Genus Power Infrastructures Ltd’s wholly owned subsidiary on Wednesday received a letter of award (LOA) worth Rs 2259.94 crore (net of taxes) for appointment of Advanced Metering Infrastructure Service Providers (AMISPs) including design of Advance Metering Infrastructure (AMI) system with supply, installation and commissioning with FMS of 27.33 lakh Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis.
Numerous State Electricity Boards (SEBs) have commenced the bidding process to procure smart meters, underscoring the positive impact of the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme.’ “Our analysis indicates a high probability of witnessing a steady and significant increase in order volumes in the upcoming months of the fiscal year 2024,” it said.
Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd, said, “Since July 2023, our company has been on a remarkable winning streak, securing a total of six prestigious orders, worth about Rs 15,160 crore (net of taxes) in total for installation of approximately 172.03 lakh Smart Prepaid Meters. Our journey in securing these orders has been marked by diligence and dedication. The trust and confidence shown by our valued clients reflect the quality and reliability of our smart metering solutions. Our total order book now stands at over Rs 19,000 crore (net of taxes) – which gives visibility into robust future revenue growth.”
“With this latest order, we reaffirm our commitment to shaping a more efficient, sustainable, and digitally connected future for India’s energy sector. We are proud to play a pivotal role in India’s power distribution sector by facilitating the transition to smarter, more efficient energy management,” he added.
Genus Power Infrastructures Ltd., is an electricity metering solutions company with ~27 per cent market share. The company has an engineering, construction, and contracts (ECC) division which complements the existing meters business, and also has manufacturing plants across Jaipur, Haridwar and Guwahati with a total installed capacity of over 10 million meters.