Genus Power Infrastructures Ltd — Investor Presentation 2021

Oct 31, 2021

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October 30, 2021

National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051. (NSE Symbol: GENUSPOWER)

BSE Limited P.J. Towers, Dalal Street, Fort, Mumbai – 400001 (BSE Code: 530343)

Dear Sir/Madam,

Sub: Investor Presentation

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the Investor Presentation – October 2021.

We request to kindly take the same on record.

Thanking you,

Yours truly,

For Genus Power Infrastructures Limited Ankit Jhanjhari Company Secretary Encl. as above

Corporate Office: SPL-3, RIICO Industrial Area, Sitapura, Tonk Road, Jaipur-302022, (Raj.), India T. +91-141-7102400/500 • F. +91-141-2770319, 7102503 E. info@genus.in • W. www.genuspower.com

Registered Office: G-123, Sector-63, Noida, Uttar Pradesh-201307 (India) T. +91-120-2581999 E. info@genus.in

Genus Power Infrastructures Limited (A Kailash Group Company) Corporate Identity Number L51909UP1992PLC051997

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Genus Power Infrastructures Limited

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1

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Safe Harbour

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This presentation and the accompanying slides (the “Presentation”), by Genus Power Infrastructures Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

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Q2 FY22: Performance Highlights

Revenue (Rs. Crores)

Key Highlights

Revenue for Q2Y22 was impacted as operations were severely hampered due to acute shortages of semi-conductors since the month of June 2021

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177.8
165.1
Q2FY21 Q2FY22
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Higher raw material prices and lack of operating leverage due to lower capacity utilization resulted in lower operating margins

PBT (Rs. Crores)

• Became the First company in Asia Pacific to supply 1.5 million Smart Meters

• Indigenously developed Vending Software Agrim[TM] accredited with STS certification

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29.6
10.0
Q2FY21 Q2FY22
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• In FY21, our team had won 7 Gold and 2 Silver awards at the “Quality Circle Forum of India” Haridwar Chapter, Delhi Chapter and Guwahati Chapter

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EBITDA (Rs. Crores)

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34.4
14.5
Q2FY21 Q2FY22
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PAT (Rs. Crores)
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6.8 6.6
Q2FY21 Q2FY22
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Standalone Results

As per IND-AS

Note: Cash PAT includes PAT + Depreciation + Deferred Tax

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Business Restructuring

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STEP 1: Genus Prime Infra Limited Amalgamation of subsidiary companies with Genus Prime Amalgamated Sansar Infrastructure Pvt. Ltd, Star Vanijya Pvt. Ltd and Sunima Trading Pvt. Ltd (100% subsidiary of Genus Prime) STEP 2: Investment Business Undertaking of Demerger of Genus Power’s Genus Power investment in non-listed group entities Demerger Genus Prime Infra Ltd. STEP 3: Genus Prime Infra Ltd. Merger of Yajur Commodities with Genus Prime Merger Yajur Commodities Limited (a group company of Genus Power in which it owns 19.70% stake)

Post Amalgamation subsidiary companies will cease to exist

Genus Prime Infra Limited

• ✓ No consideration shall be paid to subsidiary companies as they are 100% owned by Genus Prime

Post the scheme of Arrangement – 2 listed entities Genus Power Genus Prime Infra

• ✓ Shareholders of the Genus Power will get shares of Genus Prime Infra Limited in ratio of 6:1

Post Merger Yajur Commodities Ltd. will cease to exist

Genus Prime Infra Limited

• ✓ Shareholders of the Yajur Commodities Limited will get shares of Genus Prime Infra Limited in ratio of 5:3

Genus Trust holding of shares of Genus Power Infrastructures Ltd. and Genus Paper Boards Ltd. along with liquid investments will continue to be part of Genus Power Infrastructures Ltd (standalone entity)

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Strengthening of Board of Directors

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Mr. Subhash Chandra Garg

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(Independent Director)

• He was an IAS officer from the 1983 batch in Rajasthan cadre. He has served as Economic Affairs Secretary (July 2017-July 2019) and Finance Secretary of India in the Ministry of Finance and as Secretary, Ministry of Power (July 2019-October 2019)

• His appointment provides an important layer of oversight which will help us further strengthen our internal controls, corporate governance and prepare for our next stage of growth

• His appointment will strengthen our board and fortify our corporate policies with a commitment to maximize value for our shareholders.

