Genus Power shares up by 5% after company bags Rs 4,470 crore orders
Genus Power Infrastructures on Thursday gained 5% to touch its fresh 52-week high of Rs 466.25 on BSE after the company announced that it has won three orders worth Rs 4,469 crore for the appointment of advanced metering infrastructure service providers (AMISPs).
The AMISP includes the design of advance metering infrastructure (AMI) system with supply, installation, and commissioning with FMS of about 55.9 lakh smart prepaid meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis.
This means that Genus Power will Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) the project as per the deadlines that will be decided.
“We are pleased to announce that Genus Power Infrastructures Limited continues its remarkable growth trajectory with the successful securing of significant orders, further solidifying our leadership position in the smart metering sector. Over the past few weeks, we have won three major orders, cumulatively valued at Rs. 11,003.08 crore (net of taxes). This includes orders worth Rs. 2,925.52 crore (net of taxes) & Rs. 3,608.52 crore (net of taxes) won in the third week of August and an additional Rs. 4,469.04 crore (net of taxes) secured now. These achievements bring our total order book to about Rs. 32,500 crore (net of taxes). These concessions are for 8 to 10 years, providing clear visibility into the Company's robust future growth,” said Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures while commenting on the order wins.
