HPL Electric & Power jumped 5.45% to Rs 61 after the company said that it received approval and production clearance from leading private distribution company for the implementation of NB-IoT based smart meters in parts of Delhi.
The company's new range of smart meters with Narrow Band-Internet of Things (NB-IoT) communications technology smart meters are both 4G and 5G compatible offering a dedicated channel for the smart metering and avoiding any reduction in performance from interference or obstruction due to congestion on the public network.
The new range of NB-IoT smart meters have been developed in-house at HPL's new R& D facility at Gurugram.
Gautam Seth, joint MD, HPL Electric & Power, said: "NB-IoT is a new and cost-effective technology in 4G and 5G spectrum with fast deployment quality. With this technology, the interference and problems arising due to public network congestion will not hamper the performance of smart meter anymore as data will smoothly flow through a dedicated channel.
It will also enable more number of remote meter readings possible thereby ensuring the safety of the consumers during pandemic times. This new launch will further strengthen our position as a leading smart meter manufacturer in the country."
HPL Electric & Power is a front runner in the smart metering field by providing latest technology to state owned & private utilities. This comes at the backdrop of world's largest electricity smart metering programme underway in India, aimed at cutting distribution losses.
India's smart meter programme aims to replace 250 million conventional meters to help raise annual revenues of debt-laden electricity distribution companies.
HPL Electric & Power is an established electric equipment manufacturing company, manufacturing a diverse portfolio of electric equipment, including, metering solutions, switchgears, lighting equipment and wires and cables, catering to consumer and institutional customers in the electrical equipment industry.
The company's consolidated net profit rose 25.04% to Rs 8.39 crore on a 0.06% decline in net sales to Rs 243.99 crore in Q3 FY21 over Q3 FY20.
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