Shares of HPL Electric & Power were locked at the 5 percent upper circuit on August 8 after the company entered into a deal with the West Bengal State Electricity Distribution Company Limited (WBSEDCL) for the deployment of an advanced metering infrastructure (AMI) project.
The AMI project will be funded by the World Bank and will be executed in coordination with WBSEDCL. This project will connect approximately 5 lakh consumers in Kolkata and the gross value of this project is Rs 416.84 crore, the company said.
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The company in the quarter ended June 2023 had reported a 16.5 percent decline in net profit to Rs 11.3 crore, compared to Rs 13 crore last fiscal. The decline in bottomline was on account of a weak operational performance.
Its EBITDA margin contracted to 12.3 percent in the January-March period, compared to 14 percent a year back.
In July, the company had bagged orders worth Rs 903 crore for the supply of smart meters.
A meeting of the board of directors of the company is scheduled on August 9 to consider and approve the un-audited (standalone and consolidated) financial results for the quarter ended June 30, 2023.
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