Genus Power shares rally on Rs 2,855.96-crore order win

Genus Power Infrastructures' share price gained more than 6 percent in the morning trade on January 30 after the company announced bagging a Rs 2,855.96-crore order.

The company received a letter of award of Rs 2,855.96 crore for the appointment of an Advanced Metering Infrastructure Service Provider (AMISP), including designing the AMI system, supplying, installing and commissioning 29.49 lakh smart prepaid meters, DT metering and HT & Feeder metering level energy accounting, the infrastructure firm said in an exchange filing.

The “reforms-based, result-linked power distribution sector scheme” is having a tangible impact, as several state electricity boards requested bids for smart meters. In the coming quarters of FY24, the company anticipates a robust order inflow, it said.

"These order wins give a lot of visibility to our revenues for coming years. It also signals a strong start to order inflow for our industry. We anticipate a sharp revenue rebound in coming quarters on account of a robust orderbook and healthy order inflow, and restoration of normalcy in the supply chain,” said Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd.