HPL Electric and Power reports revenue of Rs 308 Cr in Q4 FY21
HPL Electric and Power Ltd has reported strong performance in Q4 FY21 led by robust growth in the Metering and Consumer segment (B2C). The Metering business has witnessed an improved performance in Q4FY21 than the previous three quarters due to increased inspections and dispatches. The Metering business clocked the revenue of Rs 142 crores in Q4FY21, thereby registering a growth of 93% YoY and 29% QoQ. The company also reported that The ‘Consumer’ segment (including non-utility meters) witnessed strong traction and posted a robust 20% YoY growth in revenues to ₹ 166 crores in Q4 FY21.
During the period, the lighting segment revenue grew by 31% YoY and 37% QoQ to Rs 89.2 crores in Q4 FY21. The wires and cables segment revenue grew by 99% YoY and 31% QoQ to Rs 26.3 crores in Q4 FY21. The growth in the wires and cable segment was also aided by an increase in copper prices. The switchgear segment revenue stood at Rs 50.8 crores in Q4 FY21.
HPL reported that rationalisation of employee expenses and overheads helped the company to report an EBITDA of Rs 44 crores (EBITDA Margin of 14.2%) in Q4 FY21, while Cash PAT grew exponentially by 117% YoY to Rs 26 crores. Additionally Exports grew at a robust pace of 174% YoY in Q4 FY21 and 69% YoY in FY21, respectively.
Gautam Seth, Joint Managing Director, HPL said, “The performance during the Q4FY21 was attributed by the robust performance of both the metering (B2B) and the consumer (B2C) segment thereby resulting in highest ever quarterly revenue during the last eight quarters at Rs 308 Crores. The metering segment improved performance was accredited to an increase in inspections and dispatches. Currently, we have a strong order book of Rs 704 Crores ensuring revenue visibility for the current year despite the lockdown in Q1FY22 which have caused few disruptions. We are extremely delighted to share that we have received approval and production clearance from a leading Private Distribution Company for the implementation of 4G and 5G compatible Narrow Band-Internet of Things (NB-IoT) based Smart Meters in various parts of Delhi.”
He adds, “The robust growth in the consumer segment was driven by healthy double-digit growth in the ‘Lighting’ and ‘Wires and Cables’ categories, which surged by 31% & 99% YoY, respectively. Additionally, the recent order wins of over Rs372 Crores for switchgear, wires and other related accessories enhancing our position as one of the leading Electrical equipment manufacturers of the country. We have a diversified portfolio of electrical equipment catering to various needs of the market and are confident about the long-term growth trajectory of the Consumer segment fuelled by a pick-up in the economic activity, improved consumer sentiments and increased government funding.”
Robust Order Book & Strong Revenue Visibility
Consolidated current order book stands at Rs 704 crores (net of GST)
§ Metering orders of Rs 292crores
§ Switchgear orders of Rs 142 crores
§ Lighting orders of Rs 76 crores
§ Wires & Cables orders of Rs 194 crores
§ Enquiry base for Metering tenders is at a healthy level. Tenders amounting to ~ Rs 2,000 crores have been floated or expected to be floated in the near-term