Genus Power Infrastructure shares hit 5% upper circuit on winning new contracts worth ₹4,469 crore

In morning trade, the stock was locked at the upper circuit limit and a fresh 52-week high of ₹465.8 apiece on the NSE after having risen in seven of the past ten sessions.

In a filing to the stock exchanges after the market hours on Wednesday, Genus Power Infrastructures said that its wholly-owned subsidiary has received three Letter of Awards (LOAs) worth totalling to ₹4,469.04 crore (net of taxes).

The contracts pertain to the appointment of Advanced Metering Infrastructure Service Providers (AMISPs) including the design of an Advance Metering Infrastructure (AMI) system with supply, installation and commissioning with FMS (flow metering skid) of about 5.59 million smart prepaid meters, system meters including DT (distribution transformer) Meters with corresponding energy accounting on DBFOOT (design-build finance-own-operate-transfer) basis, the company informed the stock exchanges.

Genus Power Infrastructures joint managing director Jitendra Kumar Agarwal informed that the company’s current order book now stands at about ₹32,500 crore (net of taxes) with the new contracts. “These concessions are for 8 to 10 years, providing clear visibility into the company's robust future growth,” he said.

Over the past few weeks, Genus Power has won three major orders cumulatively valued at ₹11,003.08 crore (net of taxes). This includes orders worth ₹2,925.52 crore (net of taxes) and ₹3,608.52 crore (net of taxes) won in the third week of August and an additional ₹4,469.04 crore (net of taxes) secured on Wednesday.

Consequently, Genus Power shares have climbed 25% in the past one month. The stock has in fact doubled on a year-to-date basis.

Established in 1995, Genus Power Infrastructures is a market leader in various kinds of meters and has developed ‘smart metering solutions’, with an in-house research and development (R&D) centre. Its key customers include the major state electricity boards and private utilities.