Genus Power Secures ₹3,608 Crore in New Smart Meter Contracts

21 Aug 2024 , 12:48 PM

Genus Power Infrastructures Ltd announced on Tuesday, August 20, that its wholly-owned subsidiary secured three contracts worth ₹3,608.52 Crore (net of taxes).

These contracts are for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs) to design, supply, install, and commission Advanced Metering Infrastructure (AMI) systems.

The projects will involve the deployment of around 4.26 million smart prepaid meters and system meters, including Distribution Transformer (DT) meters, across various regions.

The contracts also include comprehensive Facility Management Services (FMS) for ongoing support and energy accounting on a Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) basis.

At the time of writing on August 21, 2024 at 12:34 pm, shares of Genus Power Infrastructures Ltd is trading at ₹437.75 which is a 4.99% gain than the previous close. Genus Power Infrastructures Ltd stock has gained a total of 104% in the last one year, and 87% since the beginning of the year.

Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures Ltd, highlighted that the new orders reinforce the trust clients have in the company’s expertise and quality.

With these orders, Genus Power’s total order book, including all SPVs and the GIC Platform, now stands at approximately ₹28,000 Crore (net of taxes), ensuring strong growth visibility for the next 8 to 10 years.

Genus Power Infrastructures, part of the $400 million Kailash Group, is ISO 9001 & 14001 certified and offers innovative solutions through its two main divisions:

Metering Solution Division: Provides a range of electricity meters including smart meters, AMI systems, and pre-payment meters.

Engineering Construction and Contracts Division: Manages turnkey power projects such as substation erection, transmission and distribution line laying, and rural electrification.

The company boasts advanced manufacturing facilities, full integration from plastic parts to final products, automated SMT lines, and a dedicated R&D Center recognized by the Ministry of Science and Technology, driving innovation and technology in the power infrastructure sector.