web of GST)

Mr. Gautam Seth, Joint Managing Director, mentioned, “We are very overwhelmed that the corporate has carried out superb within the first half of FY23. We have seen a superb progress in each the companies, Metering & Systems section income develop by 68% and Consumer & Industrial section income grows by 28%. We have witnessed strong progress contemplating the festive season, that demonstrated promising tendencies in client spending because the economy continues to select up in Q2FY23.

For the metering and business section, the market is presenting excessive progress alternatives that’s backed by beneficial authorities plans to assist the section. Policy like National Smart Grid Mission (NSGM) and Integrated Power Development Scheme (IPDS) coupled with Revamped Distribution Sector Scheme (RDSS) are beneficial in creating strong client demand and working as push elements towards the strong market of sensible meters and therefore the demand for sensible meters appears to get good tempo within the coming days.

In response to this obtainable alternative, the Company is effectively ready because it homes an agile R&D workforce; has established bandwidth in manufacturing capability; is benefiting from a diversified Product Portfolio; and is having fun with Product Certification and extensive prequalification with clients. The Company already has a strong order ebook within the metering section and continues to obtain new prospects and inquiries throughout its portfolio.

At the identical time, we’re geared to broaden and nurture our product portfolio in every of our product classes. Furthermore, we’re planning to diversify our product portfolio to achieve a broader set of client base. We look ahead to exploring extra cross-selling alternatives, to open up new progress avenues.

Looking forward, we’ve got a strong order ebook place at ₹834 Crores, affording us a assured income visibility for the remainder of FY23. 

We are optimistic that our short-term and long-term targets efforts with our devoted focus would result in optimistic market demand and in the end end in enhanced profitability and good returns to the buyers.”

About HPL Electric and Power Ltd

HPL is a longtime electrical tools manufacturing firm in India, manufacturing a various portfolio of electrical tools, together with, metering options, switchgear, lighting tools and wires and cables, catering to client and institutional clients within the electrical tools business. HPL had the most important market share within the electrical energy vitality meters market in India, with one of many widest portfolios of meters in India and the fifth largest market share for LED lamps through the corresponding interval (Source: Frost & Sullivan Report, February 2016). HPL’s manufacturing capabilities are supported by a big gross sales and distribution community with a pan-India presence. HPL at present manufactures and sells its merchandise below the umbrella model ‘HPL’, which has been registered in India since 1975.

For additional data on HPL Electric & Power Limited see www.hplindia.com

Safe Harbor

This launch comprises statements that include “forward-looking statements” together with, however with out limitation, statements regarding the implementation of strategic initiatives, and different statements regarding HPL Electric and Power Ltd future business developments and financial efficiency. While these forward-looking statements point out our evaluation and future expectations in regards to the improvement of our business, a number of dangers, uncertainties and different unknown elements may trigger precise developments and results to vary materially from our expectations. These elements embody, however will not be restricted to, common market, macro-economic, governmental and regulatory tendencies, actions in forex trade and rates of interest, aggressive pressures, technological developments, adjustments within the monetary circumstances of third events coping with us, legislative developments, and different key elements that might have an effect on our business and monetary efficiency. HPL Electric and Power Ltd undertake no obligation to publicly revise any forward-looking statements to replicate future / doubtless occasions or circumstances.

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