Genus Power Infra bags order worth Rs 2,856 crore

Genus Power Infrastructures Ltd. and its 100% subsidiary company (Hi-Print Metering Solutions Private Limited) have received letter of awards (LOA) of Rs 2,855.96 crore. The company rceived an appointment of Advanced Metering Infrastructure Service Provider (AMISP) including design of AMI system with supply, installation and commissioning of 29.49 Lakh Smart Prepaid Meters, DT Metering, HT & Feeder Metering Level energy accounting and FMS of these 29.49 Lakh smart meters.

In the regulatory filing, 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 anticipates robust order inflow in the coming quarters of FY24.

Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd. said, "These order wins give lot of visibility to our revenues for coming years. It also signals a strong start to order inflow for our industry. We anticipate a sharp revenue rebound in coming quarters on account of robust order book and healthy order inflow, and restoration of normalcy in the supply chain.”

“With the implementation of the Revamped Distribution Sector Scheme (RDSS), we anticipate that the entire landscape of the Indian metering industry will undergo a radical transformation, resulting in a projected multi-fold increase in annual industry size. This will also result in a transition from conventional to smart meters in the Indian metering industry, allowing for better operating margins.”