Genus Power Infra arm secures Rs 22.10 billion order

10 Aug 2023 CW Team

Genus Power Infrastructures informed that its subsidiary had secured an order worth Rs 22.09 billion for the supply and installation of 21.77 lakh smart pre-paid electricity meters. A letter of award (LOA) had been received by the company, valuing Rs 22.09 billion (after tax deductions), for the appointment as an advanced metering infrastructure service provider.

This encompassed the creation of advanced metering infrastructure design, along with the supply, installation, and commissioning of 21.77 lakh prepaid smart meters based on the design, build, finance, own, operate, transfer (DBFOOT) approach under the revamped distribution sector scheme (RDSS), as mentioned in a company statement.

As per the statement, "Following the receipt of this order, our total order book now exceeds Rs 82 billion (after tax deductions). Several state electricity boards have commenced the process of inviting bids for the implementation of smart meters.

This stands as evidence of the positive outcomes resulting from the 'reforms-based, result-linked power distribution sector scheme'."

The company projected a substantial increase in order volumes in the upcoming quarters of the ongoing fiscal year, based on their analysis.

Jitendra Kumar Agarwal, joint managing director of Genus Power Infrastructures, remarked, "This marks our second significant order, subsequent to securing an order of Rs 22.08 billion (after tax deductions) in the previous month."

Having initiated operations in 1995, Genus Power Infrastructures is a major player in the nation's electricity metering solutions industry, possessing a market share of 27 percent.

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