Genus Power & Infrastructures Ltd reported an outstanding order book position of over Rs.6,000 crore as of June 30, 2023, which has since increased following a major subsequent order win.
In a release and investor presentation discussing the company’s performance in Q1 (April to June), Genus Power said that as of June 30, 2023, its unexecuted order book position stood at Rs.6,339 crore. Further, during the early days of August 2023, Genus won a major order related to smart metering, taking the outstanding order book position to over Rs.8,200 crore.
During the quarter, Genus Power signed definitive agreements with Gem View Investment Pte Ltd, an affiliate of GIC, Singapore (“GIC”) for setting up of a Platform for undertaking Advanced Metering Infrastructure Service Provider (“AMISP”) concessions. Genus Power would be the exclusive supplier to the Platform for smart meters and associated services. (Read more)
In the quarter under review, the company also signed a commitment letter with United States International Development Finance Corporation (DFC) to obtain loan up to $49.5 million to scale up the deployment of electric smart meters.
Transition in energy metering
Commenting on the company’s performance, Jitendra Kumar Agarwal, Joint Managing Director, Genus Power, said, “We anticipate substantial recovery in revenue from Q3FY24 onwards on back of our robust order book and consistent order inflow, further bolstered by the normalisation of the supply chain. We are excited about our potential to support India’s sustainability objectives through our efforts to enable the effective utilisation of energy as outlined in the ‘Time of Day’ metering initiative recently introduced by the Government of India.
“The implementation of the Revamped Distribution Sector Scheme (RDSS) shall catalyse a paradigm shift within the Indian metering industry, thereby propelling a substantial surge in the annual industry size. The adoption of smart meters in India is expected to drive a transition from conventional metering systems to smart meters, leading to improved operating margins within the industry,” Agarwal added.
Also read: Genus Power Sees Significant Rise In Order Book
Featured photograph (source: Genus Power) shows Genus Power’s manufacturing facility at Ramchandrapura in Jaipur, Rajasthan. The company has manufacturing plants across Jaipur (Rajasthan), Haridwar (Uttarakhand) and Guwahati (Assam) with a total installed capacity of over 10 million meters.
