"Genus Power Wins Smart Meter Contracts, Shares Surge"

Shares of Genus Power Infrastructures Limited witnessed a remarkable surge of nearly 5 percent following the company's announcement that its subsidiary has successfully secured two substantial contracts worth ₹3,115.01 crore. These contracts pertain to the provision of Advanced Metering Infrastructure Services (AMISPs) and encompass the design, supply, installation, and commissioning of 34.79 lakh Smart Prepaid Meters, along with system meters, including DT Meters and energy accounting on a DBFOOT (Design, Build, Finance, Own, Operate, and Transfer) basis.

These significant contracts have emerged in the backdrop of several State Electricity Boards (SEBs) initiating efforts to procure smart meters, driven by the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme.'

Jitendra Kumar Agarwal, the Joint Managing Director of Genus Power Infrastructures Ltd, expressed his satisfaction, stating, "This is a testament to the trust that our customers have in our capabilities and our commitment to providing high-quality products and services. These orders reinforce our dominant market standing as the foremost provider of intelligent metering solutions in the Indian market."

The escalating demand for smart meters is in line with the government's initiatives to enhance the efficiency of the power sector. This includes the Revamped Distribution Sector Scheme (RDSS), which aims to install 250 million smart meters in households across India. As a result of these recent contract wins, Genus Power Infrastructures Limited has significantly bolstered its order book, which now exceeds ₹14,000 crore.

HBL