New Delhi, November 21, 2016 – HPL Electric and Power Ltd (referred to as the “Company”; NSE: Symbol; HPL, BSE: Scrip Code;540136), an established electric equipment manufacturing company in India, manufacturing a diverse portfolio of electric equipment as per the IMaCs Report has informed the stock exchange ( BSE & NSE) in an intimation letter dated 19th November 2016 that the debt of the company have been reduced around 320cr. from IPO proceeds.
Company’s present business developments are as follows of FY2017:
· Company successfully got listed on Stock Exchange on 4th Oct.’16, the beginning of the third Quarter.
· Debt of the company has been reduced around 320cr. from IPO proceeds.
· A robust order book pipeline of around Rs. 365 crore including lighting and switchgears segments and exports have grown by 14.5%.
· Order Book includes Rs. 234 crore of meter orders from utilities including a new order from Gujarat Urja Vikas Nigam Limited (GUVNL) Discoms in Q2FY17.
· HPL is focusing on advanced lighting solutions as part of the new business opportunities initiatives and have signed an agreement for Smart City street lighting for Bhopal in Q2FY17. Order value approx. Rs. 70cr.
· The Company is focusing to exploit opportunities in Government's 'Housing for All' agenda via innovation into low cost and affordable electrical solutions.
· HPL has been supplying its products including Switchgears & lighting to various Government initiatives such as IPDS, DDUGJY, etc. and for renewal energy sector.
· HPL has recently launched new products such as ELMO switches targeted at the building segment and Automatic Transfer Switches, which will enhance presence in switchgear market.