HPL Electric & Power: This multibagger stock locked in 10% upper circuit on robust Q3 earnings

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HPL Electric & Power, a leading electrical equipment manufacturer in India, saw its shares lock in a 10% upper circuit limit at ₹345.05 apiece in today's trade after the company posted a robust set of numbers for the December-ending quarter. On Wednesday, the company reported an 87.14% YoY growth in its consolidated net profit, reaching ₹11.95 crore. It registered a robust performance YoY, with revenue growth of 21.22% in Q3 FY24 to ₹366 crore as compared to ₹302 crore in Q3 FY23.

Also Read: Dynacons Systems: This small-cap stock turned ₹10,000 into ₹4.4 lakh in less than 4 years In the Metering & Systems segment, revenue grew by 28% YoY to ₹215.92 crore from ₹168.79 crore in Q3 FY23. The company believes that the high growth in Metering & Systems is set to continue with a strong execution cycle in place in line with a growing order book. Consumer & industrial segment revenue, on the other hand, increased by 13% YoY to ₹149.65 crore in Q3 FY24 from ₹132.79 crore in Q3 FY23.

"Although volumes have been consistent and growing in the consumer & industrial segment, a value erosion for price (as an industry-wide phenomenon) is taking place in the lighting product lines due to a change in technology causing sales de-growth. This is expected to stabilise in Q4 FY24," the company said in its earnings report. Its EBITDA grew by 35.16% YoY in Q3 FY24 to ₹49.71 crore, while the EBITDA margin expanded by 140 basis points YoY, reaching 13.60%.