Noida (Uttar Pradesh) [India], Jan 13 (ANI): HPL Electric and Power has posted 25 per cent year-on-year sales growth in consumer segment to Rs 135 crore during the third quarter of current fiscal.
The company said it was primarily driven by the festive season, pick-up in economic activity and improved consumer sentiment.
The revenue share of consumer segment stood at 61 per cent during Q3 FY21 as compared to 44 per cent in the same period of last year. The metering business revenue witnessed a growth of 17 per cent in Q3 FY21 compared to Q2 FY21.
However, the performance remained subdued as inspections remained lower due to Covid-19 related disruptions. As a result, the metering revenue has been deferred to the forthcoming quarters.
Meter dispatches are expected to gradually pick-up from Q4 FY21, said the company.
Besides, the rationalisation of capital expenses and overheads led to an improvement in profitability margins.
Despite increasing raw material prices during the quarter, rationalisation of overhead expenses helped the company to report earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 34.7 crore in Q3 while cash profit after tax increased by 24 per cent year-on-year to Rs 19.6 crore.
Joint Managing Director Gautam Seth said the growth in consumer segment was driven by double-digit growth in switchgear, lighting, and wires and cables categories which grew by 29 per cent, 18 per cent and 45 per cent respectively.
"We have a robust order book of Rs 354 crore boosted by smart meter orders. This ensures us revenue visibility for the near-term," he said in a statement.
HPL has the largest market share for electricity energy meters in India and the fifth largest market share for LED lamps. (ANI)