HPL Electric & Power Limited — Credit Ratings, 28-03-2025: Credit Rating- New

HPL Electric & Power Limited has received a credit rating of IND A+/Stable from India Ratings and Research for its bank facilities, including both fund-based and non-fund-based working capital limits, totaling ₹6,650 million and ₹9,350 million respectively. The rating underscores HPL's strong presence in the metering industry, with an order book primarily comprised of smart meter contracts, ensuring revenue growth visibility. The company is projected to achieve a revenue of approximately ₹16 billion in FY25, reflecting a 10%-12% year-on-year growth. While high working capital requirements pose a challenge, the anticipated improvement in asset turnover and margin accretion from strategic capital expenditures suggests a positive outlook for the company's financial health.