HPL Electric & Power Ltd. bags orders worth over Rs 372 Cr for Consumer Electrical Products
HPL Electric & Power Ltd. has bagged two orders worth over Rs 372 Cr for its switchgear, wires and other related accessories for housing projects in the state of Andhra Pradesh.
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 at Rs. 700 Cr.
Commenting on winning the orders Mr. 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 equipment 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 a focus on developing technological advancement in electrical equipment solution for various categories and requirements.
The Government of India and the various state governments are working towards creating low-cost housing solutions to enhance the various standards of living for the citizens especially the economically weaker segment. This push towards the creation of housing infrastructure will give a big boost to all sectors including the electrical equipment industry in long term. With the rise in demand for electrical equipment 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 equipment to the government infrastructure and private housing sector.
Mr. Gautam Seth, Joint MD, HPL Electric & Power added, “There is an immense housing opportunity and HPL’s product ranges 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.”