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.
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.