The value of the aforementioned contract is 0.33 times the current market capitalization of the company, which is Rs 627.06 crore.

With a robust pipeline of pending orders, the company has been operating and supplying at an accelerated pace aligning with the roll-out of government-led schemes for smart metering.

The company currently has an order book of over Rs 1,500+ crore.

Gautam Seth, joint managing director of HPL Electric and Power, said: “We are delighted with our ongoing success, driven by the strong demand for smart meters and our commitment to technological excellence.

The implementation of government schemes has significantly helped the industry, and we are witnessing tangible results. Our robust pipeline of pending orders, combined with our R&D and process automation initiatives, positions us strongly for sustained growth and continued market leadership."

HPL Electric & Power 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.

The company's net profit declined 31.2% to Rs 6.36 crore in Q3 FY23 on 7.7% rise in net sales to Rs 301.59 crore in Q3 FY23 over Q3 FY22.