Genus Power Infrastructures Ltd has received a letter of award worth over Rs.2,000 crore for providing advance metering infrastructure (AMI) services.
In a release, Genus Power said that it has received a letter of award of Rs.2,207.53 crore for its appointment as Advanced Metering Infrastructure Service Provider (AMISP). The entity placing the mandate was however not disclosed.
The scope of the contract includes design of AMI system with supply, installation and commissioning of 27.69 lakh smart prepaid meters, feeder meter, DT meter level energy accounting and FMS (field management services) of these smart meters.
The release noted that many state electricity boards (SEBs) have issued requests and solicited bids for the installation of smart meters, indicating that the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme’ is having a tangible effect. The company foresees a strong influx of orders in the upcoming quarters of FY24.
Significant order
According to Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures, “We are delighted to announce that our company has won a significant order worth Rs.2,207 crore. This is a significant achievement for our company, and it is a testament to our commitment to providing innovative and reliable solutions to our customers. It also demonstrates the trust that our customers have in our ability to deliver high-quality products and services.
This order win provides added visibility to our revenues for coming years. It also signals a strong start to order inflow in FY24. We anticipate a sharp revenue rebound in coming quarters on account of robust order book and healthy order inflow, and restoration of normalcy in the supply chain.”
Also read: Genus Power Wins Mega Smart Metering Order Under RDSS
Radical impact
The implementation of the Revamped Distribution Sector Scheme (RDSS) is expected to have a radical impact on the Indian metering industry. The scheme will lead to a multifold increase in the annual size of the industry, as well as a transition from conventional to smart meters. This will allow for better operating margins for metering companies, the release noted.
