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Genus Power Infrastructures Results: Latest Quarterly Results & Analysis

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Genus Power Infrastructures Ltd. 07 Nov 2025 12:18 PM
Result PDF

Q2FY26 Quarterly Result Announced for Genus Power Infrastructures Ltd.

Electrical Equipment & Products company Genus Power Infrastructures announced Q2FY26 results

  • Revenue stood at Rs 1,149.0 crore, up by 136%, as against Q2FY25 revenue of Rs 486.9 crore. This growth was driven by robust execution of the large smart metering order book, steady project rampups across multiple states and sustained sectoral tailwinds.
  • EBITDA stood at Rs 244.4 crore, up by more than 3 times, as against Rs 81.4 crore of Q2FY25. Our EBITDA margin improved significantly by 456 basis points YoY to 21.3% in Q2FY26, reflecting strong operating leverage, efficient project execution and disciplined cost control.
  • Profit After Tax (from continuing operations), stood at Rs 148.2 crore for Q2FY26, up by 162%, as compared to Rs 56.5 crore in Q2FY25. The improvement was driven by sustained operational excellence, margin expansion and better absorption of fixed costs despite higher finance costs.
  • Our total order book, as on 30th September 2025, stands at about Rs 28,758 crore (net of taxes) – offering clear visibility for strong revenue growth in the coming years.

Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures, said: “Q2FY26 was another strong quarter for Genus Power, reflecting consistent execution and healthy growth across our smart metering programs. Revenue for the quarter stood at Rs 1,149 crore, marking a sharp yearon-year increase, driven by the scale-up of AMISP projects and the smooth transition of several large contracts into the operational phase. Profitability remained robust with EBITDA margin at 21.3%, supported by operating leverage and cost efficiencies. PAT also saw a significant surge over last year, underscoring the strength of our business model and disciplined execution approach. The performance in the first half of the year has been encouraging and demonstrates our ability to combine scale with profitability as we continue to expand our presence across key smart metering markets.

Our manufacturing and on-ground capabilities are fully aligned with the expanding rollout. With an annual smart meter capacity of around 1.8 crore units and healthy utilisation levels, we are well positioned to meet the growing demand. Installation momentum continues to strengthen, and we remain on track to achieve our targeted rollout of meters in FY26. Our consolidated order book of more than 28,750 crore provides strong multi-year visibility, with a balanced revenue mix between EPC and long-term O&M contracts that will help create a stable annuity stream.

The industry backdrop remains favourable, supported by strong policy continuity and sustained implementation under the RDSS program. Genus continues to maintain a leadership position with a sizeable share of the overall smart metering opportunity. As more projects move into the operational phase, working capital efficiency and cash conversion are expected to improve steadily. With execution progressing well and the first half tracking ahead of plan, we are confident of delivering a strong FY26 while continuing to build on our position as a trusted, technology-driven partner in India’s smart metering transformation. Our focus remains on timely execution, efficient project monetisation, and building a scalable, technology-led platform to capture the next phase of India’s smart metering growth story.”

Result PDF

Result PDF

Electrical Equipment/Products company Genus Power Infrastructures announced Q1FY26 results

  • Revenue stood at Rs 942.4 crore, up by 128%, as against Q1FY25 revenue of Rs 414.2 crore.
  • EBITDA stood at Rs 199.5 crore, up by 215%, as against Rs 63.2 crore of Q1FY25.
  • EBITDA margin improved significantly by 590 basis points YoY to 21.2% in Q1FY26.
  • Profit After Tax (from continuing operations) stood at Rs 128.5 crore for Q1FY26, up by more than 3 times, as compared to Rs 40.7 crore in Q1FY25.
  • The total order book as on 30 June 2025 stands at about Rs 29,321 crore (net of taxes), which gives visibility into robust future revenue growth.

Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures, said: “Genus Power Infrastructures Limited has begun FY26 with exceptional momentum, delivering another quarter of robust growth and operational progress. The company’s Q1FY26 performance underscores the scalability of its business model, the strength of its execution capabilities, and the depth of the opportunity within India’s accelerating smart metering transformation.

Revenue from operations surged to Rs 942 crore, representing 128% growth over Q1FY25. This sharp increase was driven by accelerated execution across multiple projects and a sharp increase in installation volumes, buoyed by robust demand from state utilities and private AMISPs. EBITDA more than tripled year-on-year to Rs 199 crore, with margins expanding to 21.2%, as disciplined cost management and operating leverage more than offset softening in gross margins. Net profit more than tripled to Rs 128 crore, translating into a PAT margin of 13.6%.

