Heavy electrical equipment company HPL Electric & Power announced Q1FY24 results:
- Revenue from operations for Q1FY24 stood at Rs 320.74 crore, indicating a healthy YoY growth of 8.51% compared to Rs 295.59 crore in Q1FY23.
- In the metering & systems segment, revenue grew by 20% YoY to Rs 176 crore in Q1FY24 from Rs 147 crore in Q1FY23.
- EBITDA for Q1FY24 reached Rs 40.04 crore, reflecting a commendable growth of 6.36% from Rs 37.64 crore in Q1FY23.
- PAT for Q1FY24 amounted to Rs 6.94 crore, demonstrating growth of 9.79% from Rs 6.32 crore in Q1FY23.
- Gross profit for Q1FY24 stood at Rs 106.05 crore, showcasing an upswing of 6.90% from Rs 99.20 crore in Q1FY23.
- Order book of over Rs 2,000 crore.
Gautam Seth, Joint Managing Director & CFO, of HPL Electric & Power shared, "India's shift towards smart metering and the emerging opportunities in the 5G era create an exciting horizon for HPL. Our Q1FY24 performance is a testament to our commitment to innovation, quality, and customer satisfaction. The Profit After Tax (PAT) has shown significant growth of 9.79% YoY, reflecting our ability to convert operational performance into increased bottom-line profits.
Notably, we are pleased to have acquired a prestigious order valued at Rs 416.84 crore for the deployment of an Advanced Metering Infrastructure (AMI) project that marks our entry into AMISP contracts. This project is supported by the World Bank, in collaboration with West Bengal State Electricity Distribution Company Limited (WBSEDCL). With a strong foundation in electric equipment manufacturing, our growth in the wire and cable segment is also equally promising. As the nation's reliance on electricity and connectivity continues to rise, the demand for high-quality wire and cable products is anticipated to grow steadily.
Moving forward, as we contribute to India's energy transformation, we remain focused on cutting-edge innovation, enhanced operational efficiency, and delivering sustainable growth to our stakeholders."