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• He is an established and highly respected professional with over 25 years of global experience in the field of Smart Metering Technology and Product Development

Dr. Keith Mario Torpy

• He brings strong domain knowledge of smart metering businesses combined with a deep understanding of how new digital technologies are evolving

(Non-Executive, Non-Independent Director)

• He will play a key role in building new platforms of growth, developing new product capabilities, expanding our international footprint and securing our long-term growth

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Performance Highlights For Last Few Quarters

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Healthy Performance

301.5 292.1 285.8 275.4 268.6 268.0 248.3 238.6 223.4 200.2 190.7 182.8 177.8 166.2 165.1 168.8 130.4 84.0 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22

Revenue (Rs. Crores)

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Standalone Results

As per IND-AS

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Strong Order Book

Order Book (Rs. Crores)

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+16%
1,498
1,276
943 931
882
685
386
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Sep-21
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We upgrade our technology and product offering at regular interval backed by continuous R&D

Strong Demand for various types of Meter across State Electricity Boards & Private Players

Genus uniquely positioned to suffice needs of the rising demand of Meters

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Management Commentary

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“Due to COVID-19, the meter installation programme across all state electricity boards (SEBs) had got delayed. However, just as we were expecting significant pick up in execution, acute shortage of semi-conductors globally has severely dampened the operational effectiveness of the smart metering industry. On account of the same, our capacity utilization in Q2FY22 stood at meagre 35-40%. Steep rise in raw material prices as well as inadequate operating leverage led to erosion of our operating margins. Escalation in raw material prices will lead to margin pressure on all orders that are in hand as on date.

We expect the availability of semi-conductors to normalize in about 4 to 5 months from now. We have already drawn-out plans for procurement of semi-conductors for the entire next year of FY23, assuming our capacity utilization breaches 90% mark.

Post the announcement of ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme’ the central government have been undertaking a lot of joint meetings with all stakeholders including state governments, state utilities and DISCOMs. All the stakeholders are pretty clear that the smart metering is the only way forward for the revival of the power sector. Though the objective under the Revamped Distribution Sector Scheme to achieve installation of 10 crore meters by December 2023 in the first phrase looks very aggressive, even if the industry is able to achieve the same by December 2024 or mid of 2025, it would be huge opportunity as well as achievement for Indian smart metering industry.

The process of drafting Standard Bidding Documents (SBDs) is reaching the final stage and should be completed by 31st October 2021. The SBDs which are being drafted this time around are very practical as the inputs from all stakeholders are being taken into consideration. The SEBs are working extensively and are likely to submit their Detailed Project Reports (DPRs) by the end of December 2021, post which we expect a very healthy order inflow in Q4FY22, starting from January 2022 onwards. The execution of these new orders should commence by April 2022 onwards.

SEBs are being pursued to accept TOTEX model, whereby they will not have to undertake any capex for smart meters and undertake monthly payments (which are secured) to AMISP (Advanced Metering Infrastructure Service Provider) under ‘pay-as-you-save model’. We as a company will play dual roles of being AMISP (as per our limited appetite) as well as being smart metering vendors to other AMISPs in ratio of about 30:70. The TOTEX model will lead to increased cash flow for SEBs, which should result in significant reduction of working capital cycle from the current levels. The payment for meters supplied to other AMISPs will be on LC basis. As we venture into smart metering business as system integrators in role of an AMISP, servicing and maintenance of smart meters over period of 6 to 8 years will also come into consideration which is bound to improve our operating margins.

Considering the specialized nature of smart meter industry in India and an enormous market, we expect price realizations to remain healthy and the forthcoming period of 5 to 6 years to remain very favourable. Also, as a strategy we have designed our building and manufacturing infrastructure in a way, which will enable us to easily double our manufacturing capacity in short period of 6 months, whenever required.”

