Genus Power Infrastructures on Wednesday said it has bagged an order worth Rs 2,259.94 crore for a smart meter project. With this, the company’s total order book stands at over Rs 19,000 crore (net of taxes).
“Genus Power Infrastructures Ltd’s wholly owned subsidiary has received a Letter of Award (LOA) worth Rs 2,259.94 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 27.33 lakh Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis,” according to a regulatory filing.
Numerous state electricity boards have commenced the bidding process to procure smart meters, underscoring the positive impact of the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme’, the filing said.
Our analysis indicates a high probability of witnessing a steady and significant increase in order volumes in the upcoming months of the fiscal year 2024, it stated.
“Since July 2023, our company has been on a remarkable winning streak, securing a total of six prestigious orders, worth about Rs 15,160 crore (net of taxes) in total for installation of approximately 172.03 lakh Smart Prepaid Meters,” Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures, said in the filing.
Our total order book now stands at over Rs 19,000 crore (net of taxes), which gives visibility into robust future revenue growth, he stated.
Smart prepaid meters represent the future of energy management, offering numerous advantages such as accurate billing, real-time data monitoring, and the reduction of energy losses, he stated.
Genus Power Infrastructures Ltd, started in 1995, is amongst the largest players in India’s electricity metering solutions industry, with a 27 per cent market share.