Genus Power Infrastructures, an Indian energy solutions company, has seen a 4% intraday boost to its stock price today after its wholly owned subsidiary secured an order valued at ₹2,259.94 crore ($300 million) for an advanced metering infrastructure service project. The project involves the design, supply, installation, and commissioning of over 27 lakh smart prepaid meters and system meters, including OT meters, under the DBFOOT model.
The company's Joint Managing Director, Jitendra Kumar Agarwal, highlighted that since July 2023, the company has won six orders totaling ₹15,160 crore ($2 billion) for around 172.03 lakh smart prepaid meters. In addition to this, earlier this month the company received two more Letters of Acceptance (LOAs) worth ₹3,115.01 crore ($415 million) for similar services.
In September 2023, Genus Power's step-down subsidiary bagged an order worth ₹ 2,247.37 crore ($300 million) for a project involving over 24 lakh smart prepaid meters under the same model.
Looking ahead, the company's board of directors will meet on November 9 to discuss the unaudited financial results for the quarter and half-year ending September 30.
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