The company foresees a strong increase in order volumes continuing in the upcoming quarters of FY24. The total order book exceeds Rs 14,000 crore.
Genus Power Infrastructures Limited, a prominent manufacturer providing metering and metering solutions, has made a significant announcement regarding new orders.
As detailed in the official report published by the company after market hours yesterday, the company’s wholly-owned subsidiary has secured orders worth Rs 3,115.01 crore (net of taxes).
According to the details, the order is for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs). This encompasses the design, supply, installation, and commissioning of 34.79 Lakh Smart Prepaid Meters, system meters, and DT Meters, along with associated energy accounting, all under a DBFOOT basis.
The company’s management also anticipates more substantial orders in the upcoming quarters of FY24.
The increasing demand for smart meters is being fuelled by government initiatives aimed at enhancing the power sector’s efficiency, thanks to the government for taking significant steps. Interestingly, the Revamped Distribution Sector Scheme (RDSS) is a prominent example, with a goal to deploy 250 million smart meters in households nationwide.
As of now, the company’s order book exceeds Rs 14,000 crore (net of taxes), providing clear visibility into promising future revenue growth. The company has a strong track record of delivering metering projects on schedule and within budget. Additionally, the company’s extensive network of partners and suppliers enables them to offer comprehensive solutions to clients.
Furthermore, in the month of August, the company’s wholly-owned subsidiary secured an order worth Rs 2,247.37 crore (net of taxes). This order pertains to the selection of providers for AMISPs, including the design of the Advanced Metering Infrastructure system, as well as the supply, installation, and commissioning, along with Facility Management Services, for 24.18 Lakh Smart Prepaid Meters and system meters.
Following this announcement, the company’s stock opened the day with a substantial 5% increase, reaching its upper circuit limit. It is currently locked in at Rs. 273.80 per share on the BSE. Additionally, the stock has generated an impressive multibagger return of 220% return within six months.
Investors must keep this stock on their radar.
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