The outstanding order book of Genus Power Infrastructures stood at Rs.1,855 crore, as of June 30, 2022, as against Rs.1,080 crore as of end-March 2022, the company said in an investor presentation.
According to Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures, the implementation of the Revamped Distribution Sector Scheme (RDSS) will result in a multi-fold increase in the annual industry size for energy metering.
“In the new TOTEX (CAPEX + OPEX) model under the Design Build Finance Own Operate and Transfer (DBFOOT) arrangement, system integrators (also known as Advanced Metering
Infrastructure Service Providers, or simply AMISPs) will be responsible for all capital expenditures, relieving SEBs of any financial burden. Starting in FY23, the Indian metering industry will see strong order inflows, healthy topline growth, higher operating margins, and an improved working capital cycle,” he noted.
Also read: Bihar Leads In Prepaid Energy Meter Deployment
Order composition
According to a report by ICICI Securities (I-Sec), the Rs.1,855-crore order book of Genus Power, as of June 30, 2022, includes Rs.500 crore for the supply of electronic energy meters. Rs.150 crore of turnkey projects (supply of meters including installation and maintenance), Rs.200 crore of facility management system (FMS) and around Rs.830 crore for the Bihar AMISP (advanced metering infrastructure service provider) order that the company had announced towards the end of April 2022. There is also a small component of gas meters (around Rs.20 crore) in the total order book.
Bihar AMISP order
According to the I-Sec report, Genus Power expects to start implementation of the Bihar AMISP order in September 2022, and the same will be executed over the next ten years. The company, it is learnt, has received the first tranche of Rs.15 crore for the project.
Genus Power does not expect any challenge on the funding front, which will be required for the order as only around 60 per cent (around Rs.500 crore) will be required as capex over the next 30 months. GPIL will receive around 10 per cent of the total project cost as upfront payment (advance) and milestone-based payments from the discom with every 5 per cent of total smart meter implementation. Post full implementation of smart meters, it will receive recurring revenues on per meter per month basis, totaling to around Rs.76 crore per year.
Genus Power Infrastructures, it may be recalled, had announced on April 29, 2022, that it had 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, distribution transformer meter-level energy accounting and FMS of these ten lakh smart meters. The order, valued at Rs.828.57 crore, is believed to be the single-largest order finalized by any state utility in the country for AMISP.