The industry backdrop remains highly favourable, with approximately 30–31 crore smart meters expected to be installed nationwide by 2031–32, of which only around 3 crore have been deployed so far, while only about 14 crore have been ordered and are at various stages of execution. This sustained pipeline, supported by a healthy tender flow from multiple states, offers multi-year visibility.

Genus’s position as a fully integrated player combining in-house manufacturing of electronics, moulding, and PCBs with proprietary HES and MDM software solutions and complete lifecycle O&M services ensures control over quality, execution speed, and cost efficiency, creating a competitive edge in winning and delivering large-scale projects. The current order book of over Rs 29,000 crore (net of taxes), of which approximately 80% of AMISP revenues will accrue directly to the company over the project lifecycle, provides a blend of near-term scale-up and long-term annuity-like income streams.

While working capital intensity remains elevated due to the upfront investment required in pre-operational phases, this is aligned with the company’s execution model and is expected to ease meaningfully as more projects reach operational status in the coming quarters. Also, several projects have moved closer to operational go-live (OGL) status, a critical inflection point that triggers stable, recurring O&M revenues and accelerates cash flow conversion. With clear revenue visibility, a growing base of O&M income, and continued operational efficiencies, Genus Power is well-positioned to deliver on its FY26 guidance of approximately Rs 4,000 crore in revenue and 18% EBITDA margin.

With a proven execution record, strong technological capabilities, and a robust pipeline, the company is primed to sustain its leadership and growth trajectory in India’s smart metering revolution.”

Result PDF

Electrical Equipment & Products company Genus Power Infrastructures announced Q3FY25 results

  • Revenue stood at Rs 604.2 crore, up by 133%, as against Q3FY24 revenue of Rs 259.8 crore. This growth was driven by strong order execution in our smart metering projects.
  • EBITDA stood at Rs 116.8 crore, up 307%, as against Rs 28.7 crore of Q3FY24. Our EBITDA margin improved significantly by 828 basis points YoY to 19.3% in Q3FY25, driven by the positive impact of operating leverage.
  • Profit After Tax, stood at Rs 68.2 crore for Q3FY25, up by more than 5 times, as compared to Rs 13.5 crore in Q3FY24, driven by robust operating performance.
  • Our total order book, as on 31st December 2024,stands at about Rs 31,302 crore (net of taxes) – which gives visibility into robust future revenue growth.

Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures, said: “We are pleased to report another outstanding quarter, with Q3FY25 revenues growing by 133% YoY. Sequentially too, revenue improved by 24%, showcasing strong operational momentum. This healthy growth highlights our ability to consistently translate our orderbook into revenue, backed by a robust project execution framework. EBITDA margin improved to 19.3% YoY from 11.1% and increased from 16.7% sequentially, demonstrating sustained efficiency gains and operating leverage as the business gets scaled up.

The progress achieved in 9MFY25 is a testament to our unwavering commitment and strategic foresight. We remain confident that with our robust order book, cost-discipline approach and focused strategy, we will continue to deliver sustainable, profitable growth.

During the quarter, we continued to strengthen our operational capabilities. Our Guwahati plant ramp-up has bolstered our production capacity, enabling us to meet increased demand and execute our strong order book. We achieved key milestones in terms of installation and commissioning across multiple states. We remain on track to achieve our stated revenue target of Rs 2,500 crore for FY25.

Our strategic investments in in-house RF (Radio Frequency) technology, HES (Head-End System), and MDM (Meter Data Management) systems continue to provide us a competitive edge by improving reliability and reducing dependency on external vendors. We are confident in our ability to navigate the complexities of largescale project execution while maintaining financial discipline.

Our ongoing efforts to diversify into water and gas metering, both in the domestic and international markets, are also progressing well.

Genus Power is well-positioned for a transformational phase of growth. As we move forward, our focus will remain on delivering healthy financial performance, strengthening our leadership position, and creating longterm value for all stakeholders.”

