Shares of Genus Power Infrastructures climbed nearly 5% after the company bagged an order worth Rs 2,259.94 crore for a smart meter project, bringing its total order book to over Rs 19,000 crore.
According to an exchange filing, Genus Power Infrastructure’s wholly-owned subsidiary received an order for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs), including the design of Advance Metering Infrastructure (AMI) systems.
The project involves the supply, installation, and commissioning of 27.33 lakh Smart Prepaid Meters and system meters, along with a facility management system (FMS).
Smart prepaid meters offer numerous advantages, such as accurate billing, real-time data monitoring, and the reduction of energy losses.
Since July 2023, Genus Power has won a total of six orders worth about Rs 15,160 crore in total for the installation of approximately 172.03 lakh Smart Prepaid Meters.
Genus Power Infrastructure Ltd manufactures and supplies metering solutions, with a market share of nearly 27%, as well as engages in contracting, engineering, and construction. The company’s manufacturing facilities are located in Jaipur, Haridwar, and Guwahati, with a total installed capacity of over 10 million meters.
This successful order placement has driven a 205% increase in Genus Power’s stock price in 2023, marking its best annual performance since 2007, when it rose 255%.
Genus Power shares hit an intraday high of Rs 264, up 4.9% from the previous close price on the National Stock Exchange (NSE). The stock, however, lost all gains and closed 1.99% lower at Rs 246.55.