HPL reports revenue of Rs 227 Cr in Q2 FY21

HPL Electric and Power Ltd has reported total income of Rs. 227.92 crore during the period ended September 30, 2020 as compared to Rs. 97.31 crore during the period ended June 30, 2020.

“Metering business remained subdued as inspections were delayed resulting in lower dispatches for the quarter. A significant portion of dispatches were deferred to forthcoming quarters. Meter dispatches are expected to pick-up pace from Q4 FY21 onwards,” the company said.

It adds, “The ‘Consumer’ segment (including non-utility meters) grew at a brisk pace of 33% YoY (26% YoY excluding non-utility meters) driven by a revival in the economic activity, network expansion and offering of wide basket of quality products to consumers.’

Gautam Seth, Joint Managing Director, said, “Robust growth in the ‘Consumer’ segment was driven by strong double-digit growth in the ‘lighting’ and wires & cables categories which grew by 33% YoY and 45% YoY respectively. Further, the ‘switchgear’ segment also witnessed improved traction and achieved high-single digit growth in Q2 FY21.”