Genus Power subsidiary wins order worth ₹2,260 crore for smart prepaid meters; Stock triples in October 2023

Genus Power's subsidiary has achieved a significant milestone by securing an order worth ₹2,260 crore for the supply and installation of advanced smart prepaid meters. The subsidiary, a wholly-owned entity of Genus Power Infra, announced this achievement on Wednesday. The contract pertains to the provision of Advanced Metering Infrastructure Service Providers (AMISPs).

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Genus Power's subsidiary has achieved a significant milestone by securing an order worth ₹2,260 crore for the supply and installation of advanced smart prepaid meters. The subsidiary, a wholly-owned entity of Genus Power Infra, announced this achievement on Wednesday. The contract pertains to the provision of Advanced Metering Infrastructure Service Providers (AMISPs).

Under this substantial order, the subsidiary will be responsible for designing an Advanced Metering Infrastructure (AMI) system, including the supply, installation, commissioning, and implementation of a Facility Management System (FMS). The project involves the deployment of 27.33 lakh smart prepaid meters and system meters.

Over the past few months, Genus Power has been on a winning streak, securing six major contracts valued at over ₹15,160 crore for the installation of approximately 172 lakh smart prepaid meters. With this latest addition, the company's order book has now swelled to a staggering ₹19,000 crore.

Jitendra Kumar Agarwal, the Joint Managing Director of the company, expressed his optimism about the future, stating, "This gives visibility into our robust future revenue growth." The company's prospects appear promising as various state electricity boards initiate bidding processes to procure smart meters as part of the "Reforms-based, Result-linked Power Distribution Sector Scheme." Genus Power anticipates further increases in order volumes for the remainder of the financial year.

Highlighting a recent accomplishment, Genus Power's subsidiary clinched an order worth ₹3,121.42 crore on October 23. Notably, the company's shares saw a remarkable 100% surge in just three months after securing orders exceeding ₹10,000 crore, as reported by CNBC-TV18 on October 10.

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Genus Power occupies a prominent position in India's electricity metering solutions market, boasting a market share of nearly 27%. It operates manufacturing facilities in Jaipur, Haridwar, and Guwahati, with a combined capacity of over 10 million meters.

On the stock market, Genus Power's shares demonstrated their strength by registering a 3% increase on Wednesday, closing at ₹259.05. The stock has been a standout performer in 2023, tripling in value and recording an impressive gain of 205%. This year marks the stock's most remarkable annual performance since 2007 when it surged by 255%.