Genus Power Wins Rs 2,259.94 Crore AMI Contract, Shares Surge 4%

8 Nov 2023 , 10:59 AM

On November 8, Genus Power Infrastructures saw a 4 % intraday increase in its share price due to winning a significant contract. The contract is valued at Rs 2,259.94 crore and is for advanced metering infrastructure services.

Genus Power Infrastructures’ wholly-owned subsidiary secured a Letter of Award (LOA) for this contract, which includes the design, supply, installation, and commissioning of 27.33 lakh smart prepaid meters and system meters. The contract operates under the DBFOOT (Design, Build, Finance, Operate, Own, and Transfer) model.

Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures, highlighted the company’s successful streak, having secured six orders since July 2023, totaling around Rs 15,160 crore for the installation of approximately 172.03 lakh Smart Prepaid Meters.

In the same month, the subsidiary received two additional LOAs worth Rs 3,115.01 crore for similar advanced metering infrastructure projects. In September, a step-down wholly owned subsidiary of the company secured a smart meter order valued at Rs 2,247.37 crore, involving the design and installation of smart prepaid meters, system meters, and OT meters under the DBFOOT model.

The company’s board of directors is scheduled to meet on November 9 to review and approve the unaudited financial results for the quarter and half-year ending on September 30.

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