Genus Power incorporates SPV for advanced metering contract

Genus Power Infrastructures announced that it has incorporated Genus Assam Package-5 SPV, a step-down subsidiary of the company on 24 February 2023.

Genus Assam Package-5 SPV, is a public limited company, its main object is to manufacture consumption meters for electricity, water or gas, flow meters and counting meters.

The company incorporated the subsidiary as special purpose vehicle company (SPV) for execution of advanced metering infrastructure service provider (AMISP) contract by subscribing to its entire share capital at Rs 1 lakh.

Genus Power Infrastructures is engaged in the manufacture and distribution of electronic energy meters, power distribution management projects, hybrid microcircuits, inverters, batteries, home UPS and online UPS in India and abroad.

The company reported 47.5% jump in consolidated net profit to Rs 21.79 crore on 2.3% rise in net sales to Rs 200.40 crore in Q3 FY23 over Q3 FY22.

The scrip ended 1.94% higher at Rs 92.10 on Friday, 24 February 2023.

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