Genus Power Secures Rs 2,260 Crore Contract For Smart Meters

Genus Power Infra's wholly-owned subsidiary has clinched a major contract worth Rs 2,260 crore for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs). The announcement came on Wednesday, adding another feather to Genus Power's cap, which has been on a winning streak.

The new contract encompasses the design of an Advanced Metering Infrastructure (AMI) system, along with the supply, installation, and commissioning of 27.33 lakh smart prepaid meters and system meters, accompanied by a Facility Management System (FMS).

Genus Power's winning streak commenced in July when it secured six substantial orders valued at over Rs 15,160 crore for the installation of nearly 172 lakh smart prepaid meters. With this latest order, the company's total order book now stands at an impressive Rs 19,000 crore.

"This gives visibility into our robust future revenue growth," expressed Jitendra Kumar Agarwal, the Joint Managing Director of the company. Genus Power's relentless success can be attributed to its participation in the bidding process initiated by multiple state electricity boards under the "Reforms-based, Result-linked Power Distribution Sector Scheme."

On October 23, Genus Power's wholly-owned subsidiary made headlines by winning a smart meter order worth Rs 3,121.42 crore.

Genus Power is a dominant player in the Indian electricity metering solutions sector, boasting a substantial market share of nearly 27%. The company operates manufacturing plants in Jaipur, Haridwar, and Guwahati, with a combined installed capacity of over 10 million meters.

Investors have taken note of Genus Power's stellar performance, driving its shares up by 3% on Wednesday to reach Rs 259.05. The stock has experienced an extraordinary year, having tripled in value in 2023, marking a remarkable gain of 205%. This marks the best annual performance for the stock since 2007 when it had risen by an impressive 255%.