HPL Electric & Power Ltd. Received INR 903 Crore Smart Meter Orders, advancing India's Demand-Side Energy Efficiency Transformation

NEW DELHI, July 4, 2023 /PRNewswire/ -- HPL Electric & Power Ltd. (HPL), a leading provider of electrical equipment and solutions, announces the successful acquisition of INR 903 crores (inclusive of Tax) smart meter orders. These orders further bolsters HPL's total pending pipeline order book, now totaling INR 2250+ crores as of the date of this release.

These significant smart meter orders underscore HPL Electric & Power Ltd.'s commitment to innovation and reinforces its role in India's mass smart-meter adoption. The company's dedication to research and development enables the delivery of technologically complex solutions that cater specifically to the Indian market.

HPL Electric & Power Ltd.'s smart meters excel in accuracy and in features such as real-time remote data monitoring. By empowering consumers and utilities to optimize energy usage, these smart meters contribute to a greener and more sustainable future. The Company's range of smart metering solutions, supported by an efficient after-sales service network, has garnered significant recognition within the industry. "We are delighted to secure these additional prestigious smart meter orders, achieving another milestone in our efforts to be at the forefront of India's smart-meter implementation," said Mr. Gautam Seth, Joint Managing Director & CFO, HPL Electric & Power Ltd. "Our smart meters can significantly enhance demand-side energy efficiency by providing real-time data on energy consumption to both consumers and energy providers. They enable consumers to monitor and adjust their usage habits to off-peak hours, reducing strain on the grid, and allow for the implementation of dynamic pricing strategies that can incentivize energy conservation."

With this latest achievement, HPL Electric & Power Ltd. further solidifies its leadership position in the smart metering segment.

About HPL Electric and Power Ltd.

HPL is an established electric equipment manufacturing company in India, manufacturing a diverse portfolio of electric equipment, including metering solutions, switchgear, lighting equipment and wires and cables, catering to consumer and institutional customers in the electrical equipment industry. HPL had the largest market share in India's electricity energy meters market, with one of the most comprehensive portfolios of meters in India and the fifth largest market share for LED lamps during the corresponding period (Source: Frost & Sullivan Report, February 2016). HPL's manufacturing capabilities are supported by an extensive sales and distribution network with a pan-India presence. HPL currently manufactures and sells its products under the umbrella brand 'HPL', registered in India since 1975.

For further information on HPL Electric & Power Limited, see www.hplindia.com

Safe Harbor

This release contains statements that contain "forward-looking statements" including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to HPL Electric and Power Ltd's future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, several risks, uncertainties, and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macro-economic, governmental, and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. HPL Electric and Power Ltd undertake no obligation to publicly revise any forward-looking statements to reflect future / likely events or circumstances.