Result PDF

Electrical Equipment & Products company Genus Power Infrastructures announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue stood at Rs 486.9 crore, up by 88%, as against Q2FY24 revenue of Rs 259.0 crore. This growth was driven by strong order execution in our smart metering segment.
  • EBITDA stood at Rs 81.4 crore, up 232%, as against Rs 24.5 crore of Q2FY24. Our EBITDA margin improved significantly by 724 basis points YoY to 16.7% in Q2FY25, driven by the positive impact of operating leverage. We anticipate sustaining our operating margins at similar levels going forward.
  • The enhancement in operating margin was further bolstered by our initiatives to optimize operational efficiencies and control costs. This was achieved despite the rise in employees and other expenses, driven by our ongoing efforts to expand the workforce and strengthen systems in preparation for the execution of the substantial order book we have secured.
  • Profit After Tax, stood at Rs 58.3 crore for Q2FY25, up by more than 5 times, as compared to Rs 11.0 crore in Q2FY24. This surge in PAT includes a one-time gain of Rs 11 crore, recorded under other income, stemming from the resolution of an arbitration settlement related to a government project executed during 2007–2009.
  • Our total order book, as on 30th September 2024, stands at about Rs 31,776 crore (net of taxes) – which gives visibility into robust future revenue growth.

H1FY25 Financial Highlights:

  • Revenue stood at Rs 901.0 crore, up by 73%, as against H1FY24 revenue of Rs 520.1 crore.
  • EBITDA stood at Rs 144.5 crore, up 172%, as against Rs 53.1 crore of H1FY24. Our EBITDA margin improved significantly by 583 basis points YoY to 16.0% in H1FY25.
  • Profit After Tax, stood at Rs 100.6 crore for H1FY25, up by 232%, as compared to Rs 30.3 crore in H1FY24.

Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures said: “We are pleased to deliver a healthy performance across key financial metrics in Q2FY25. The 88% YoY revenue growth was driven by higher production output, increased project execution, and stable raw material prices. Sequentially too, revenue improved by 18%, showcasing strong operational momentum. EBITDA margin improved to 16.7% YoY from 9.5% and increased from 15.3% sequentially, benefiting from operating leverage as the business gets scaled up efficiently.

H1FY25 has established a solid foundation for the remainder of the fiscal year. Our strong order book provides us with a favorable position to achieve sustained growth in the upcoming quarteRs We anticipate full-scale execution to accelerate from Q3FY25 onwards. With this momentum, we remain confident in reaching our stated revenue target of approximately Rs 2,500 crore for FY25, with an expected EBITDA margin of 15-16%. This positive outlook is underpinned by our robust order pipeline, enhanced operational efficiencies, and the projected increase in smart meter installations.

We are also actively targeting and receiving numerous inquiries from third-party Advanced Metering Infrastructure Service Providers (AMISPs) for smart meteRs While we have also begun securing Letters of Intent (LOIs) from these providers, we do not publicly disclose them, as our company policy excludes LOIs from being recognized as part of the active order book.

The management is well-prepared to address potential challenges associated with the large-scale execution of projects, including cost management and financing requirements. We are also making strategic investments in workforce expansion and system enhancements to effectively support the execution of our significant order book. These investments are essential for sustaining our competitive advantage and ensuring the timely delivery of projects.

We are actively exploring new opportunities in the gas and water metering markets, both domestically and internationally. We believe these markets present significant growth potential in medium to long term, serving as a strategic complement to our core business in smart electricity meteRs

In conclusion, FY25 is positioned to be a transformative year for the company, as we leverage our strong order book, strategic partnerships, and solid market position to drive substantial growth. We remain confident in the company’s future prospects, underpinned by our unwavering commitment to operational excellence, innovation, and sustainable growth.”

Result PDF

Electrical Equipment/Products company Genus Power Infrastructures announced Q1FY24 results:

  • Revenue stood at Rs 261.1 crore, up by 39.6%, as against Q1FY23 revenue of Rs 187.0 crore.
  • While the supply chain disruptions for semiconductors and other vital electronic components have shown signs of improvement compared to the previous year, the lingering effects are still impacting our top-line performance due to suboptimal capacity utilization
  • EBITDA stood at Rs 28.6 crore, up 99.7%, as against Rs 14.3 crore in Q1FY23. The company's operating margins recorded a decline due to the predominance of legacy orders in Q1FY24, which yielded lower margins. We anticipate that the existing backlog of legacy orders will likely be fulfilled by Q2FY24
  • Profit After Tax stands at Rs 19.3 crore for Q1FY24 as against Rs 0.6 crore in Q1FY23.

Commenting on the performance Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures said, “We are delighted to have successfully secured a significant order inflow till date in FY24. This signifies a noteworthy achievement for our company, and we firmly believe that it will act as a powerful catalyst for our unparalleled business growth within the lucrative Indian Smart Meter market.

