'Buy' Genus Power, Says Axis Securities As It Initiates Coverage; Sees 20% Upside

Axis Securities Report

We initiate coverage of Genus Power Infrastructures Ltd. with a Buy recommendation and a target price of Rs 505/share, implying a potential upside of 20% from the current market price.

Genus Power is one of the largest players in the electricity metering solutions industry in India. With over 8 crore meters installed globally; Genus has been at the forefront of electricity metering since its inception in 1992.

It commands ~27% market share in India and is poised to scale to new heights. It has 1.1 crore meters production capacity per annum and is currently expanding it to 1.5 crore.

Genus Power offers comprehensive metering solutions to residential, commercial, and industrial users through Power Utilities and Discoms.

For the optimal performance of Utilities and to reduce AT&C losses, smart meters play a vital role. Genus Power’s comprehensive product portfolio includes Smart Meters, Advanced Metering Infrastructure, Endto-End Deployment, and Allied Software Support Services.

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