Genus Power Infra wins order worth Rs 2,207.53 Cr for Advanced Metering Infrastructure
In a significant development, Genus Power Infrastructures Limited has emerged as the winner of a substantial order valued at Rs. 2,207.53 crore. The company has been awarded the contract for the appointment of an Advanced Metering Infrastructure Service Provider (AMISP), encompassing the design, supply, installation, and commissioning of 27.69 Lakhs Smart Prepaid Meters, Feeder Meter, DT Meter level energy accounting, and Facility Management System (FMS) for these smart meters.
The growing momentum of the “Reforms-Based, Result-Linked Power Distribution Sector Scheme” is evident as numerous State Electricity Boards (SEBs) have actively sought bids for the installation of smart meters. This positive trend bodes well for Genus Power Infrastructures, as the company anticipates a surge in orders throughout the upcoming quarters of FY24.
Expressing his satisfaction, Mr. Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures Ltd., stated, “We are thrilled to announce the successful acquisition of a substantial Rs. 2,207 crore order. This achievement is a testament to our unwavering dedication to providing innovative and reliable solutions to our esteemed customers. It also reinforces the trust our customers have placed in our ability to deliver top-notch products and services.”
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The recently secured contract not only enhances the company’s revenue visibility for the coming years but also indicates a robust beginning in terms of order inflow for FY24. With a strong order book and healthy order inflow, along with the normalization of the supply chain, Genus Power Infrastructures expects a sharp rebound in revenues in the upcoming quarters.
The implementation of the Revamped Distribution Sector Scheme (RDSS) is poised to revolutionize the Indian metering industry. This transformative scheme is anticipated to result in a significant increase in the annual size of the industry and facilitate the transition from conventional to smart meters. This shift will ultimately lead to improved operating margins for metering companies.
About Genus Power Infra:
Genus Power Infrastructures (GPIL) was established in 1992 and is involved in the production and distribution of electronic energy meters, power distribution management projects, hybrid microcircuits, inverters, batteries, home UPS, and online UPS both within India and internationally. The company operates as a subsidiary of the Kailash Group, which has a total worth of $300 million.
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