HPL sees a significant opportunity to contribute to the development of 5G infrastructure in India and to provide the necessary electrical equipment to the leading telecom providers. HPL is heavily focusing on 5G and anticipates that this market will bring in respectable revenues.

According to an Ericsson-Arthur D Little study, 5G will enable Indian mobile service providers to generate $17 billion in incremental revenue from enterprises by 2030. Much of this is projected to be driven by the adoption of 5G in the manufacturing, energy and utilities, ICT and retail industries.

Indian enterprises consider 5G to be the most important technology for their digital strategies. Not surprisingly, leading telecom players are not wasting any further time in getting themselves ready with 5G infrastructure.

HPL is amongst a handful of companies which made material contributions to the 4G infrastructure expansion and has supplied wires and cables, and electrical equipment to the leading telecom players. Going forward, 5G holds an immense promise for being a much more significant opportunity.

"Our growth outlook for this segment looks promising and the Company anticipates an additional approximately Rs 150-200 crore business in the near to medium term from this segment,” the company said in a statement.

Gautam Seth, joint managing director, said, “The record investment already committed into the 5G spectrum, the big telecom companies are placing their bets on the next-gen mobile telephony platform to be blockbuster business.

At HPL Electric, we have been supplier to the earlier 4G rollouts, and are sweetly placed to once again be a vendor of choice for various 5G project rollouts over the next few years. We have already started receiving the orders and expect a steady rise on the anvil. This will be another pillar of growth, supporting our already strong prospects in smart energy meters and our B2C centric electrical products.”

HPL is an established electric equipment manufacturing company in India, manufacturing a diverse portfolio of electric equipment, including metering solutions, switchgear, lighting equipment and wires and cables, catering to consumer and institutional customers in the electrical equipment industry. HPL had the largest market share in India's electricity energy meters market, with one of the most comprehensive portfolios of meters in India and the fifth largest market share for LED lamps during the corresponding period.

The company's consolidated net profit rose 26.16% to Rs 6.27 crore on a 8.04% increase in sales to Rs 302.28 crore in Q2 FY23 over Q2 FY22.