Genesys International Corporation advanced 3.25% to Rs 578.95 after the company said that it has bagged an Rs 46 crore for land titling project by the Andhra Pradesh Government.
The project involves resurveying with modern technology using CORS Network, GNSS Receiver, and aerial systems. The project will make use of the company's recently launched Genesys Constellation, which is India's most comprehensive range of aerial, mobile, and terrestrial sensors that converts everyday objects into data sources.
The company said that the deregulation of geospatial space has provided the industry a significant boost, and it will enable companies like Genesys better serve the public and private sectors. Projects like land titling digitalization are examples of how the public sector is leveraging the latest technologies/initiatives enabled by the deregulation.
As part of the project, Genesys Constellation will demarcate residential zones, farms, and other natural and infrastructural characteristics, as well as property mapping and data digitization across the state. The project is planned to be finished this fiscal year.
Sajid Malik, chairman and managing director of Genesys International Corporation, commented: Accurate land titling is a crucial need of the country to establish clear ownership of property in rural inhabited (Abadi) areas by mapping land parcels and providing a 'Record of Rights' to village household owners. The property owners are issued legal ownership cards (Property cards/Title deeds) after ascertaining the plot boundaries accurately.
The resurveying is enabled by the sensors in the Genesys Constellation that provide the biggest swath in the world, which is generated by a single frame that captures more than 25000 pixels. Due to its capacity for acquiring highly accurate data sets at high speeds, it will be able to reduce long-standing problems with land titling and the ensuing legal issues with land records, which obstruct the acquisition of land for numerous infrastructure projects and present serious difficulties.
Genesys, which has partnered with companies like Google, ESRI and Bentley to launch services such as 'Street View' and '3D City Digital Twin Solution', is hopeful that this initiative will further gain momentum in other Indian states and usher in an era of modernization in the land recording.
Genesys International Corporation is engaged into providing Geospatial Information Systems (GIS) primarily involving digitization of maps, and conversion of paper-based drawings to the digital platform. GICL provides services to companies in industry verticals such as urban development, utilities, natural resources, disaster management, telecom, civil engineering, construction, infrastructure, and media.
The company reported a consolidated net profit of Rs 4.29 crore in the quarter ended June 2022 as against net loss of Rs 7.01 crore during the previous quarter ended June 2021. Sales jumped to Rs 42.69 crore in Q1 FY23 from Rs 13.67 crore in Q1 FY22.
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