Conference Call Details
• Date: August 7, 2024
• Held on: July 31, 2024
• Participants: Vice Chairman Kailash Agarwal, Joint Managing Director Jitendra Agarwal
Financial Performance Highlights
• Revenue: Increased by 59% to INR 414 crores
• Gross Profit Margin: Improved to 44.4%
• EBITDA: Rose 121% to INR 63 crores
• PAT: Increased by 120% year-over-year to INR 42 crores
• Order Book: Stood at INR 21,458 crores
• Revenue Guidance for FY '25: Approximately INR 2,500 crores
• EBITDA Margin Guidance: 15-16%
Operational Insights
• Investments: Ongoing investments in workforce and systems
• Expansion Plans: Plans to enter smart water management solutions
• Tender Pipeline: Noted as not very healthy; several tenders in Gujarat, Goa, and Haryana
Tender and Installation Updates
• Smart Meter Installations: 11 crore meters awarded; 4-5 crore in negotiation; 1.785 crore expected to be quoted soon
• Current Installation Rate: 2-3 lakh meters per month
• State Tender Status: Telangana and Karnataka yet to release tenders
Debt and Financial Strategy
• Gross Debt: Approximately INR 400 crores; net debt is zero
• Future Debt Plans: Anticipated increase in gross debt aligned with revenue growth; no fund raise planned
• Equity Infusion: INR 1,700 crores planned over 3-4 years
Market and Competitive Landscape
• O&M Revenue: Beginning to flow from live meters in Assam
• Gross Margins: Attributed to procurement efficiencies
• Competitive Landscape: Remains stable with no significant changes
Future Projections
• Revenue Growth: Anticipated 50-60% annually over the next 3-4 years
• Smart Meter Installations: Expected to install 6-7 million meters in FY '25
• Order Book Breakdown: 25-30% related to AMISP platform; remainder from meter supply and installation
Regional Insights
• Smart Meter Success: Positive reception in Bihar and Assam
• Corruption Allegations: Not expected to hinder smart meter rollout in Bihar
Conclusion
• Execution Confidence: Management expressed confidence in meeting revenue guidance and execution timelines.

Earnings Call Overview
• Date: June 6, 2024
• Purpose: Discuss operational and financial performance for the quarter and year ending March 31, 2024.
Key Achievements
• Secured over INR 16,000 crores in orders for smart prepaid meters.
• Total order book exceeds INR 21,000 crores.
• Revenue increased by 108% YoY for Q4 FY24, reaching INR 420.1 crores.
• Profit After Tax (PAT) of INR 31.4 crores, up 151% YoY.
Future Projections
• Anticipated revenue surge starting FY25, projecting around INR 2,500 crores.
• Improved operating margins expected.
Market Insights
• Approximately 11 million smart meters installed; projection of 60-70 million installations in FY24.
• Government target of 250 million smart meters within 4-5 years.
Financial Guidance and Taxation
• Discussion on new tax regime and rationale for multiple subsidiaries for bidding.
• Optimism for FY '25 and '26, but no specific financial numbers provided.
Project Execution and Challenges
• Clarified that project timelines and receivables are affected by system integration.
• Current expense run rate expected to stabilize as revenue increases.
Opportunities and Market Expansion
• Emerging opportunities in net metering and government tenders.
• Diversification into gas and water meters alongside smart meters.
Operational Insights
• Most projects do not involve advance payments; payments received within 45 days post-installation.
• Working capital cycle spans 5-6 months, with improvements expected.
Capacity and Production
• Current production capacity of 1 million meters monthly, with plans to expand to 1.5 million.
• Installation capacity can scale without significant capital expenditure.
Future Business Plans
• Focus on alternative revenue streams post-smart meter installation.
• Anticipated domestic market for gas meters of 8-10 crore over the next 7-8 years.
Conclusion
• Commitment to innovation and customer satisfaction reaffirmed.
• Invitation for further inquiries through Investor Relations adviser.

