HPL Electric & Power Surges 5% on Multi-Crore AMI Deal with WBSEDCL

8 Aug 2023 , 03:06 PM

HPL Electric & Power shares locked at 5% upper circuit on August 8 due to a strategic deal with WBSEDCL for an advanced metering infrastructure (AMI) project.

The AMI project, valued at Rs 416.84 crore, will connect around 5 lakh consumers in Kolkata and is backed by World Bank funding, executed with WBSEDCL.

The company reported a 16.5% decline in net profit to Rs 11.3 crore for the June 2023 quarter, compared to Rs 13 crore in the previous fiscal year.

EBITDA margin dropped to 12.3% in January-March period, down from 14% the previous year. In July, HPL Electric & Power secured orders worth Rs 903 crore for smart meter supply.

A board meeting is set for August 9 to approve un-audited financial results for the quarter ending June 30, 2023.

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