Genus Power Infrastructures Ltd.'s wholly owned subsidiary bagged orders worth Rs 3,115 crore for the supply of 34.8 lakh smart meters.
The company received two letters of award for the design of advanced metering infrastructure systems with the supply, installation and commissioning of 34.8 lakh smart prepaid meters, according to the exchange filing on Monday.
Genus Power expects a sustained and significant increase in order volume throughout the upcoming quarters of fiscal 2024, the statement said.
Highlighting the implications of the Reforms-Based, Result-Linked Power Distribution Sector Scheme, many state electricity boards have commenced the bidding process to procure smart meters, it said.
“These orders reinforce our dominant market standing as the foremost provider of intelligent metering solutions in the Indian market," Jitendra Agarwal, joint managing director at Genus Power Infrastructures, said.
The increasing demand for smart meters is being driven by the government's initiatives to improve the efficiency of the power sector, Agarwal said.
The manufacturer of smart energy meters received a letter of award last month for 24.18 lakh advanced metering infrastructure services, including their design, supply, installation and commissioning.
Shares of Genus Power closed 1.09% higher at Rs 260.70 apiece before the announcement, as compared with a 0.72% decline in the benchmark NSE Nifty 50.
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