Mr. Jitendra Kumar Agarwal, Joint Managing Director 8

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Standalone Profit & Loss Statement

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Particulars (Rs. Crores)	Q2FY22	Q2FY21	YoY	H1FY22	H1FY21	YoY
Total Revenue	177.8	165.1	7.7%	308.2	249.1	23.7%
Cost of Material Consumed	115.1	92.1		194.9	146.1
Employee Expenses	26.1	20.8		51.9	41.5
Other Expenses	22.1	17.9		41.7	28.9
EBITDA	14.5	34.4	-57.7%	19.6	32.6	-40.0%
EBITDA (%)	8.2%	20.8%		6.4%	13.1%
Other Income	7.9	6.8		13.7	15.6
Depreciation	5.2	5.5		10.2	10.8
EBIT	17.3	35.7	-51.6%	23.0	37.3	-38.3%
EBIT (%)	9.7%	21.6%		7.5%	15.0%
Finance Cost	7.3	6.1		12.9	12.9
Profit before Tax	10.0	29.6	-66.1%	10.1	24.5	-58.6%
Tax	3.5	22.9		3.5	21.1
Profit after Tax	6.56	6.77	-3.1%	6.6	3.4	94.1%
PAT (%)	3.7%	4.1%		2.1%	1.4%
Cash PAT*	12.6	25.2	-50.1%	17.1	12.8	33.4%
Cash PAT (%)	7.1%	15.3%		5.6%	5.2%
EPS (in Rs.)	0.26	0.26		0.26	0.13

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*Cash PAT includes PAT + Depreciation + Deferred Tax.

As per IND-AS

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Standalone Balance Sheet

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ASSETS (Rs. Crores)	Sep-21	Mar-21	EQUITY AND LIABILITIES(Rs. Crores)	Sep-21	Mar-21
Non-currentassets			Equity
Property, plantand equipment	139.9	146.0	Equity share capital	25.8	25.7
Capital work-in-progress	1.9	0.08	Otherequity	906.9	908.8
Right ofUseAssets	15.5	15.01	Total equity	932.7	934.5
Intangible assets	1.8	1.63
Investmentin Associates	16.5	16.52	Non-current liabilities
Financial assets			Financial liabilities
Investments	83.8	78.0	Borrowings	2.9	7.5
Loans	26.1	26.1	Leaseliabilities	0.3	0.1
Others	51.6	16.42	Other financial liabilities	7.4	9.1
Non-financialassets	7.9	8.1	Provisions	34.3	35.0
Deferred taxassets (net)	0.8	3.35	Government grants	3.6	3.9
			Net employee defined benefitliabilities	0.5	0.8
Sub-total - Non-Current Assets	345.72	311.2	Sub-total - Non-current liabilities	49.0	56.4
Current assets			Current liabilities
Inventories	166.7	177.9	Financial liabilities
Financial assets			Borrowings	236.0	199.3
Investments	152.5	134.8	Trade payables	151.7	166.0
Investmentintrust	60.0	60.0	Leaseliabilities	0.7	0.4
Loans	0.1	0.1	Other liabilities	0.9	1.0
Tradereceivables	569.2	565.4	Government grants	0.7	0.7
Cash and cash equivalents	9.5	64.1	Net employee defined benefit liabilities	1.9	2.0
Other bank balances	78.9	50.6	Current tax liabilities (net)	3.8	2.7
Other financialassets	9.0	7.0	Provisions	9.5	12.4
Non-financial assets	29.5	24.8	Non-financial liabilities	34.2	20.3
Sub-total -Current Assets	1,075.2	1,084.5	Sub-total -Current liabilities	439.3	404.8
TOTAL -ASSETS	1,420.9	1,395.7	TOTAL - EQUITY AND LIABILITIES	1,420.9	1,395.7

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As per IND-AS

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Business Overview

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Power Sector Leadership

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Incorporated in 1992, Part of $400 mn Kailash Group

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Over 2 decades of experience in electricity metering solutions industry

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Empanelled with 40+ different utilities across the country

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65 mn+ Meters installed

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Capability to undertake turnkey power projects up to 400 KV

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Largest player in India’s electricity meter industry

~27% market share in Meter Industry

~70% market share in Smart Meters

Share of Metering Projects increasing

Top-notch In-house R&D recognized by Govt of India 25,000 Sq. Mtrs of Integrated Manufacturing Annual Production capacity of 10 mn+ meters

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Journey So Far

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  - India's First Narrowband - IOT setup for AMI with Vodafone Idea

