The new order inflow of Genus Power Infrastructures Ltd crossed Rs.16,000 crore (net of taxes) during FY24, a company release said.
In FY24, more so from July 2023, Genus Power received a series of orders for the installation of more than 1.82 crore smart prepaid meters, the company said.
The total outstanding order book, as of March 31, 2024, was over Rs.21,000 crore (net of taxes), indicating a promising outlook for future revenue growth, according to the company release.
Investment Platform
An important development in FY24 for Genus Power was the creation of an investment platform for smart metering projects. In July 2023, 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.
Click here to know more about the working of the investment platform.
Well-positioned
Commenting on the company’s performance in FY24, Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd, said, “Since July 2023, our company has consistently achieved impressive success by securing a series of prestigious orders. The order inflow exceeding Rs.16,000 crore (net of taxes), are for the installation of more than 1.82 crore smart prepaid meters.
The total order book of our company has surpassed Rs. 21,000 crore (net of taxes) as on 31st March 2024, indicating a promising outlook for future revenue growth.
It is important to understand that the start of these orders typically requires a minimum of 6 to 9 months from the time the order is received. Thus, we expect a significant revenue surge starting from FY25, driven by the execution of our robust order book.
Also, with a robust bidding pipeline and continued government support for smart metering projects, we are well-positioned to capitalize on the growing demand and expect healthy order inflow in FY25. The company is also expanding its manufacturing capacity to meet the increasing demand for smart meters.”
Also read: Genus Power Infrastructures: Order Book Crosses Rs.20,000 Crore
Featured photograph (source: Genus Power) is for representation only.
