HPL India registers 34% year-on-year growth, reports revenue of 129 crore

  • The company reported growth in its consumer segment by 31% year on year to 80 crore in Q1 FY22. HPL Electric and Power switchgear segment revenue grew by 23.7 crore in Q1 FY22.
A smart meter by HPL Electric and Power Ltd. (HPL India)
A smart meter by HPL Electric and Power Ltd. (HPL India)
Published on Aug 12, 2021 09:51 PM IST
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By hindustantimes.com, Hindustan Times, New Delhi

HPL Electric and Power Ltd on Thursday reported 129 crores in Q1 of 2021-22 fiscal year. It also said the revenue of the company grew 34% year on year. The company said that its metering business registered a strong growth of 40% year on year to 49.4 crore. It, however, highlighted that the performance of its metering business was impacted due to the coronavirus disease (Covid-19) related lockdown and restrictions.

The company reported growth in its consumer segment by 31% year on year to 80 crore in Q1 FY22. HPL Electric and Power switchgear segment revenue grew by 23.7 crore in Q1 FY22. The company saw growth in its lighting and the wires and cables segment as it grew by 33% year on year and 35% year on year, to 37.6 crore and 18.2 crore in Q1 FY22, respectively. The EBITDA of the company grew by 48% year on year to 9.8 crore, with the margin at 7.6%. The sharp decline in raw material prices led to expansion of 71 bps year on year to 7.6% in Q1 FY22.

“The Company’s revenue for the first quarter registered 34% YoY growth to 129 Crores as compared to the corresponding quarter last year, though on a lower base. The metering segment’s traction was hindered due to lower inspections and dispatches led by COVID-19 restrictions and lockdown, severely impacting the momentum gained in Q4 FY21,” Gautam Seth, the company’s joint managing director said.

“The Company is on a sweet spot from a Smart Meter perspective with the Government earmarking 225 billion towards installation for 25 crores smart prepaid meters across the nation under the 3-lakh-crore power distribution scheme,” he said.

He further added that the company remains positive regarding the long-term growth trajectory of the consumer segment aided by the upcoming festive season, which could lead to a pick-up in economic activity. The company is also depending on improved consumer sentiments and renewed government focus, funding and attention to the overall infrastructure sector.

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Thursday, October 21, 2021