Earnings Highlights
• Date of Call: February 15, 2024
• Revenue Growth:
• 28.9% year-over-year increase to Rs. 258.3 crores
• EBITDA rose by 33% to Rs. 27.2 crores
• Profit after tax increased by 16.1% to Rs. 13.5 crores
• Order Book:
• Total exceeding Rs. 20,000 crores
• Secured orders worth approximately Rs. 16,185 crores for smart prepaid meters
Future Projections
• Revenue Guidance for FY25: Approximately Rs. 2,500 crores
• Equity Requirement: Rs. 300 to 400 crores
• Project Execution: Expected to start in Q2 FY25 after a 6 to 9-month preparation period
Order Book Composition
• Internal Meter Supplies: 90-95% directed towards Genus SPVs
• Revenue Recognition:
• 45% from initial supply and installation
• 25% from operations and maintenance
• 30% from interest over 27 to 30 months
Operational Insights
• Expansion Plans:
• Ongoing expansion in Assam to add 1 crore meters to capacity
• Capacity target of 1.2 crores (1 million meters per month)
• Investment Plan: Rs. 1,600 crore over three years, with Rs. 300 crore needed next year
Financial Management
• Cash Reserves: Rs. 500 crores
• Debt Management: Minimal need for debt; ongoing working capital needs highlighted
• Tax Rate: Stable at approximately 25% under the new tax regime
Execution and Challenges
• Execution Expectations: Targeting Rs. 1,200 crores in revenue for Q4
• Concerns Addressed:
• Execution challenges mitigated by government support
• Payment receivables secured through direct debit facilities in RDSS projects
Joint Venture and Stake
• Joint Venture Stake: Genus holds a 26% stake, allowing for profit sharing in the future
Conclusion
• Positive Outlook: Management expresses confidence in future growth and execution capabilities, thanking participants for their support.

Earnings Call Overview
• Date: November 10, 2023
• Transcript submitted to BSE and NSE on November 17, 2023.
Key Highlights
• Strong Order Inflow
• Secured six significant orders worth approximately INR 15,160 crores for smart prepaid meters.
• Total order book exceeds INR 19,000 crores.
• Execution expected to start in 6-7 months, with a 27-month cycle.
• Financial Performance (Q2 FY24)
• Sales: INR 259 crores (up 18.4% YoY).
• EBITDA: INR 25 crores (up 46% YoY).
• Profit After Tax: INR 11 crores (slightly up from INR 10 crores YoY).
• Projected total revenue for FY24: INR 1,200 crores.
Order Book and Revenue Structure
• Order Book Breakdown
• 50% for manufacturing and installation.
• 25-30% for maintenance.
• 20% for financing costs.
• Production Capacity
• Current capacity: 10 million meters annually.
• Potential to ramp up to 20 million meters within six months with capital expenditure.
Market and Competitive Landscape
• Component Sourcing
• No current difficulties in sourcing components for smart meter production.
• Revenue from Technology Provision
• Estimated at 35-40% of total revenue.
• Genus acts primarily as a technology provider for AMISP projects.
Future Outlook
• Growth Projections
• Anticipated return to 15-16% margins as revenue increases.
• Targeting a future order book of INR 30,000 crores.
• Long-term Vision
• Commitment to building a sustainable organization and innovation in the smart metering industry.
Technology and Collaboration
• Technology Development
• Primarily in-house technology with collaborations with telecom providers and software vendors.
• Pricing Risks
• Genus bears pricing risks for AMISP orders unless delays are caused by utilities.
Conclusion
• Management expressed confidence in future growth and thanked the team for their efforts, wishing everyone a happy Deepawali and prosperous New Year.

Key Highlights
• Date of Call: August 11, 2023
• New Orders: Secured over INR 4,400 crores, total order book exceeds INR 8,200 crores.
• Sales Performance: 39.6% increase in sales to INR 261 crores.
• EBITDA: Increased to INR 29 crores; operating margins impacted by legacy orders.
• Revenue Forecast: Anticipated total revenue of around INR 1,200 crores for FY24.
Order Book Insights
• Composition: Approximately 95% new AMISP smart meter orders; 4-5% legacy orders.
• Execution Cycle: Healthy execution cycle of 24 to 27 months.
• Tender Quotations: Quoted tenders worth around INR 43,000 crores; additional INR 27,000 crores expected soon.
Raw Materials and Supply Chain
• Sourcing: Over 60% of raw materials sourced domestically.
• Relay Supply: No challenges in securing relays for smart meters; sufficient domestic and international capacity.
Operational Efficiency
• Billing Process: Linked to service level agreements; low failure rate of installed meters.
• Performance Guarantees: Provided to customers.
Future Growth and Strategy
• Revenue Target: Aiming for INR 1,200-1,400 crores for FY24, with multi-fold increase expected in FY25.
• Management Expansion: Actively hiring to enhance management bandwidth.
• Export Goals: Returned to pre-COVID export levels, targeting around INR 100 crores.
Market Position and Competition
• Technological Expertise: Viewed as a preferred partner by AMISP providers.
• Future Guidance: More concrete performance and market share guidance to be provided in future quarters.
Conclusion
• Management expressed optimism for improved margins and operational efficiencies while navigating a competitive landscape. The call concluded with gratitude from the management team.

