Genus Power Infrastructures Limited’s shares were up by 2.11 per cent after the company was awarded a Letter of Award (LOA) valued at ₹2,259.94 crore for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs).
This includes the design of an Advanced Metering Infrastructure (AMI) system along with the supply, installation, commissioning, and Facilities Management Services (FMS) for 27.33 Lakhs Smart Prepaid Meters, system meters, and DT Meters with corresponding energy accounting on a design, build, finance, own, operate, and transfer basis.
According to the company, the increasing adoption of smart meters by various State Electricity Boards (SEBs) is attributed to the impact of the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme.’ Anticipated steady growth in order volumes is expected throughout the fiscal year 2024.
Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd. said, “Since July 2023, our company has secured six significant orders totaling about ₹15,160 crore for the installation of approximately 172.03 Lakhs Smart Prepaid Meters. Our order book now stands at over ₹19,000 crore, indicating strong future revenue growth.”
The shares were up by 2.11 per cent to ₹257 at 10.20 am on the BSE.