Multibagger Stock Hit 5% Upper Circuit After Subsidiary Secures LOA Worth Rs 2,247.27 Cr

The shares of Genus Power Infrastructures Ltd. surged 5% at Rs 271.60 per share on the BSE as its subsidiary secured Rs 2,247.37 Crore LOA for Advanced Metering Infrastructure Service Providers (AMISPs).

The LOA includes designing an Advance Metering Infrastructure (AMI) system and deploying 24.18 l Lakh Smart Prepaid Meters, improving energy accounting under the DBFOOT model.

The shares of Genus Power Infrastructures surged 13.21% in the past 1 week. It has given multibagger returns of 197.06% and 205.41% in the past 3 and 6 months. In the past 1 year, it has given 217.10% multibagger return.

"Genus Power Infrastructures Limited's step-down wholly owned subsidiary has received a letter of award (LOA) of Rs. 2,247.37 crore (net of taxes) for appointment of Advanced Metering Infrastructure Service Providers (AMISPs) including design of Advance Metering Infrastructure (AMI) system with supply, installation and commissioning with FMS of 24.18 Lakh Smart Prepaid Meters, system meters including OT Meters with corresponding energy accounting under DBFOOT model (HYBRID Model, CAPEX Plus OPEX)," the company said in a press release.

Moreover, "Many State Electricity Boards (SEBs) have commenced the bidding process to procure smart meters, highlighting the favourable outcomes of the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme'. As previously indicated, we foresee the robust surge in order volumes to continue in the upcoming quarters of fiscal year 2024."

Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd. said, "We are delighted to announce the win of yet another major order for smart meters. This is the third such order in the last two months, and it is a testament to the trust that our customers have in our capabilities.

Our total order book now stands at around Rs. 11,000 crore (net of taxes) - which signifies a landmark for our organization, instilling us with a resolute belief that it will act as a driving force for exponential growth in our business operations within the Indian market. It further strengthens our position as the leading smart metering solutions provider in India.

The demand for smart meters is growing rapidly in India, as the government under Revamped Distribution Sector Scheme (RDSS) scheme aims to install 250 million smart meters in all households across the country to improve the efficiency of the power sector. We are well positioned to capitalize on this immense growth opportunity. We have a strong track record of delivering metering projects on time and within budget. We also have a wide network of partners and suppliers, which allows us to provide end-to-end solutions to our customers. We look forward to playing a leading role in the transformation of the Indian power sector."

About Genus Power Infrastructures Ltd.

Genus Power Infrastructures Ltd., started in 1995, is amongst the largest players in India's electricity metering solutions industry, with ~27% market share. Company is market leader in various kinds of meters and has developed 'smart metering solutions', with in house R&D centre. Company also has engineering, construction, and contracts (ECC) division which complements the existing meters business. Company has manufacturing plants across Jaipur, Haridwar and Guwahati with a total installed capacity of over 10 million meters. Our key customers include the major State electricity boards (SEB's) and private utilities