HPL Electric & Power Ltd. is aiming for a 25% revenue growth over the next three years, with its smart meter division leading the charge, according to Joint Managing Director Gautam Seth. The company recently secured a ₹144 crore order to supply both smart and conventional meters to a key customer.
“We expect a growth rate of 20-25%, primarily in the smart meter segment, which will see its peak in the next three to five years,” Seth said in an interview with NDTV Profit. He added that while orders are already in place, their full implementation will take place over the next few years, positioning smart meters as a high-growth area for the company.
HPL Electric anticipates significant gains from the government’s Revamped Distribution Sector Scheme (RDSS), which aims to install 25 crore smart meters across India. The scheme, using the Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) model, is expected to reduce technical and commercial losses in the power sector.
Seth expressed confidence in securing multiple repeat orders for smart meters, particularly through Advanced Metering Infrastructure Service Providers (AMISPs), many of which are pre-qualified based on HPL’s products.
Currently, smart meters make up 60% of HPL Electric’s product mix, with the remaining 40% consisting of switchgear, lighting, wires, and cables. Seth projected that this mix would stay the same for the next two years while smart meter supplies ramp up but may return to a 50-50 balance between smart meters and other products in five years, as growth in the commercial and industrial (C&I) sector accelerates.
