A Leading AMISP
Powering India's Smart Energy Revolution
Dear Members,
I feel privileged to take a moment to reflect on our journey together and share some
insights into our current standing and future prospects.
As I ponder on our journey, I am delighted to report that our Company has continued to
excel in the dynamic smart meter market. Genus has transcended its role as a mere meter
supplier, emerging as a foremost ‘Advanced Metering Infrastructure Service Provider'
(‘AMISP') in India. We are leading by innovation, harnessing software expertise, data
analytics and doing extensive Research and Development (R&D). With technological
integration redefining energy management, Genus is getting ready to be an integral part of
the future of smart metering solutions.
Genus has entered into agreements with Gem View Investment Pte Ltd, an affiliate of
GIC, Singapore (‘GIC') to establish a platform for undertaking AMISP concessions.
This partnership cements Genus' position as a leading smart meter supplier, establishing
Genus at the vanguard of the ongoing smart metering revolution in India.
Performance Review
FY24 has been a transformative year for our Company, characterised by strong financial
performance, strategic partnerships and a robust order book.
Iamhappytoannounceaphenomenal revenue growth to H 1,200.58 crore, a historic high,
accompanied by an impressive net profit of H 75.17 crore. Navigating supply chain
complexities with agility, we capitalised on smart metering opportunities, positioning
ourselves for continued success. Despite global uncertainties, we have remained resilient
and adaptable. Our export performance was equally commendable. Our order book,
encompassing all SPVs and GIC Platform has surpassed H 21,000 Crore (net of taxes) as on
March 31, 2024, a testament to our clients' trust in our smart metering solutions and
services.
Approach to Growth
At Genus, we are devoted to smart and sustainable growth, wherein we harmoniously
balance economic progress, social responsibility and environmental stewardship to ensure a
thriving legacy for generations to come. Through the judicious deployment of technology,
innovation and resources, we strive to create long-term prosperity while mitigating any
adverse impacts on the environment and society. This exemplifies our commitment to
sustainability and ethical business practices. Our growth approach emphasises:
Technology and Innovation
At Genus, our in-house R&D centre is a crucial driver of innovation and growth. It
enables us to adopt advanced solutions, respond quickly to market changes and invest in
research areas that will benefit our customers and the industry alike.
Reliability
Genus ensures reliability and excellence in every aspect of its operations, leveraging
resources like reliability lab, climatic chambers and advanced software. This ensures
seamless operations, enhances customer satisfaction and nurtures enduring relationships,
ultimately driving sustainable growth in a competitive landscape.
Partnership
At Genus, we foster strong, harmonious relationships with our customers, lenders,
investors and regulatory bodies. This is essential for expanding market reach, accessing
new opportunities and building trust as evident from our consistent repeat orders and
long-term investments from reputed partners like GIC.
Talent pool
We are building a high-performing organisation by leveraging our human capital,
upskilling them through targeted initiatives and unleashing their potential to drive
innovation, excellence and success.
Catalyst for growth / Factors propelling growth
Genus has secured a plethora of Advanced Metering Infrastructure Service Provider
(AMISP) opportunities by leveraging the Indian Government's Revamped Distribution Sector
Scheme (RDSS). This entails the installation of 25 crore meters by 2025 with an estimated
investment of H 3 lakh crore. Our order book, including all SPVs and GIC Platform, has
grown, exceeding H 21,000 crore (net of taxes) as on March 31, 2024. This is predominantly
for installation of around 2.15 crore Smart Prepaid Metres nationwide, with contract
durations spanning 8 to 10 years and provisions for 30% meters beyond the allocated
quantity.
Genus has developed its own ‘Head End System' (‘HES') and ‘Meter Data
Management System' (‘MDMS'), ensuring seamless data management and reducing reliance
on external providers. With a robust bidding pipeline and continuous government support,
we are poised for strong order inflow. Through long-term partnerships and enhanced
manufacturingcapacity,Genusiswell-equipped to exceed the anticipated 4.5 crore meters
AMISP contracts. With over three decades of expertise in meter installation and turnkey
ECC projects, the Company has achieved global competitiveness, positioning itself for
strong performance and a transformative impact on the global power distribution sector.
Ushering a new era of business
We believe that constant expansion of our businesses is essential for thriving in
today's competitive landscape and securing long-term success and sustainability. Our smart
gas meter business plays a crucial role in ensuring precise measurement and effective
management of gas consumption and we strive to enhance operational safety and cost
efficiency through wireless networks and automated billing. Our advanced water metering
solutions, featuring Smart Ultrasonic Water Meter Technology will provide accurate,
real-time data to optimise water resource management. We aim to penetrate domestic and
international markets, leveraging our robust R&D capabilities and established customer
relationships. By harnessing the power of artificial intelligence, data analytics, and
digital transformation, we will unlock new opportunities for efficiency, productivity, and
competitiveness and aim to offer promising software solutions and products to Utilities
across the globe
Acknowledgement
As stewards of your investment, we vow to nurture enduring value and sustainable growth
with transparency, accountability and integrity as our guiding principles. We remain
indebted to your trust and our employees' tireless efforts, which have yielded remarkable
success. Together, we shall continue to flourish and reach new heights of excellence and
distinction.
Warm regards,
Ishwar Chand Agarwal
Chairman DIN: 00011152
Jaipur, August 31, 2024