Genus Power's Arm Lands ₹3,100 Crore Smart Meter Order, Stock Rises

Genus Power's shares saw a significant boost today, snapping a five-day losing streak, following the company's announcement that its wholly-owned subsidiary secured a lucrative smart meter order worth ₹3,121.42 crore. This order is aimed at advancing metering infrastructure services in India.

In a filing to the stock exchanges, Genus Power stated that the order encompasses the design, supply, installation, commissioning, and full management services (FMS) of 36.27 lakh smart prepaid meters, system meters, including DR Meters. This project operates on a Design Build Finance Own Operate Transfer (DBFOOT) basis.

With this development, Genus Power's total order book now surpasses a whopping Rs 17,000 crore, demonstrating the company's robust position in the industry.

Jitendra Kumar, Genus Power's Joint Managing Director, expressed his enthusiasm over the company's recent achievements, stating that these orders solidify their status as the 'leading provider of intelligent metering solutions in the Indian market.' He added, 'Our extensive network of strategic partners and suppliers enables us to offer comprehensive end-to-end solutions, thereby enhancing our ability to meet the diverse needs of our valued customers.'

The news comes hot on the heels of the company's earlier success this month when they secured orders for smart meters worth Rs 3,115 crore, bringing their total orders for the past three months to an astounding Rs 10,000 crore.

As a result of this announcement, Genus Power's stock price has surged by more than 3%, reaching Rs 262.75 per share around 12:50 pm. Over the past six months, the company's shares have experienced a remarkable gain of 195.1%, and for the year, their value has increased by an impressive 209.4%.

Genus Power's continual success in securing substantial orders not only signifies their growth and dominance in the industry but also underscores their commitment to providing advanced metering solutions to meet the evolving needs of the Indian market.