Genus Power Infrastructures locked in a 5% upper circuit after winning a smart meter order

After winning a smart meter order for Rs 2,247.37 crore, Genus Power Infrastructures' step-down wholly-owned subsidiary was locked in a 5% upper circuit in early trading on September 1.

The order involves the design of an advanced metering infrastructure (AMI) system as well as the provision, installation, and commissioning of 24.18 lakh smart prepaid meters as well as system meters, including OT meters, with appropriate energy accounting under the DBFOOT model (HYBRID Model, CAPEX Plus OPEX).step-down wholly-owned subsidiary was locked in a 5% upper circuit in early trading on September 1.

“We foresee the robust surge in order volumes to continue in the upcoming quarters of fiscal year 2024,” the company said in an exchange filing.

This is the third such order in the past two months and a testament to the trust that customers have in their capabilities, Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures, said.

The total order book now stands at around Rs 11,000 crore (net of taxes) and further strengthens the company’s position as the leading smart metering solutions provider in India, he added.

The Revamped Distribution Sector Scheme issued a wholly-owned subsidiary of the corporation a letter of award in August for the amount of Rs 2,209.84 crore (net of tax) to provide advanced metering infrastructure.

Source: Media Reports