Stock Report

Genus Power Infrastructures wins order worth Rs 3,115.01 crore

Posted On : 2023-10-09 18:21:57( TIMEZONE : IST )

Genus Power Infrastructures Limited's wholly owned subsidiary has received two letters of awards (LOA) worth Rs. 3,115.01 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 34.79 Lakhs Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis.

Many State Electricity Boards (SEBs) have commenced the bidding process to procure smart meters, underscoring the positive implications of the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme'. We anticipate a sustained and significant increase in order volumes throughout the upcoming quarters of fiscal year 2024.

Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd. said, "We are pleased to announce our achievement in securing additional substantial orders for smart meters during the current fiscal year. This is a testament to the trust that our customers have in our capabilities and our commitment to providing high-quality products and services. These orders reinforce our dominant market standing as the foremost provider of intelligent metering solutions in the Indian market.

The burgeoning demand for smart meters is being driven by the government's initiatives to improve the efficiency of the power sector. These initiatives include the Revamped Distribution Sector Scheme (RDSS), which aims to install 250 million smart meters in all households across the country.

Our total order book now stands at over Rs. 14,000 crore (net of taxes) - which gives visibility into robust future revenue growth. 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 would like to thank our customers for their trust and support, and we look forward to working with them to successfully deliver these projects.

Shares of Genus Power Infrastructures Limited was last trading in BSE at Rs. 260.80 as compared to the previous close of Rs. 257.85. The total number of shares traded during the day was 46019 in over 1750 trades.

The stock hit an intraday high of Rs. 268.45 and intraday low of 250.70. The net turnover during the day was Rs. 11954785.00.