Genus Power Infrastructures Ltd

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.

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.

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:

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.

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.

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.

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.

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.

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

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,

Chairman DIN: 00011152

Jaipur, August 31, 2024