Jun 19: HPL Electric & Power Ltd, a New Delhi-based manufacturer of switchgears and energy meters, on Tuesday said that it has received BIS certification for its Smart Meters under ‘IS 16444’.
“HPL is one of the few companies in India which has BIS certification for smart meters. The market for meters is expected to witness explosive growth by 2022, with government promoting smart cities and smart grids, thus paving way for a robust demand for smart meters. The market for meters is expected to grow at a CAGR of 5.3% which would translate into double-digit growth,” the company said in a statement.
Commenting on the same, Gautam Seth, JMD, HPL Electric & Power Ltd, said, “we are pleased to receive BIS certification for our smart meters. This is a result of the hard work and consistency of our technology team to consistently manufacture and supply superior quality products at competitive prices. HPL is one of the few companies in India to have received this certification. It is a proud moment for us as it highlights our company as one of the leading manufacturers of meters and gives us an edge in the smart metering opportunity. We are positive that this development will further reinforce customers’ belief in the quality of our products and services.”
According to the company, the certification is a significant milestone for the company which will enhance its market position as a technologically advanced meter supplier.
Meanwhile, this certification comes along with the company bagging two tenders of meters from southern utilities for Rs 76.23 crore, and the total order book as on date for Meters stands at Rs 474.65 crore, HPL added.
Shares of the company closed trading at Rs 95.60, up 1.06% from the previous closing of Rs 94.60, on BSE today.