• Deployed Smart Metering Solution at Shapur (Junagarh) PGVCL – India’s First Smart Village Project

• Production of Electronic Energy Meters

• AMR / Prepayment Meter/ DT Meter launched

• Among the Top 10 Global AMI Companies as per IHS Markit’s

• Established Single

  • Ventured into Power Distribution

• & Three Phase

• Electronic Energy ▪ Implemented India’s Meters Management first End to End Smart Markit’s

• ▪ Multi-functional & Projects Metering Solution at Electricity Meters Report ▪ Manufacturing Kala Amb HPSEB’s – Edition 2018

• Multi-tariff facility at Haridwar Smart Grid Pilot Project ▪ Smart Meter Integrated

• Meters launched commissioned with Alstom line getting operational

• 1996 - 1999 2005 - 2009 2014 - 2016 2018 - 2019

• 1992 - 1995 2000 - 2004 2010 - 2013 2017 - 2018 2020 - 2021

• • ▪ R&D recognized by ▪ Launched meter ▪ Intelligent Group ▪ Became the First Company founded Government of with integrated Metering systems company in Asia

• for manufacturing India APFC, Smart deployed at BSES Pacific to supply 1.5

• Thick Film Hybrid Microcircuits & SMT ▪ Lean Meters, smart ▪ Smart Meters order million Smart Meters PCB Assemblies Manufacturing street light from EESL for supply ▪ Indigenously

• • First Production with help of TBM management of 13.5 lakh meters developed Vending facility set up in consultants, USA system, Group ▪ Only Indian company Software Agrim[[TM]] Metering etc accredited with STS

   - Became the First company in Asia Pacific to supply 1.5 million Smart Meters
  

▪ Indigenously developed Vending Software Agrim[[TM]] accredited with STS certification

• First Production facility set up in Sitapura, Jaipur

• Only Indian company to receive BIS certification for Smart Meters

▪ Increased product range of electronic energy meters

▪ Set up and Commenced production at Assam plant

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Journey So Far

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Meter Installed

Till 2003 Till 2006 Till 2010 Till 2014 Till 2018 Till 2021* 2,500,000 5,000,000 10,000,000 30,000,000 50,000,000 65,000,000

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* As on 31[st] March 2021

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Experienced Management Team

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Mr. Ishwar Chand Agarwal Executive Chairman

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Mr. Kailash Chandra Agarwal Vice-Chairman, Non-Executive, Non-Independent

Mr. Rajendra Kumar Agarwal Managing Director and CEO

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Mr. Subhash Chandra Garg Independent Director

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Dr. Giriraj Nyati COO - Metering Solution

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Mr. N L Nama Chief Financial Officer

Dr. Anukram Mishra Chief Technical Officer

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Mr. Jitendra Kumar Agarwal Joint Managing Director

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Dr. Keith Mario Torpy Non-Executive, Non-Independent Director

Mr. R Viswanathan Chief Management Representative

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Mr. Ranvir Singh Rathore Senior VP – Domestic Marketing and Sales

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Pillars of Competitive Edge

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Infrastructure R&D
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Certifications

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Workforce
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CAD, Dies and Mold designs, YOUR TEXT HERE In-house R&D Centre, PUT TEXT HERE CMMI level 3 CompanyYOUR TEXT HERE Armed with long-term, PUT TEXT HERE recognised by Ministry of Accredited with - ISI, KEMA, highly-experienced and Molding, Automated SMT Science and Technology, the SGS, STS, ZIGBEE, UL, DLMS best-in-class technologist, lines, Lean Assembly Government of India and etc., which is amongst the engineers and techniques and the state-ofaccredited by National highest in Indian Metering executives the-art manufacturing Accreditation Body for Solutions Industry facilities with complete forward and backward Testing Labs integration

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Business Verticals

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SMART METERING SOLUTIONS

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Offers a wide spectrum of Smart Metering Solutions, that includes High End Multifunction Single Phase and Three Phase Meters, CT Operated Meters & HES (Head End System), ABT & Grid Meters, Distribution Transformer (DT Meters), Pre-payment Meters, Group Metering, Smart Street Light Management Solution, Net- Metering Solution for rooftop Solar, Data Concentrator, Energy Management solution for Building Management and DC Metering Solution, Gas Meter etc

