Genus Power shares zoom 5% on order win worth Rs 3,121 crore

Shares of Genus Power Infrastructures Ltd gained 5% today after the electrical equipment maker said its wholly owned subsidiary received a Letter of Award (LOA) worth Rs. 3,121.42 crore (net of taxes) for appointment of Advanced Metering Infrastructure Service Providers (AMISPs). The order includes design of advance metering infrastructure (AMI) system with supply, installation and commissioning with FMS of 36.27 lakh smart prepaid meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis. 

The stock rose 5% to Rs 267.80 against the previous close of Rs 255.05 on BSE. Market cap of Genus Power rose to Rs 6620 crore.    

A total of 1.81 lakh shares of the firm changed hands, amounting to a turnover of Rs 4.72 crore on BSE. The power stock opened lower at Rs 253.10 against the previous close of Rs 255.05 on BSE. Genus Power stock has a one-year beta of 1.6, indicating very high volatility during the period.  

In terms of technicals, the relative strength index (RSI) of Genus Power stands at 47.2, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading lower than the 5 day, 10 day, 20 day, 30 day but higher than the 50 day, 100 day and 200 day moving averages.    

Many state electricity boards (SEBs) have started the bidding process for buying of smart meters, highlighting the favourable implications of the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme'. “Our analysis suggests that there is a strong likelihood of experiencing a consistent and noteworthy surge in order volumes over the forthcoming quarters of fiscal year 2024,” said Genus Power  

Genus Power logged a revenue of Rs 280.1 crore in the June 2023 quarter against a revenue of Rs 197.1 crore in the corresponding quarter a year ago. Profit rose to Rs 23.1 crore in Q1 against Rs 11.9 crore in the corresponding quarter of the previous fiscal.    

Operating profit climbed to Rs 28.5 crore in Q1 against Rs 14.3 crore in the corresponding quarter of the previous fiscal. Net profit climbed to Rs 35 crore in FY23 against Rs 21.8 crore profit in FY22. Revenue from operations surged to Rs 826.8 crore in the last fiscal against Rs 711.9 crore for the fiscal ended March 2022.     

Genus Power is primarily engaged in manufacturing/providing metering and metering solutions and undertaking engineering, construction and contracts on a turnkey basis. The company operates through two segments: Metering business and Strategic investment activity. etc.      

 

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