The outstanding order book of Genus Power Infrastructures Ltd has crossed the Rs.20,000-crore mark.
According to an investor presentation filed by Genus Power on stock exchanges, the company’s order book had touched Rs.20,163 crore (net of taxes), as of December 31, 2023.
In the current fiscal year FY24, the company has won a spate of orders taking the order book position from just Rs.4,115 crore as of March 31, 2023, to its present level.
The current order book includes orders worth over Rs.16,000 crore for the installation of around 1.82 crore smart prepaid electricity meters, across several locations pan India.
Positive outlook
Commenting on the company’s performance, Jitendra Kumar Agarwal, Joint Managing Director, Genus Power (in picture), said, “Starting from July 2023, our company has consistently achieved remarkable success by receiving a series of seven highly esteemed orders. The orders, totalling an approximate value of Rs.16,185 crore (net of taxes), are for the installation of around 1.82 crore smart prepaid meters. Our journey in securing these orders has been characterized by meticulousness and unwavering commitment. The trust and confidence shown by our clients is a clear indication of the reliability of our advanced smart metering solutions. Our company’s total order book now exceeds Rs.20,000 crore (net of taxes), suggesting a positive outlook for future revenue growth.”
“It is important to note that the execution of these orders will only begin after a period of at least 6-9 months from the date of receiving the order. This is mainly due to the time required to complete various formalities that are essential for commencing the respective projects. These formalities cover a variety of activities, such as requisite approvals, contractual negotiations, and logistical arrangements. We are dedicated to making sure that every detail is carefully attended to in order to ensure a smooth and successful execution process.”
Review of key developments
Among the key corporate developments in FY24 so far was the signing of definitive agreements by Genus Power with Gem View Investment Pte Ltd, an affiliate of GIC, Singapore (“GIC”) for setting up of a platform for undertaking AMISP concessions. Genus Power would be the exclusive supplier to the platform for smart meters and associated services. (Read more on working of the investment platform)
On the financing side, Genus Power, in May 2023, signed a commitment letter with United States International Development Finance Corporation (“DFC”) to obtain a loan up to $49.5 million to scale up the deployment of electric smart meters. US-based DFC partners with the private sector to finance solutions addressing critical challenges faced by emerging markets.
Also read: Genus Power: Current Order Book Crosses Rs.19,000 Crore
Featured photograph (source: Genus Power) is for representation only.