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Genus specializes in providing end-to-end metering solutions (AMI) with communication modules and software under its Smart Energy Management Solution

ENGINEERING, CONSTRUCTIONS AND CONTRACTS (ECC)

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Customized and turnkey (ECC) solutions to the Power Transmission and Distribution (T&D) sector

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Under the turnkey ECC solutions, Genus offers One Stop Total Solution of Metering, Engineering & Construction from ‘Concept to Commissioning’ with distinctive specialization in Smart Metering Solution & Advance Metering Infrastructure

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End to End Energy Management Solutions

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Meters from Generation to Consumption

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Diversified Product – Market Mix

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RESIDENTIAL & COMMERCIAL INDUSTRIAL PREPAYMENT SOLUTION Meters with communication LT / HT CT Meter with Integrated Single Phase Prepayment Meter capability Communication Three Phase Prepayment Meter Single / Three Phase Smart Meters with Automatic Power Meters Factor Controller Dual prepayment Solution Net Meters ABT Meter DIN Rail Prepayment Meter Smart Street Light Smart High end Meters Prepaid Vending Software Management System On-Line “Pre-paid” Metering Group Metering Solution

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Diversified Product – Market Mix

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DISTRIBUTION TRANSFORMER OPEN ACCESS / GRID CALIBRATION EQUIPMENT
Thread Through Metering Grid & Sub-Station Meter (ABT Single Phase Portable Reference
Solution for Distribution Complaint) Meter
Transformer
Three Phase Portable Reference
Smart DT Meter with Meter
Integrated Communication
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Engineering Construction & Contracts

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ECC Division

Leveraging on Strength

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Provides total engineering and More than 20 years of experience in construction solution from “Concept to Indian Power distribution sector Commissioning” Engineered Energy meter solutions Offers turnkey solutions of MV, HV & backed up with in-house R&D and EHV sub-stations & transmission lines technological prowess and execute turnkey jobs up to 420 KV

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Complements the Metering Business

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Increased implementation of Smart metering solution Higher sales growth under metering division Margin expansion Gain Market share

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Current Projects under implementation

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Design, engineering, supply of equipments for Substation, Transmission Line and associated system for construction of 220 KV Substation at Chhatti Bariatu, 33 KV Substation at Kerandari, 33 KV D/C Line from Chhatti Bariatu to Kerendari, 200 KV D/C Line from Pakri Barwadih to Chhatti Bariatu and from Patratu to Pakri Barwadih along with installation of DG Sets (NTPC-Jharkhand)

Genus Power would benefit from the GOI’s plan to reduce T&D losses in coming years

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Balanced Client Mix

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SEB’s registered under UDAY schemes are the major revenue contributors

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Manufacturing Assets at Glance

R&D Centre and Corporate Office, Sitapura, Jaipur

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Haridwar, Uttaranchal
Haridwar, Uttaranchal
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Ramchandrapura, Jaipur

Guwahati, Assam

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Total Installed capacity of over 10 million meters per annum

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Quality Assurance

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In-House NABL Accredited Electronic Energy Meter Testing Laboratories

A series of reliability tests are conducted periodically both on in-house reliability chambers and from NABL approved outside test labs, to establish a satisfactory life of the product in the hands of the customer.

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Quality is the hallmark of Genus products and services

Comprehensive testing is carried out at various stages of product manufacturing starting from incoming raw material/components to in-process stages and to the final finished and packed product

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Quality Certifications

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STS certification

CMMI Level 3 Company

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KEMA Certification

R&D Lab recognized by MSD, GOI

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STQC Certifications

DLMS Certification for Meters

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Bureau Veritas

QSI Certification

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Silver Certificate by Frost & Sullivan

IEC Certifications

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EMC Certifications IECQ for quality of components

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National Accreditation Board for Testing and Calibration Laboratories

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ZigBee Certification

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C-DOT Certifications

Awarded various national and international quality accreditations such as various ‘ISO’ marks, OHSAS 18001 ‘BIS‘, NABL, ‘STS’, ‘EMC’, ‘ISI’, ‘S’ mark, etc.,

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Infrastructure & Testing Capabilities

