Genus Power Infrastructures share price has been locked in an upper circuit of 5% and hit 52-week high following the company's wholly-owned subsidiary's three Letter of Awards worth ₹2,925.52 crore.
In a filing with the exchange, the company disclosed that its wholly owned subsidiary had been awarded three Letters of Award (LOA) totalling Rs. 2,925.52 crore for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs). The AMISPs will be responsible for designing the Advance Metering Infrastructure (AMI) system and for the supply, installation, and commissioning of approximately 3.75 million Smart Prepaid Meters with FMS, as well as system meters, such as DT Meters, with corresponding energy accounting based on DBFOOT.
The company's joint managing director, Jitendra Kumar Agarwal, said that this continuous success is evidence of our clients' faith in our knowledge and the outstanding caliber of our services. Our entire order book—which includes all SPVs and the GIC Platform—now surpasses ₹24,383 crore as a result of these latest orders. These concessions, which are valid for eight to ten years, provide the company's strong future growth a clear indication.
The net profit of Genus Power Infrastructures surged by more than double to ₹42.4 crore in the quarter ending June 2024. In the April-June period of FY24, the net profit stood at ₹19.3 crore. There was a 59% increase in revenues to ₹414.2 crore from ₹261.1 crore in the same quarter last year.
The company holds a significant position in India's electricity metering solutions industry, commanding a market share of approximately 27%. It is a leading market player in various meter types and has developed its own 'smart metering solutions' through its internal research and development center. In addition to its meter business, the company also operates an engineering, construction, and contracts (ECC) division. The company's manufacturing plants are located in Jaipur, Haridwar, and Guwahati, with a combined installed capacity exceeding 10 million meters.
Genus Power share price today opened at ₹408.25 apiece on BSE. According to Ruchit Jain, Lead Research Analyst at 5paisa, in the last few days, the consolidated above's 40 DEMA support has now resumed its uptrend. Hence, traders with existing long positions can continue to ride the trend with a positive bias. The immediate support is now placed around ₹360.
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