Shares of electrical equipment maker HPL Electric and Power Limited jumped 9% on May 10 after announcing it had secured an order for smart meters worth Rs 204 crore from customers in its pan-India business. The company said it would speed up order fulfilment under a government-led smart metering scheme.

It also mentioned a string of pending orders and said its order book was over Rs 1,500 crore.

Gautam Seth, HPL Electric and Power Joint MD said: “The implementation of government programmes has helped the industry tremendously, and we are witnessing tangible results. Our strong pipeline of pending orders and our R&D and process automation initiatives position us for continued growth and market leadership.”

HPL Electric and Power Limited offer a wide range of electrical equipment products, including metering solutions, switchgear, lighting and wires and cables.

In Q3FY23, the company posted a 31.2% decline in consolidated net profit to Rs 6.36 crore compared to Rs 9.3 crore in the same period last year. Net sales rose 7.7% to Rs 301.59 crore against Rs 280 crore reported in Q3FY22. EBITDA stood at Rs 36.78 crore, down 1.41% from Rs 37.31 crore reported in the December 2022 quarter, while margins declined by 113 basis points year-on-year.

The company’s market capitalisation jumped more than 60% in the last year but has fallen 7% over the past six months. The stock was up 6.04% at Rs 95.70 by 12:07 pm, while the benchmark nifty was up 0.029% at 18,270.45.