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HPL Electric & Power Limited IPO Views - 20th Sep 2016

Capital Goods | Published on Sep 20th 2016

IT

HPL Electric & Power Private Limited (HPL) is a New Delhi based company engaged in manufacturing of energy meters, switchgears, lighting equipments and wires and cables. Company operates seven manufacturing facilities located in Haryana and Himachal Pradesh. HPL has pan-India presence and its distribution network includes 2,400 authorized dealers/distributors, selling products to 15,000 retailers. As per its FY16 numbers, Metering contributes 47% of the total revenues whereas switchgears (15%), Lighting equipment (24%) and Wires and cables (14%) form the rest of the business mix. B2C sales represent 44% of the total sales and B2B sales represent remaining 56% sales. On the valuation front, at the upper end of the price band, the pre-issue P/E works out to 25.6x of its FY2016 earnings which is lower compared to its peers. However this discount is justified considering its significantly low ROE, stretched working capital and low profitability compared to its peers. Considering past financial performance and poor visibility on future growth, we rate this issue as NEUTRAL.

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