Genus Power Infrastructures hit an upper circuit limit of 5% at Rs 106 after the company said it bagged an order worth Rs 828.57 crore from state utility for 10 lakhs smart prepaid meters.
Genus Power Infrastructures has received a letter of award (LoA) for appointment of Advanced Metering Infrastructure Service Provider (AMISP) including design of AMI system with supply, installation and commissioning of 10 lakh smart prepaid meters, DT meter level energy accounting and facility management services (FMS) of these smart meters.This is the single largest order finalized by any state utility in the country for AMISP, the company said in a statement.
Jitendra Kumar Agarwal, joint MD commented, "We are delighted to share with you that we have won the single largest order as an AMISP from a State owned utility. Our proven credentials able to supply, deploy and maintain technically advanced products and solutions over the years have helped us to secure such a big order and establish our position of market leader in the smart metering solutions providers."
Genus Power Infrastructures is amongst the largest players in India's electricity metering solutions industry, with about 27% market share. The company is market leader in various kinds of meters and has developed 'smart metering solutions', with in house R&D centre. The company also has engineering, construction, and contracts (ECC) division which complements the existing meters business.
On a consolidated basis, net profit of Genus Power Infrastructures declined 48.23% to Rs 14.77 crore on 16.05% rise in net sales to Rs 195.87 crore in Q3 December 2021 over Q3 December 2020.
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