We are also very pleased to have secured a strategic partnership with GIC, a renowned global long-term investor. This collaboration signifies a significant milestone for Genus, as it solidifies our position as the exclusive partner of choice for GIC in the industry. GIC's investment in the smart metering space serves as a testament to the promising outlook of this industry. It also highlights our exceptional manufacturing capabilities and proven track record in effectively executing projects."

 

 

Result PDF

Genus Power Infrastructures announced Q3FY23 results:

  • Q3FY23:
    • Revenue stood at Rs 200.4 crore, up by 2.3%, as against Q3FY22 revenue of Rs 195.9 crore. Continued low availability of semiconductors and other critical electronic components hampered revenue expansion and lowered capacity utilization. We anticipate a sharp revenue rebound in FY24 on account of robust order book and healthy order inflow, and on the expectation that normalcy in the supply chain will be restored
    • EBITDA stood at Rs 20.5 crore, as against Rs 20.9 crore of Q3FY22. Operating margins have remained subdued on account of higher raw material costs and lower capacity utilization
    • Profit After Tax was up by 41.6% at Rs 11.6 crore for Q3FY23 against Rs 8.2 crore in Q3FY22.

Commenting on the performance Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures said, “We have recently received a huge order inflow for installation of 29.49 lakh smart prepaid meters, which will give lot of visibility to our revenues for coming years. It also signals a strong start to order inflow for our industry. We anticipate a sharp revenue rebound in coming quarters on account of robust orderbook and healthy order inflow, and restoration of normalcy in the supply chain.

In the current quarter, the supply chain issues for semiconductors continued to persist along with that of other essential electronic components. Inadequate capacity utilization led to subdued top-line growth and also had adverse impact on our operating margins.

The implementation of the Revamped Distribution Sector Scheme (RDSS) will result in a radical transformation of the Indian metering industry, resulting in a projected multi-fold increase in annual industry size. This will also result in a shift in the Indian metering industry from conventional to smart meters, allowing for higher operating margins. The Indian metering industry will see strong order inflows, healthy topline growth, higher operating margins, and an improved working capital cycle beginning in FY24.

Allocation to the Revamped Distribution Sector Scheme (RDSS) was doubled to Rs 12,000 crore in the 2023-24 Union Budget. The budget also ushered in a key measure for the financial health of states' distribution utilities by tying 0.5% of their deficit to power sector reforms, as an extension from last year. Continued fiscal support is an added incentive for the states to undertake power distribution reforms. These reforms will yield in the upgradation of the DISCOM network and metering, thereby curbing AT&C losses.

In comparison to conventional meters, the cost of smart meters can be anywhere from three to four times higher. In addition to that, they come packaged with a broad range of after-sales services. As a result of this, we anticipate a significant increase in revenue from smart meters, which typically have higher operating margins than traditional meters. All of this will, in the years to come, have the effect of reshaping the economic dynamics of the industry of smart meters in India. 

We build everything in-house, from conceptualization, design, tools room, molding machines, assembly lines, and test labs, so we can meet the highest industry standards. This is our most valuable USP because it allows us to customize products to meet our clients' metering needs in a timely and cost-effective manner. We have developed our service capabilities concurrently with our technological capabilities, as we offer end-to-end service solutions such as meter installation, meter maintenance, data analytics, MDM solutions, etc. This gives us a significant competitive advantage over our competitors.

We have been in the electricity metering business for over two decades and currently have the largest market share in India, accounting for approximately 27%. We hope to re-establish our leadership position in the smart metering industry by building on our inherent strengths. As the largest player in the Indian metering sector, we are well positioned to benefit from the industry's multi-fold expansion.”

