Genus Power Bags Orders Worth Over Rs 2,850 Crore For Advance Metering Infrastructure

Genus Power Infrastructures and its subsidiary Hi-Print Metering Solutions have been awarded contracts worth over Rs 2,850 crore to provide Advanced Metering Infrastructure Services, including design, supply, installation, and commissioning of 29.49 Lakh smart meters.

"Genus Power Infrastructures Ltd. and its 100 per cent subsidiary company Hi-Print Metering Solutions Private Limited have received letter of awards (LOA) of Rs 2,855.96 crore for appointment of Advanced Metering Infrastructure Service Provider (AMISP) including design of AMI system with supply, installation and commissioning of 29.49 Lakh Smart Prepaid Meters, DT Metering, HT & Feeder Metering Level energy accounting and FMS of these 29.49 Lakh smart meters," the company said in a statement on Monday (30 January).

The company said that many State Electricity Boards (SEBs) have issued requests and solicited bids for the installation of smart meters, indicating that the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme' is having a tangible effect.

Further, the company expects strong revenue growth in the coming quarters due to robust order inflow and a normalisation of the supply chain.

Jitendra Kumar Agarwal, joint managing director, Genus Power Infrastructures Ltd, said, "These order wins give lot of visibility to our revenues for coming years. It also signals a strong start to order inflow for our industry. We anticipate a sharp revenue rebound in coming quarters on account of robust orderbook and healthy order inflow, and restoration of normalcy in the supply chain".

"With the implementation of the Revamped Distribution Sector Scheme (RDSS), we anticipate that the entire landscape of the Indian metering industry will undergo a radical transformation, resulting in a projected multifold increase in annual industry size. This will also result in a transition from conventional to smart meters in the Indian metering industry, allowing for better operating margins," Agarwal added.