Genus Power Infrastructures, a metering solutions provider and manufacturer for the power distribution industry, has announced its unaudited financial results for the quarter ended September 30, 2023. Revenue for Q2 FY24 stood at INR 259 crore, up by 18.4% yoy from INR 219 crore in the same period last year.
Profit after tax stood at INR 11 crore for Q2 FY24 as against INR 10 crore in Q2 FY23. The company said its Q2 FY24 profitability was impacted by a significant increase in financing costs as a result of the company’s obligation to provide new bank guarantees to secure the massive order inflow.
Genus Power Infrastructures’ total order book now stands at more than INR 19,000 crore. The company expects a steady and significant increase in order volumes in the upcoming months of the fiscal year 2024 as numerous state electricity boards have commenced the bidding process to procure smart meters, underscoring the positive impact of the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme.’
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