Genus Power Infrastructure Secures ₹3,115.01 Crore Order for Smart Prepaid Meters, Share Price Soars

Genus Power Infrastructure Secures ₹3,115.01 Crore Order for Smart Prepaid Meters, Share Price Soars

VoM News Desk | October 10, 2023 | 10:12 AM IST | Breaking News | Follow on Google News

Genus Power Infrastructure Secures ₹3,115.01 Crore Order for Smart Prepaid Meters, Share Price Soars

Genus Power Infrastructure Secures ₹3,115.01 Crore Order for Smart Prepaid Meters, Share Price Soars

Genus Power Infrastructure, a leading provider of intelligent metering solutions, witnessed its share price surge by 5% to hit the upper circuit during Tuesday’s trading session. This price increase came on the heels of the company’s recent announcement of a significant order worth ₹3,115.01 crore for smart prepaid meters.

Genus Power Infrastructure’s wholly-owned subsidiary received two letters of awards for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs). These awards encompass the design of an AMI system, as well as the supply, installation, and commissioning of 34.79 lakh smart prepaid meters, system meters, including DT meters, and associated energy accounting on a Design-Build-Finance-Own-Operate-Transfer (DBFOOT) basis.

Growing Demand for Smart Meters

The demand for smart meters has been on the rise, with many State Electricity Boards (SEBs) initiating bidding procedures for the installation of these advanced meters. This growing trend underscores the benefits of the “Reforms-Based, Result-Linked Power Distribution Sector Scheme.” Genus Power Infrastructure anticipates experiencing steady and substantial growth in order volumes during the upcoming quarters of fiscal year 2024.

Positive Outlook and Market Standing

Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures Ltd., expressed his delight at securing these substantial orders, emphasizing the trust customers have in the company’s capabilities. He also highlighted the firm’s dominant market position as a leading provider of intelligent metering solutions in India.

With a robust order book exceeding ₹14,000 crore (net of taxes), Genus Power Infrastructure is poised for strong future revenue growth. The company is known for its track record of delivering metering projects punctually and within budget, thanks to its extensive network of partners and suppliers.

The surge in Genus Power Infrastructure’s share price and its success in securing significant orders underscore its leadership in the intelligent metering solutions market, reinforcing its commitment to providing high-quality products and services.

VoM News Desk

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