Shares of Genus Power Infrastructure rose 5% to its new all-time high of Rs 438.35 on BSE after the company reported that it has won orders worth Rs 3,608.52 crore for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs).
The orders for appointment of AMISPs also include the design of an Advance Metering Infrastructure (AMI) system with supply, installation, and commissioning with FMS of about 4.26 million Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis.
This means that Genus Power will Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) the project as per the deadlines that will be decided.
“Company has successfully secured three new orders worth of Rs. 3,608.52 Crore (net of taxes). This ongoing success highlights the trust our clients place in our expertise and the exceptional quality of our offerings. With these recent orders, our total order book, including all SPVs and the GIC Platform, stands at about Rs. 28,000 crore (net of taxes),” said Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures.
“These concessions are for 8 to 10 years, providing clear visibility into the Company’s robust future growth. As we celebrate this achievement, we remain dedicated to upholding the highest standards of quality, innovation, and customer satisfaction,” Agarwal added.
Genus Power Infrastructures is amongst the largest players in India’s electricity metering solutions industry with a 27% market share. The company is the market leader in various kinds of meters and has developed ‘smart metering solutions’, with an in-house R&D centre. The company also has an engineering, construction, and contracts (ECC) division which complements the existing meters business.
The shares of Genus Power have more than doubled in the last one year, while in the current financial year, they have increased by 88%. In the last 6 months, the stock has gone up by 72.4%.
The article originally appeared on The Economic Times.