Genus Power Infrastructure Spurts 5% On Securing Rs 2,209.84 Crore Contract

The shares of Genus Power Infrastructures Ltd. spurts 5% in early trade on securing a Rs 2,209.84 crore contract. The shares are currently trading 7.38% higher at Rs 195 on BSE. The company secures order for for AMISP including supply, installation, and commissioning of 21.77 lakh smart prepaid meters. With this order, the total order book of company exceeds Rs 8,200 Crore.

In a press release, the company said, Genus Power Infrastructures Limited's wholly owned subsidiary has received a letter of award (LOA) of Rs. 2,209.84 crore (net of tax) for appointment of Advanced Metering Infrastructure Service Provider (AMISP) including design of AMI system with supply, installation and commissioning of 21.77 Lakhs Smart Prepaid Meters, on DBFOOT (Design, Build, Finance, Own, Operate, Transfer) basis under Revamped Distribution Sector Scheme (RDSS). Post this order inflow, our total order book stands at in excess of Rs. 8,200 crore (net of tax).

Moreover, Many State Electricity Boards (SEBs) have initiated the process of inviting bids for the deployment of smart meters, which serves as a testament to the positive impact of the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme'. Based on our analysis, the company anticipates a robust surge in order volumes during the forthcoming quarters of fiscal year 2024.

Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd. said, "We are pleased to inform that our company has secured a substantial order valued at Rs. 2,210 crore (net of tax). This is the second major order that we have won, after securing an order of Rs. 2,208 crore (net of tax) in last month. This achievement represents a substantial milestone for our organisation, and we possess a strong conviction that it will serve as a catalyst for exponential business expansion within the Indian market.

Smart meters are an important part of the transformation of the power distribution domain, and we are proud to be playing a leading role in this transformation. These orders will enable us to deploy our smart metering solutions to millions of homes and businesses in India, and we look forward to working with our customers to help them reduce their energy consumption and improve their energy efficiency.

We are grateful to the State Electricity Boards for their confidence in our company, and we look forward to delivering these orders on time and to their satisfaction. We believe that these orders are a testament to our strong track record in the smart metering market, and we are confident that we will continue to be a leading provider of smart metering solutions in India.

The implementation of the Revamped Distribution Sector Scheme (RDSS) is expected to have a radical impact on the Indian metering industry. The scheme will lead to a multifold increase in the annual size of the industry, as well as a transition from conventional to smart meters. This will allow for better operating margins for metering companies."