"Genus Power Infrastructures Secures ₹2,259.94 Crore Order"

Genus Power Infrastructures has announced its successful bid for an order worth ₹2,259.94 crore for a smart meter project. This achievement bolsters the company's total order book to over ₹19,000 crore, net of taxes.

The order, secured by Genus Power Infrastructures Ltd's wholly owned subsidiary, involves the appointment of Advanced Metering Infrastructure Service Providers (AMISPs), encompassing the design of an Advance Metering Infrastructure (AMI) system. The project includes the supply, installation, and commissioning, along with Facility Management Services (FMS) for 27.33 lakh Smart Prepaid Meters and system meters, including DT Meters, with corresponding energy accounting on a DBFOOT (Design, Build, Finance, Own, Operate, and Transfer) basis, as outlined in a regulatory filing.

The company's filing emphasized the positive impact of the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme' as several state electricity boards have initiated the bidding process for procuring smart meters. The analysis indicates a strong likelihood of witnessing a consistent and significant increase in order volumes during the upcoming months of the fiscal year 2024.

Genus Power Infrastructures has been on a winning streak since July 2023, securing six prestigious orders with a cumulative value of approximately ₹15,160 crore (net of taxes) for the installation of approximately 172.03 lakh Smart Prepaid Meters. Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures, expressed his confidence in the company's robust future revenue growth as the total order book now exceeds ₹19,000 crore (net of taxes).

Smart prepaid meters are considered the future of energy management, offering various benefits, including accurate billing, real-time data monitoring, and the reduction of energy losses. Genus Power Infrastructures Ltd, established in 1995, holds a prominent position in India's electricity metering solutions industry, boasting a significant 27 percent market share.

ET