Genus Power Infrastructures Limited’s shares went up by 4 per cent after the company reported that its wholly-owned subsidiary had been awarded a letter of award (LOA) valued at ₹2,209.84 crore (net of tax) for an Advanced Metering Infrastructure Service Provider (AMISP) role. This encompasses the design, supply, installation, and commissioning of 21.77 Lakhs Smart Prepaid Meters under the Revamped Distribution Sector Scheme (RDSS) on a DBFOOT basis. The achievement has propelled the company’s total order book to over ₹8,200 crore (net of tax).
The development follows various State Electricity Boards’ invitations for bids, reflecting the impact of the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme.’ Genus Power anticipates an upsurge in order volumes in the upcoming quarters of fiscal year 2024.
The orders will facilitate the deployment of smart metering solutions across numerous Indian homes and businesses, enhancing energy efficiency. The Revamped Distribution Sector Scheme (RDSS) is expected to revolutionise the Indian metering industry, leading to a multifold increase in industry size and a shift to smart meters, boosting operating margins for metering companies.
The shares went up by 4 per cent to ₹189 at 10.18 am on BSE.