Result PDF

Genus Power Infrastructures announced Q2FY23 results:

  • Q2FY23:
    • Revenue stood at Rs 218.6 crore, up by 23%, as against Q2FY22 revenue of Rs 177.8 crore. Continued low availability of semiconductors and other critical electronic components hampered revenue expansion and lowered capacity utilization. We anticipate a sharp revenue rebound in H2FY23 on account of robust orderbook and healthy order inflow, and normalcy in supply chain to be restored within the next three months. Post that, we expect to carry forward that momentum in FY24
    • EBITDA stood at Rs 16.9 crore, an increase of 16.1%, as against Rs 14.5 crore of Q2FY22. Operating margins were impacted by rising raw material costs and lower capacity utilization
    • Profit After Tax was up by 56% at Rs 10.2 crore for Q2FY23 against Rs 6.6 crore in Q2FY22
  • Order book:
    • In April 2022, we received a letter of award (LOA) for appointment of Advanced Metering Infrastructure Service Provider (AMISP) including design of AMI system with supply, installation and commissioning of about 10 Lakhs Smart Prepaid Meters, DT Meter level energy accounting and FMS of these smart meters from a state utility. The total order, worth Rs 828.57 crore (net of tax), is the single largest order finalized by any state utility in India for AMISP
    • As on 30th September 2022, our order book stood at Rs 1,761 crore (net of tax)

Commenting on the performance Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures said, “In the current quarter we continued to face supply chain issues for semiconductors and other essential electronic components, as also disclosed in our previous earnings call. Inadequate capacity utilization affected our top-line growth and also had adverse impact on our operating margins. However, our operations are expected to pick up significantly in H2FY23.

We anticipate that the implementation of the Revamped Distribution Sector Scheme (RDSS) will result in a radical transformation of the Indian metering industry, resulting in a projected multi-fold increase in annual industry size. This will also result in a shift in the Indian metering industry from conventional to smart metres, allowing for higher operating margins.

System integrators (also known as Advanced Metering Infrastructure Service Providers, or simply AMISPs) will be responsible for all capital expenditures in the new TOTEX (CAPEX OPEX) model under the Design Build Finance Own Operate and Transfer (DBFOOT) arrangement, relieving SEBs of any financial burden. The Indian metering industry will see strong order inflows, healthy topline growth, higher operating margins, and an improved working capital cycle beginning in FY24.

SEBs are increasingly convinced of the TOTEX model, in which they will incur no capital expenditures for smart metres and instead make monthly (guaranteed) payments to AMISPs under the 'pay-as-you-save model.' We, as a company, will serve as both an AMISP (as per our limited appetite) and a smart metering vendor (a.k.a. technology provider) to other AMISPs. The TOTEX model will result in increased cash flow for SEBs, reducing the current working capital cycle significantly. Meters supplied to other AMISPs will be paid on an LC basis. Furthermore, because AMISPs will bear a significant portion of the capex, smart metre quality and timely delivery will be critical factors to consider when placing orders with metering companies, rather than simply selecting the lowest bidder.

In comparison to conventional metres, the cost of smart metres can be anywhere from three to four times higher. In addition to that, they come packaged with a broad range of after-sales services. As a result of this, we anticipate a significant increase in revenue from smart metres, which typically have higher operating margins than traditional metres. All of this will, in the years to come, have the effect of reshaping the economic dynamics of the industry of smart metres in India.

We build everything in-house, from conceptualization, design, tools room, moulding machines, assembly lines, and test labs, so we can meet the highest industry standards. This is our most valuable USP because it allows us to customise products to meet our clients' metering needs in a timely and cost-effective manner. We have developed our service capabilities concurrently with our technological capabilities, as we offer end-to-end service solutions such as meter installation, meter maintenance, data analytics, and MDM solutions, etc. This gives us a significant competitive advantage over our competitors.

We have been in the electricity metering business for over two decades and currently have the largest market share in India, accounting for approximately 27%. We hope to re-establish our leadership position in the smart metering industry by building on our inherent strengths. As the largest player in the Indian metering sector, we are well positioned to benefit from the industry's multi-fold expansion.”

Result PDF

Genus Power Infrastructures announced Q1FY23 results:

  • Revenue stood at Rs. 187.0 crore, up by 43%, as against Q1FY22 revenue of Rs. 130.4 crore. Reduced capacity utilization as a result of a lack in supply of semiconductors and other essential electronic components continued to have an adverse impact on revenue growth. However, we expect that the normalcy in supply chain to be restored within next three months and anticipate a sharp revenue rebound in H2FY23 on account of robust orderbook and healthy order inflow. We anticipate the momentum to later continue throughout the remaining quarters of FY24
  • EBITDA stood at Rs. 14.3 crore, an increase of 183%, as against Rs. 5.1 crore of Q1FY22. Sequentially, higher prices for raw materials and a lack of operating leverage as a result of lower capacity utilization continued to hamper operating margins
  • The Board of Directors has recommended a dividend of 25% (Re. 0.25 per equity share) for the financial year 2021-22, which is subject to approval of the shareholders

Commenting on the performance Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures said, “With the implementation of the Revamped Distribution Sector Scheme (RDSS), we anticipate that the entire landscape of the Indian metering industry will undergo a radical transformation, resulting in a projected multifold increase in annual industry size. This will also result in a transition from conventional to smart meters in the Indian metering industry, allowing for better operating margins.

