In an exchange filing made after trading hours on Monday, the company stated that the aforementioned LoA is for appointment of advanced metering infrastructure service provider (AMISP) including design of AMI system with supply, installation and commissioning of 27.69 lakhs smart prepaid meters, feeder meter, DT meter level energy accounting and FMS of these 27.69 lakhs smart meters.

The company further said that many State Electricity Boards (SEBs) have issued requests and solicited bids for the installation of smart meters. The company foresees a strong influx of orders in the upcoming quarters of FY24.

Jitendra Kumar Agarwal, joint managing director, Genus Power Infrastructures, said, “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 orderbook and healthy order inflow, and restoration of normalcy in the supply chain.

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.”

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 a consolidated net loss of Rs 11.29 crore in Q4 FY23 as against a net profit of Rs 21.36 crore in Q4 FY22. Net sales rose 11.8% YoY to Rs 202.32 crore in the quarter ended 31 March 2023.