Genus Power Bagged Orders Worth Over Rs 2,850 Crore: The letter of award (LOA) for Rs 2,855.96 crore has been obtained by Genus Power Infrastructures Ltd. and its 100% subsidiary business Hi-Print Metering Solutions Private Limited for the appointment as Advanced Metering Infrastructure Service Provider (AMISP).
It includes the design of the AMI system with supply, installation, and commissioning of 29.49 Lakh Smart Prepaid Meters, DT Metering, HT & Feeder Metering Level energy accounting, and FMS of these 29.49 Lakh smart meters.
February 2023 Current Affairs Quiz
Genus Power Bagged Orders Worth Over Rs 2,850 Crore – Key Points
- The company informed that many State Electricity Boards (SEBs) have issued requests and solicited bids for the installation of smart meters, indicating that the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme‘ is having a tangible effect.
- The company expects strong revenue growth in the coming quarters due to robust order inflow and a normalization of the supply chain.
- Genus Power Infrastructures Ltd.’s joint managing director, Jitendra Kumar Agarwal, stated that these order wins provide a great deal of visibility into the revenues for the upcoming years.
- It also signals a solid start to order inflow for the industry. They anticipate a sharp revenue rebound in the coming quarters because of the full order book, healthy order inflow, and restoration of normalcy in the supply chain.
- The implementation of the Revamped Distribution Sector Scheme (RDSS), the company anticipates that the entire landscape of the Indian metering industry will undergo a radical transformation, resulting in a projected multifold increase in annual industry size.
