HPL Electric and Power Registers 93 per cent YoY Growth in Metering Business

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The company’s metering business clocked revenues of Rs 142 crores in Q4FY21, thereby registering a growth of 93 per cent YoY and 29 per cent QoQ

HPL Electric and Power Ltd (NSE Symbol: HPL, BSE Scrip Code: 540136), has reported its revenues for Q4 FY21. The company noted that the performance was led by robust growth in the Metering and Consumer segment (B2C). The Metering business, as per the company has witnessed an improved performance in Q4FY21 than the previous three quarters due to increased inspections and dispatches.

Its metering business clocked revenues of Rs 142 crores in Q4FY21, thereby registering a growth of 93 per cent YoY and 29 per cent QoQ. The company also reported that The ‘Consumer’ segment (including non-utility meters) witnessed strong traction and posted a robust 20 per cent YoY growth in revenues to Rs 166 crores in Q4 FY21.

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“The performance during the Q4FY21 was attributed by the robust performance of both the metering (B2B) and the consumer (B2C) segment thereby resulting in highest ever quarterly revenue during the last eight quarters at ₹ 308 Crores. The metering segment improved performance was accredited to an increase in inspections and dispatches. Currently, we have a strong order book of ₹ 704 Crores ensuring revenue visibility for the current year despite the lockdown in Q1FY22 which have caused few disruptions. We are extremely delighted to share that we have received approval and production clearance from a leading Private Distribution Company for the implementation of 4G and 5G compatible Narrow Band-Internet of Things (NB-IoT) based Smart Meters in various parts of Delhi,” noted Gautam Seth, Joint Managing Director of the company.

During the period, the lighting segment revenue grew by 31 per cent YoY and 37 per cent QoQ to Rs 89.2 crores in Q4 FY21. The wires and cables segment revenue grew by 99 per cent YoY and 31 per cent QoQ to Rs 26.3 crores in Q4 FY21. The growth in the wires and cable segment was also aided by an increase in copper prices. The switchgear segment revenue stood at Rs 50.8 crores in Q4 FY21.

HPL reported that rationalisation of employee expenses and overheads helped the company to report an EBITDA of Rs 44 crores (EBITDA Margin of 14.2 per cent) in Q4 FY21, while Cash PAT grew exponentially by 117 per cent YoY to Rs 26 crores. Additionally Exports grew at a robust pace of 174 per cent YoY in Q4 FY21 and 69 per cent YoY in FY21, respectively.

“Our various cost rationalisation initiatives and implementation of lean methodology have helped us to boost the EBITDA margins. Looking beyond the short-term challenges in the meter segment, we are extremely positive about the opportunities in the smart metering space as both the public and private power distribution companies increasingly shift focus towards installing smart meters to replace conventional meters. Overall, the Company is confident of overcoming near-term challenges and create sustainable value for its stakeholder,” added Seth.

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