HPL Electric Q1 revenue up 34 pc at Rs 129 cr

New Delhi [India], August 13 (ANI): HPL Electric and Power has reported 34 per cent growth in revenue during the quarter ended June at Rs 129 crore.
The metering business registered a growth of 40 per cent to Rs 49 crore. However, the performance was impacted as the inspection and dispatches was halted due to Covid-19 related lockdown and restrictions.
The company said inspections and enquiries have started gaining traction in the second quarter.
In consumer segment (including non-utility metres) too, the performance was muted by the lockdown. However, revenue grew by 31 per cent to Rs 80 crore.
The switchgear segment revenue at grew to Rs 24 crore, marking a growth of 4 per cent.
The lighting segment and wires and cables segment revenue grew by 33 per cent and 35 per cent respectively to Rs 38 crore and Rs 18 crore. The revenue share of consumer segment stood stable at 67 per cent.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) surged by 48 per cent to Rs 9.8 crore in Q1 FY22 with EBITDA margin at 7.6 per cent.
The company said EBITDA margin expanded by 71 basis points to 7.6 per cent due to a sharp decline in raw material prices. However, the actual cash loss during the quarter was restricted at Rs 6 crore.
Joint Managing Director Gautam Seth said the company will continue to undertake cost rationalisation initiatives and implement lean methodology for enhancing our overall profitability.
"We are very positive about the opportunities in smart metering space as both public and private power distribution companies are progressively shifting focus towards installing smart metres, replacing the conventional metres," he said. (ANI)