Partnership with GIC Singapore
• Date of Call: July 6, 2023
• Stake Distribution: GIC holds 74%, Genus holds 26%
• Capital Outlay: Approximately USD 2 billion
• Project Goal: Install 30 million smart meters in 3-4 years
• Revenue Expectations: Starting in Q4 FY24, projected INR 1,200 to 1,400 crores for FY24
Financial Structure and Revenue Model
• Revenue Source: 60% from Special Purpose Vehicles (SPVs) formed under the platform
• Current Order Book: Exceeds INR 6,000 crores
• Projected Revenue: INR 3,600 crores over the next two years, excluding other meter supplies
• Supply Chain: Semiconductor issues resolved, no anticipated problems in the next 3-4 months
Operational Details
• Asset-Light Model: Minimizes debt requirements
• Order Book Composition: 60% supply and installation, 40% operations and maintenance (O&M)
• O&M Contracts: Typically last 100 months
• Competition: Includes large corporates like Adani and GMR
Platform Operations
• Role of the Platform: Primarily facilitates financing, not solely a financing entity
• Payment Terms: 30 to 45 days post-installation
• Working Capital Needs: Expected reduction by 40-60%
Joint Venture and Management
• SPV Payments: Totaling INR 18,000 crores over 100 months
• Management Structure: Genus participates in decision-making with a 26% stake
• EPC Project Execution: Managed by Genus due to experience
Market Share and Capacity Utilization
• Target Market Share: 12% from AMISP projects, potential additional 8-10% from partners
• Current Capacity Utilization: 40-50%
• Future Revenue Potential: Primarily from meter manufacturing at full capacity
Conclusion
• Investment Gratitude: Kailash Agarwal expressed appreciation for GIC's investment, highlighting strong prospects in the smart metering sector.

Earnings Call Overview
• Date: May 24, 2023
• Transcript submitted on: May 29, 2023
• Discussed: Audited financial results for FY ending March 31, 2023
Financial Highlights
• Strong order inflow: Rs. 3,844 crores for FY '23
• Current order book: Rs. 4,115 crores
• Expected revenues for FY '24: Approximately Rs. 1,500 crores
• Q4 FY '23 sales: Increased by 12% year-over-year
• Profit after tax for Q4 FY '23: Rs. 13 crores
Key Projects and Funding
• Major projects in Bihar and Assam on track
• $49.5 million loan from U.S. International Development Finance Corporation for smart meters
• Anticipated manageable debt increase: Rs. 500-600 crores for FY '24
Working Capital and Debtor Days
• Optimism about improving debtor cycle due to RDSS implementation
• Expected improvements in debtor days and inventory levels
Competitive Landscape
• Major competitors: Adani, Monte Carlo, GMR, IntelliSmart
• Resolved semiconductor supply issues with long-term contracts in place
Other Financial Insights
• Negative other income due to mark-to-market (MTM) adjustments
• Significant project execution expected to ramp up in Q3
• Near-zero net debt as of March 31
Future Outlook
• Healthy order book anticipated for FY '24
• Margin guidance maintained at 15% despite competition
• Ongoing business restructuring to focus on power-related operations
Additional Inquiries
• Clarification on MTM losses: Estimated around Rs. 20-26 crores
• Discussion on tender participation: Rs. 27,000 crores worth of tenders in progress
• Management expressed optimism about future growth and business opportunities.

Key Highlights
• Date of Call: February 6, 2023
• Order Inflow:
• 29.49 lakh smart prepaid meters ordered
• Total order book increased to INR 4,099 crores
• Financial Performance:
• Sales growth: 2% year-on-year to INR 200 crores
• Profit after tax: 42% increase to INR 12 crores
Future Outlook
• Order Inflows:
• Anticipated robust inflows in FY '24 due to government initiatives
• Upcoming opportunities worth INR 49,000 crores
• Revenue Guidance:
• Projected revenue for FY '24: INR 1,500 crores
• Full impact of order book expected in 6-9 months
Supply Chain and Production
• Semiconductor Supply:
• Ongoing improvements and secured supplies despite delays
• Production Capacity:
• Sufficient capacity for smart meter production for the next few years
Project Updates
• Assam Project:
• Implementation phase to start in 4-5 months
• Bihar Project:
• Site Acceptance Test completed; live by February with 10,000 meters installed
• Revenue expected in Q4 based on installation milestones
Financial Strategy
• AMISP Business Model:
• Cautious approach to leveraging the balance sheet
• 40% capital requirement for projected INR 4,000 crore order
• Capacity Utilization:
• Expected improvement with potential output of 10 million meters annually
• Debt Status:
• Currently net debt-free; no additional borrowings anticipated
Additional Insights
• Short-term Borrowings:
• INR 243 crores as of September
• Return on Equity (ROE):
• Improvements expected in coming years
• Order Execution Cycle:
• 50% of INR 4,000 crores orders executed within 24-27 months
• Remaining revenue from O&M contracts over eight years
• Export Activities:
• Expected to account for 10% of revenue this financial year
• Other Income:
• Recent increase attributed to bond valuations
• Future Performance:
• Strong performance and execution of existing orders anticipated.