FCC

Genus Power Infra secures Rs 22.59 bn order

2023-11-09

Genus Power Infrastructures announced that they had secured an order valued at Rs 22.59 for a smart metre project. According to the company, their wholly-owned subsidiary received a Letter of Award (LOA) for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs), which includes the design of an Advanced Metering Infrastructure (AMI) system, along with the supply, installation, and commissioning of 27.33 lakh Smart Prepaid Meters, system metres, and DT Metres. This also involves corresponding energy accounting on a DBFOOT basis. The total order book of the company now stands at over Rs 190 billion, excluding taxes.

In a regulatory filing, the company stated, "Genus Power Infrastructures's wholly owned subsidiary has been awarded an LOA worth Rs 22.59 billion (net of taxes) for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs), which includes the design of an Advanced Metering Infrastructure (AMI) system, along with the supply, installation, and commissioning with FMS of 27.33 lakh Smart Prepaid Metres, system meters including DT Metres with corresponding energy accounting on DBFOOT basis."

Several state electricity boards have initiated the bidding process to acquire smart meters, highlighting the positive impact of the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme'. The filing further stated that their analysis suggests a high probability of observing a steady and substantial increase in order volumes in the upcoming months of the fiscal year 2024.