In the new TOTEX (CAPEX OPEX) model under the Design Build Finance Own Operate and Transfer (DBFOOT) arrangement, system integrators (also known as Advanced Metering Infrastructure Service Providers, or simply AMISPs) will be responsible for all capital expenditures, relieving SEBs of any financial burden. Starting in FY23, the Indian metering industry will see strong order inflows, healthy topline growth, higher operating margins, and an improved working capital cycle.

Smart Meters are a value-added product that are three to four times more expensive than conventional meters. In addition, they come with a variety of after-sales services. As a result, we anticipate a substantial increase in revenue from smart meters, which typically have higher operating margins. All of this will alter the economic dynamics of the Indian smart metering industry in the coming years.

SEBs are becoming increasingly convinced of the TOTEX model, whereby they will incur no capital expenditures for smart meters and will instead make monthly payments (which are guaranteed) to AMISPs under the ‘pay-as-you-save model’. We as a company will play dual roles of being AMISP (as per our limited appetite) as well as being smart metering vendors (a.k.a. technology providers) to other AMISPs. The TOTEX model will result in increased cash flow for SEBs, which will significantly reduce the current working capital cycle. The payment for meters supplied to other AMISPs will be on LC basis. In addition, because AMISPs will be responsible for a significant portion of the capex, the quality and timely delivery of smart meters will be crucial factors to consider when placing orders with metering companies, as opposed to simply selecting the lowest bidder.

We are confident of meeting the highest industry standards because we are a fully vertically integrated company with backward integration and forward integration from the conceptual designing of the product to final packaging – wherein we build everything in-house from conceptualization, design, tools room, moulding machines, assembly lines, and test labs. This is our most important USP because it enables us to customise products to meet the specific needs of our clients in a timely and cost-effective manner, making us a one-stop shop for all their metering requirements. We have developed our service capabilities concurrently with our technological capabilities, as we offer end-to-end service solutions such as meter installation, meter maintenance, data analytics, and MDM solutions, etc. This provides us with a significant competitive edge over our rivals.

We have been in the electricity metering business for over two decades, and we currently hold the highest market share of roughly 27% in India. On the foundation of our inherent strengths, we hope to recreate our leadership position in smart metering business. As the largest player in the Indian metering sector, we are well positioned to benefit from the multi-fold increase in the industry's size."

 

Result PDF

Genus Power Infrastructures announced Q4FY22 results:

  • Revenue stood at Rs. 181.0 crore, as against Q3FY22 revenue of Rs. 195.9 crore. The revenue growth continued to remain impacted due to reduced capacity utilization on account of shortage of semiconductors and other key electronic components. However, we have secured our supply requirements for semiconductors for FY23 and thus expect a healthy rebound in revenue on back of robust orderbook and surge in order inflow.
  • EBITDA stood at Rs. 19.1 crore, as against Rs. 20.9 crore of Q3FY22. Higher raw material prices and lack of operating leverage due to lower capacity utilization resulted in lower operating margins.
  • PAT stood at Rs. 11.0 crore, up by 34%, viz-a-viz Rs. 8.2 crore in Q3FY22.

Commenting on the performance Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures said,

“We expect the entire landscape of the Indian metering sector to significantly shift with the implementation of the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme’ with a projected multi-fold increase in yearly industry size. This will also result in a significant transition in the Indian metering industry from conventional meters to smart meters, allowing for substantially higher operating margins. This will be aided even more by the new TOTEX (CAPEX OPEX) model under the Design Build Finance Own Operate and Transfer (DBFOOT) arrangement, in which SEBs will not be required to invest in capex because the same will be facilitated by Advanced Metering Infrastructure Service Provider (AMISP) a.k.a. system integrators. For the next 6 to 7 years, starting in FY23, this will result in strong order inflows, healthy topline growth, higher operating margins, and a significantly improved working capital cycle for the Indian metering industry.

Smart Meters are a value-added product that is 3 to 4 times more expensive than traditional meters. They are also accompanied with a lot of after-sales services. As a result, we anticipate significant revenue inflow from service delivery towards smart meters, which typically have better operating margins. All of this will alter the Indian smart metering industry's economic dynamics in the coming years.

