Genus Power Infrastructures wins order worth Rs 2,247.37 crore

Genus Power Infrastructures Limited's step-down wholly owned subsidiary has received a letter of award (LOA) of Rs. 2,247.37 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 24.18 Lakh Smart Prepaid Meters, system meters including OT Meters with corresponding energy accounting under DBFOOT model (HYBRID Model, CAPEX Plus OPEX).

Many State Electricity Boards (SEBs) have commenced the bidding process to procure smart meters, highlighting the favourable outcomes of the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme'. As previously indicated, we foresee the robust surge in order volumes to continue in the upcoming quarters of fiscal year 2024.

Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd. said, "We are delighted to announce the win of yet another major order for smart meters. This is the third such order in the last two months, and it is a testament to the trust that our customers have in our capabilities.

Our total order book now stands at around Rs. 11,000 crore (net of taxes) - which signifies a landmark for our organization, instilling us with a resolute belief that it will act as a driving force for exponential growth in our business operations within the Indian market. It further strengthens our position as the leading smart metering solutions provider in India.

The demand for smart meters is growing rapidly in India, as the government under Revamped Distribution Sector Scheme (RDSS) scheme aims to install 250 million smart meters in all households across the country to improve the efficiency of the power sector. We are well positioned to capitalize on this immense growth opportunity. 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 look forward to playing a leading role in the transformation of the Indian power sector."

Shares of Genus Power Infrastructures Limited was last trading in BSE at Rs. 258.70 as compared to the previous close of Rs. 246.45. The total number of shares traded during the day was 288186 in over 3671 trades.

The stock hit an intraday high of Rs. 258.75 and intraday low of 246.95. The net turnover during the day was Rs. 74190460.00.

Source : Equity Bulls

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