HPL Electric & Power on Thursday said that it has secured orders worth ₹2,100.71 crore for smart metres. The order was received from its long standing customers, the electric equipment manufacturing company says in an exchange filing. Details such as the timeline and specific location of the order were not disclosed.

Following this development, shares of HPL Electric & Power surged as much as 19.9%, touching a 52-week high of ₹562.85 apiece on the BSE. The scrip opened higher at ₹473.85 against the previous closing price of ₹469.05 on the BSE.

This new order surpasses HPL Electric's total order book from the previous year and constitutes approximately 64% of its current market capitalisation, which stands just above ₹3,550 crore.

Early this week, HPL Electric signed a memorandum of understanding (MOU) with China-based Guangxi Ramway Technology Co. for local manufacturing and assembly of relay/latching relays in India. This partnership includes technical collaboration and equipment procurement.

For the March quarter of FY25, HPL Electric reported a net profit of ₹13.72 crore, showing a 22.3% annual increase. Consolidated revenue for the same quarter rose by 17% to ₹424.09 crore compared to the previous year.

HPL Electric & Power specialises in manufacturing electrical and power distribution equipment, including cables, energy-saving metres, industrial and domestic circuit protection switchgear, as well as CFL & LED lamps.

HPL reported a YoY revenue increase of 17% in Q4 FY 23-24, with revenues rising to ₹424 crore from ₹362.7 crore in Q4 FY 22-23. This quarterly increase contributed to an annual revenue growth of 15.74%, reaching ₹1,460.86 crore in FY24, up from ₹1,262.21 crore in FY23.

For Q4 FY 23-24, HPL's EBITDA grew by 23.86% YoY to ₹55.2 crore, up from ₹44.58 crore in Q4 FY 22-23. This quarterly performance led to an annual EBITDA increase of 22.49%, with the amount rising to ₹192.15 crore in FY24 from ₹156.87 crore in FY23.

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