HPL Electric & Power on Thursday bagged two orders aggregating to Rs372cr for its switchgear, wires and other related accessories for housing projects in the state of Andhra Pradesh.
On Sensex, the company's stock closed at the upper circuit of Rs51.45 per piece up by 5%.
Gautam Seth, Joint Managing Director, HPL Electric & Power, said, “This is a big win for us and enhances our position as one of the leading electrical equipment manufacturer in the country. We have a diversified portfolio of electrical equipments to cater to various needs of the market. Our manufacturing facilities are state-of-the-art equipped to undertake larger production to meet the present and emerging needs of the country. We also have a strong R&D base with focus on developing technological advancement in electrical equipment solution for various categories and requirements."
Seth added, "There is an immense housing opportunity and HPL’s product range are well suited to reach the end consumer’s home. We are confident that we would further improve our business growth in the coming months and are pleased to have bagged this order especially during these covid-19 times. Since the last few quarters, post the first lockdown, there has been a pickup on the consumer and trade business.”
In its regulatory filing, HPL stated that these prestigious orders were bagged amidst stiff competition from various players. This is a big step by the company to increase its presence in the low cost affordable housing segment. The current total order book of the company now stands over at Rs700 Cr.
With the rise in demand for electrical equipments to be made available to the housing sector, there is a huge market in the country to be tapped. HPL has been a major supplier of electrical equipments to the government infrastructure and private housing sector.