Genus Power Infrastructures wins order worth Rs 2,207.53 cr

Genus Power Infrastructures Limited has received a letter of award (LOA) of Rs. 2,207.53 crore for appointment of Advanced Metering Infrastructure Service Provider (AMISP) including design of AMI system with supply, installation and commissioning of 27.69 Lakhs Smart Prepaid Meters, Feeder Meter, DT Meter level energy accounting and FMS of these 27.69 Lakhs smart meters.

Many State Electricity Boards (SEBs) have issued requests and solicited bids for the installation of smart meters, indicating that the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme' is having a tangible effect. The company foresees a strong influx of orders in the upcoming quarters of FY24.

Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd. said, "We are delighted to announce that our company has won a significant order worth Rs. 2,207 crore. This is a significant achievement for our company, and it is a testament to our commitment to providing innovative and reliable solutions to our customers. It also demonstrates the trust that our customers have in our ability to deliver high-quality products and services.

This order win provides added visibility to our revenues for coming years. It also signals a strong start to order inflow in FY24. We anticipate a sharp revenue rebound in coming quarters on account of robust orderbook and healthy order inflow, and restoration of normalcy in the supply chain.

The implementation of the Revamped Distribution Sector Scheme (RDSS) is expected to have a radical impact on the Indian metering industry. The scheme will lead to a multifold increase in the annual size of the industry, as well as a transition from conventional to smart meters. This will allow for better operating margins for metering companies."

Shares of Genus Power Infrastructures Limited was last trading in BSE at Rs. 129.60 as compared to the previous close of Rs. 126.81. The total number of shares traded during the day was 236936 in over 3004 trades.

The stock hit an intraday high of Rs. 131.10 and intraday low of 123.80. The net turnover during the day was Rs. 30065789.00.

Source : Equity Bulls

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GenusPowerInfrastructures INE955D01029 OrderWin LOA