HPL Electric down on few tenders, excess inventory in H1

The stock price of HPL Electric & Power today closed at Rs 87 against the issue price of Rs 202. The company reported a sharp 74 percent year on year (YoY) drop in consolidated net profit at Rs 3.97 crore for the quarter ended September 30, 2016 (Q2FY17). In an interview with CNBC-TV18, Gautam Seth, Joint MD of HPL Electric and Power, said the first half of this fiscal year saw very few tenders being finalised and inventory too went up.Seth hopes for a better second half in this financial year and says it has an order book of Rs 365 crore. The company has received an order from Gujarat Electrical Board.On the impact of demonetisation scheme, he said the retail sales will be affected in the near-term. Watch video for more...