Genus Power Infrastructures scores Rs 2,207cr smart meter deal

Genus Power Infrastructures Limited has announced a major business victory, bagging a Letter of Award (LOA) worth Rs 2,207.53 crores for becoming the Advanced Metering Infrastructure Service Provider (AMISP).

The substantial contract includes designing an Advanced Metering Infrastructure (AMI) system, and providing supply, installation, and commissioning services for approximately 27.69 lakh Smart Prepaid Meters, Feeder Meters, and DT Meter level energy accounting. The company will also manage Facility Management Services (FMS) for these smart meters.

In response to the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme’, numerous State Electricity Boards (SEBs) have been issuing requests and bids for the installation of smart meters. This ongoing trend indicates a tangible effect of the scheme and strongly suggests a potential surge in orders for Genus Power Infrastructures in the upcoming quarters of FY24.

Commenting on the lucrative contract, Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures, said, “We are delighted to announce that our company has won a significant order worth Rs. 2,207 crore. This is a significant achievement for our company, and it is a testament to our commitment to providing innovative and reliable solutions to our customers.

“This order win provides added visibility to our revenues for coming years. It also signals a strong start to order inflow in FY24. We anticipate a sharp revenue rebound in coming quarters on account of robust order book and healthy order inflow, and restoration of normalcy in the supply chain.”

Jitendra Kumar Agarwal also highlighted the transformative potential of the Revamped Distribution Sector Scheme (RDSS) on the Indian metering industry, expecting a multifold annual growth and a transition from conventional to smart meters. This shift, he predicts, will yield improved operating margins for metering companies.