The contract includes design of advance metering infrastructure (AMI) system with supply, installation and commissioning with FMS of 36.27 lakhs smart prepaid meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis.

Many state electricity boards (SEBs) have initiated the bidding process for the acquisition of smart meters, highlighting the favourable implications of the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme'. The company's analysis suggests that there is a strong likelihood of experiencing a consistent and noteworthy surge in order volumes over the forthcoming quarters of fiscal year 2024.

Jitendra Kumar Agarwal, joint managing director, Genus Power Infrastructures, said, “We're happy to report that we've been able to secure several new, sizable orders for our smart meters during the current fiscal year. The recent influx of orders serves to fortify our position as the preeminent purveyor of intelligent metering solutions within the Indian market, thereby reaffirming our unwavering dominance in the industry.

Our total order book now stands at over Rs 17,000 crore – which gives visibility into robust future revenue growth.”

Genus Power Infrastructures is amongst the largest players in India's electricity metering solutions industry, with approximately 27% market share. The company is market leader in various kinds of meters and has developed ‘smart metering solutions', with in house R&D centre. The company also has engineering, construction, and contracts (ECC) division which complements the existing meters business.

The company reported 93% surge in consolidated net profit to Rs 23.05 crore on 39.6% increase in net sales to Rs 261.11 crore in Q1 FY24 over Q1 FY23.