Genus power bags order worth Rs 2,207.5 crores

For the position of Advanced Metering Infrastructure Service Provider (AMISP), Genus Power Infrastructures Limited has been awarded a letter of award (LOA) for Rs 2,207.53 crore. This includes design of the AMI system, supply, installation, and commissioning of ₹27.69 lakhs smart prepaid metres, feeder metres, DT meter level energy accounting, and FMS of these Rs 27.69 lakhs smart metres. 

The 'Reforms-Based, Result-Linked Power Distribution Sector Scheme' is clearly working because numerous State Electricity Boards (SEBs) have put out requests and requested bids for the installation of smart metres. In the upcoming quarters of FY24, the company anticipates a significant increase in orders. 

This order win provides added visibility to our revenues for the coming years. It also signals a solid start to order inflow in FY24. We anticipate a sharp revenue rebound in coming quarters due to a robust order book 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.

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.

Source: Media reports