Upper circuit alert: This multibagger electrical equipment manufacturer bags orders worth Rs 416 crore!

Shares of the company gained more than 120 per cent in the last six months.

HPL Electric & Power Limited has signed an agreement with West Bengal State Electricity Distribution Company Limited (WBSEDCL) to deploy an Advanced Metering Infrastructure (AMI) project. The project is supported by the World Bank and will involve the installation of smart meters across residential, commercial, and industrial sectors in West Bengal.

The AMI project will enable real-time data transmission, consumption monitoring, and accurate billing. This will help to improve the efficiency of the power distribution system and reduce losses. The project is expected to be completed in the next two years.

The company has marked its entry in direct Advanced Metering Infrastructure Service Provider (AMISP). The order is going to connect approx. 5 lac consumers in Kolkata and the gross value of this project is Rs 416.84 crores.

The company expects good growth in the order book in the switchgear, Wire and cables, Lighting, and Smart Metering segments. The Metering and systems segment experienced a 20% YoY revenue growth in Q1FY23, indicating the growing momentum in the smart metering market in India.

HPL Electric & Power Limited is a leading electrical equipment manufacturer in India operating for the past 40 years. The company has a significant presence across five key product verticals of electric equipment – metering solutions, modular switches, switchgear, LED lighting, and wires and cables.

The company has more than Rs 1,500 crore worth of order books. The shares of the company have delivered multibagger returns of over 210 per cent in the last one year.

Investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.