HPL Electric and Power reports Q1FY23 results, revenue surged by 129% YoY to Rs 295.6 crore

HPL Electric and Power, the Indian electrical equipment manufacturing company producing a diverse portfolio of electric equipment, announced its financial results for the Quarter that ended June 30th, 2022.

HPL Electric and Power reports Q1FY23 results, revenue surged by 129% YoY to Rs 295.6 crore
HPL's Consumer Electrical has seen a healthy increase in network expansion of dealers and retailers, especially in tier 2 and tier 3 cities.

HPL Electric and Power, the Indian electrical equipment manufacturing company producing a diverse portfolio of electric equipment, announced its financial results for the Quarter that ended June 30th, 2022.

Revenue surged by 129 percent YoY to Rs 295.6 Crore in Q1FY23, compared to Rs 129 crore in Q1FY22. EBITDA for Q1FY23 surges by 283.5 percent to Rs. 37.6 crore, compared to Rs. 9.8 crore in Q1FY22; EBITDA margin expanded by 512 bps and stood at 12.7 percent in Q1FY22.

Profit after tax for Q1FY23 stood at Rs. 6.3 crore, compared to the net loss of Rs. 19.9 crore in Q1FY22.

The metering and system revenue grew by 185 percent to Rs. 146.9 crore in Q1FY23, compared to Rs. 51.6 crore in Q1FY22. The Consumer and Industrial segment grew by 92 percent to Rs. 148.7 crore in Q1FY23, compared to Rs. 77.4 crore in Q1FY22.

Management has changed its segmental reporting by consolidating its segments on the basis of similar economic, market, and business characteristics. Thereby the two new reportable segments identified are ‘Consumer and Industrial’ and ‘Metering and Systems’. 

The ‘Consumer and Industrial” segment is made by aggregating the wire and cables, lighting, luminaries, and switchgear businesses into one segment, whereas the ‘Metering and Systems’ now includes the company’s metering, systems, and projects business.

HPL’s Consumer Electrical has seen a healthy increase in network expansion of dealers and retailers, especially in tier 2 and tier 3 cities.

The consolidated current order book stands at Rs 832 crore (net of GST). 

Gautam Seth, Joint Managing Director, and CFO said, “Despite a challenging economic environment and various geo-political uncertainties, we have demonstrated robust performance in both the business segments and delivered strong numbers. During Q1FY23, we have received very strong and healthy inquiries about smart meters, as both the public and private sectors are seeing a great economic benefit in deploying next-generation meters. On the order execution front, the work is running at a fast pace which should lead to the timely completion of the pipeline.”

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