SEBs are increasingly getting convinced of TOTEX model, whereby they will not have to undertake any capex for smart meters and undertake monthly payments (which are secured) to AMISPs under ‘pay-as-you-save model’. We as a company will play dual roles of being AMISP (as per our limited appetite) as well as being smart metering vendors (a.k.a. technology providers) to other AMISPs. The TOTEX model will result in enhanced cash flow for SEBs, resulting in a significant reduction in the present working capital cycle. The payment for meters supplied to other AMISPs will be on LC basis. Furthermore, because AMISPs will be responsible for a significant portion of the capex, quality and timely delivery of smart meters will be critical variables to consider when placing orders with metering companies, rather than merely selecting the lowest bidder.

As we embark on this journey of momentous upcycle of the Indian metering industry, we are confident of meeting the highest industry standards for we are a full-fledged vertically integrated company with backward integration and forward integration from the conceptual designing of the product to final packaging – wherein we build everything in-house from conceptualization, design, tools room, moulding machines, assembly lines, test labs as well as our own communication software for providing end-to-end solutions. This is our most significant USP since it allows us to customize products to meet the specific needs of our clients in a timely and cost-effective manner, making us a one-stop shop for all their metering needs. We have developed our services capabilities alongside our technological capabilities since we provide end-to-end service solutions such as meter installation, meter servicing, data analytics, MDM solutions, and so on. This provides us with a considerable competitive advantage over our competitors.

We have been in the electricity metering business for over two decades, and we currently hold the highest market share of roughly 27% in India. On the foundation of our inherent strengths, we hope to recreate our leadership position in smart metering business. As the largest player in the Indian metering sector, we are well positioned to benefit from the multi-fold increase in the industry's size.”

 

Result PDF

Other Electrical Equipment/Products Genus Power Infrastructures declares Q3FY22 result:

  • Order Book at end of 31st December 2022 stood at Rs 1,163 Crore (net of tax)
  • Order book to be executed over next 9-12 months
  • Revenue stood at Rs 195.9 crore, up by 10%, as against Q2FY22 revenue of Rs 177.8 crore. The revenue growth continued to remain impacted by reduced capacity utilization on account of shortage of key raw materials. We expect this to dissipate by the month of April 2022, leading to substantial recovery in capacity utilization
  • EBITDA stood at Rs 20.9 crore, up by 44%, as against Rs 14.5 crore of Q2FY22. Higher raw material prices and lack of operating leverage due to lower capacity utilization resulted in lower operating margins
  • PAT stood at Rs 8.2 crore, up by 25%, viz-a-viz Rs 6.6 crore in Q2FY22

Commenting on the performance Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructure said, “The Indian metering industry continues to face severe shortage of semi-conductors and other electronic components due to global wide phenomenon of logistical and supply issues in the wake of COVID-19 pandemic. The supply-demand mismatch has also resulted in significant increase in prices of these key raw materials. This has severely hampered the capacity utilization in Q3FY22, the same as it did in last quarter. We expect both - the supply and prices of raw material - to stabilize by beginning of FY23, leading to significant uptick in topline growth in next financial year. At the same time, we have secured the supply of semiconductors for the entire fiscal year of FY23.

With the implementation of ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme’, we expect the entire landscape of the Indian metering industry to drastically change with likely multi-fold jump in the annual industry size. This will also lead to momentous shift from conventional meters to smart meters in Indian metering industry thus enabling much improved operating margins. This will be further aided by the new

Result PDF

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L&T's Buildings & Factories (B&F) business has won multiple large domestic EPC orders across tourism

L&T's Buildings & Factories (B&F) business has won multiple large domestic EPC orders across tourism

Published on 18-Dec-2025 09:03

Marico has amended the definitive agreements to extend the timeline for acquiring the remaining 40% stake in Satiya Nutraceuticals (PLIX) by 12 months

Marico has amended the definitive agreements to extend the timeline for acquiring the remaining 40% stake in Satiya Nutraceuticals (PLIX) by 12 months

Published on 18-Dec-2025 09:01

Axis Bank MD & CEO Amitabh Chaudhry said that recent RBI rate cuts will delay stabilisation of net interest margins

Axis Bank MD & CEO Amitabh Chaudhry said that recent RBI rate cuts will delay stabilisation of net interest margins

Published on 18-Dec-2025 09:00

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