The current outstanding order book position of Genus Power Infrastructures Ltd (Genus) has crossed Rs.19,000 crore (net of taxes).
According to a media release and an investor presentation filed on stock exchanges, Genus’ outstanding order book position, as of September 30, 2023, stood at Rs.10,769 crore. In the third quarter (October to December) of FY24, one of its wholly-owned subsidiaries received a letter of award worth Rs.8,496 crore (net of taxes). This has taken Genus’ outstanding order book to over Rs.19,000 crore, as of around November 10, 2023.
The current order book is dominated by smart metering orders under the Revamped Distribution Sector Scheme (RDSS). Genus will has been mandated as Advanced Metering Infrastructure Service Provider (AMISP) in these orders.
It may be mentioned that all the smart metering concessions won by Genus will be transferred to an “investment platform” that will have equity participation from Genus and Gem View Investment Pte Ltd, an affiliate of GIC, Singapore. As per the arrangement, Genus will be exclusive supplier of smart meters and services to the Platform. (Read more)
Though Genus has been a longstanding player in the smart metering business, with an estimated current market share of 70 per cent, the company’s order book has received a boost in recent months, under RDSS.
Since July 2023, Genus has been on an order-winning spree having clinched six major smart metering orders, all under RDSS. These mandates, worth Rs.15,160 crore (net of taxes), envisage the deployment of 1.72 crore smart meters. “Our journey in securing these orders has been marked by diligence and dedication. The trust and confidence exhibited by our clientele serves as a testament to the dependability of our cutting-edge smart metering solutions. The current total order book of our company has surpassed Rs.19,000 crore (net of taxes), indicating a promising outlook for future revenue growth,” observed Jitendra K. Agarwal, Joint Managing Director, Genus Power & Infrastructures Ltd.
Subsidiary
In an independent development, Genus Power Infrastructures Ltd announced that it has incorporated a wholly-owned subsidiary, on November 10, 2023. Named “Kanpur Jhansi Banda Smart Metering Pvt Ltd,” this entity has been incorporated to execute an AMISP contract, ostensibly in Uttar Pradesh.
In recent months, Genus has incorporated several wholly-owned subsidiaries or step-down wholly-owned subsidiaries, which include: Genus Tripura SPV Pvt Ltd, Genus Mizoram SPV Pvt Ltd and Genus Chhattisgarh PKG 1 SPV Pvt Ltd.
Also read: Genus Power Wins Smart Metering Orders Worth Over Rs.3,000 Crore
Featured photograph shows the R&D centre and corporate office of Genus Power Infrastructures Ltd, located at Sitapur, Jaipur, Rajasthan.