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Integrated Manufacturing Facilities 01
02 Clean room PCB Assemblies
03
Automated SMT Lines
04 Reflow and wave soldering
Lean Production Line 05
06
Automated Test Benches
07
In-house tool room
08
Plastic Molding
Sustainable Supply Chain 09
Management
10
Controlled Stores
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In-house Technology product since
inception
Truly “Made in India”
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• Quality Assurance

• • Innovation & R&D

• • In-House NABL Accredited Electronic Energy Meter Testing Laboratories (recognized by Ministry of Science & Technology, Govt. of India)

• • Lean Manufacturing

Qualified & Capable to service the evergrowing power sector demand by adhering to stringent protocol

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Key Awards Received

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2004: 2011: 2013:
Rated among top 100 Electronic Outstanding performance award by The prestigious EFY Reader’s choice top 5
companies in India by EFY NDPL towards AT&C loss reduction brands
2015: 2015:
Accorded Excellence in Quality by “
Silver Certificate of Merit” by Frost &
Golden Peacock National Quality
Sullivan’s India Manufacturing Excellence
Awards, 2015 Awards 2015
2018: 2019-20:
The Global Center of Excellence at Jaipur for the successful testing & integration of Genus “Best Innovation Award” and “Brand Ambassador
Smart Electricity Meter Solution in the Living Lab in Jaipur 2020 Award” by Alleem Business Congress, UAE
Quality team won 7 Gold & 3 Silvers in 32nd National Convention Quality Circle Awards Ranked among “Top 25 Most Trusted Manufacturing
organised by “Quality Circle Forum of India” at Gwalior & Haridwar Companies in India” by the CEO Magazine
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2019-20:

Recognition from CESC for “Active Involvement in Development of Smart Meters” Our Multiple Team won 17 Awards (11 Gold ; 04 Silver; 02 Bronze) in Lucknow Center Convention, Haridwar Center Convention and Kaizen Competition on Quality Circle Forum of India

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Business Outlook

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AT&C Losses in India are Three Times the Deficit

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• AT&C Loss = (Energy input – Energy billed) * 100 / Energy input

• At present, India loses around 30% of its power generated due to transmission, distribution, billing generation and collection inefficiencies

• Theft is the one of the main causes of the high losses. Theft occurs in several ways, viz: by tapping power lines and tempering / by-passing meter etc

▪ Meters play a vital role in reduction of AT&C Losses

• Replacement of defective meters by tamper proof electronic meters / smart meters

• AMI / Smart metering to the consumer for reduction of commercial losses and billing and collection ease

▪ Smart meter has the following capabilities:

• Smart Meters and AMI Meters have communication capability

• It can register real time or near real time consumption of electricity or export both.

• Read the meter both locally or remotely

• Remote connection or disconnection of electricity

• Remote communication facilities through GSM / GPRS / RF etc

• India can save Rs. 9.5 lakh crore by investing Rs 1.25 lakh crore for replacing 25 crore conventional meters with smart meters

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Source: Various Articles

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Reforms-Based, Result-Linked Power Distribution Sector Scheme

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01

Government has approved Rs. 3.03 trillion power distribution company (DISCOM) reform scheme. About half of the total funds of the scheme i.e. about Rs. 1.5 trillion are to be deployed for installation of smart meters

02

Scheme aims to bring down AT&C losses from the present level of 21.4% to 12-15% by 2024-25 & narrow the deficit between the cost of electricity and the price at which it is supplied to ‘zero’ by 2024-25

Revamped Distribution Sector Scheme

• *In TOTEX mode, Capital Expenditure and Operational Expenditure interrelation is acknowledged and they receive same attention in planning, implementation and regulation

• Scheme involves a compulsory smart metering ecosystem including in about 250 million households

• Proposes to install approximately 100 million Smart Meters across 500 Amrut cities, micro, SMEs, and government departments by December 2023 in the first phase

03

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04
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05
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Metering (feeder and DT) will be carried out in TOTEX* mode . Grant for metering is 15%. Remaining 85% costs are expected to be financed through improvement in billing and collections

PFC and REC have been nominated as nodal agencies for implementation of the scheme. The scheme will be applicable till 2025-26 and will subsume programs such as the Integrated Power Development Scheme and the Deen Dayal Upadhyaya Gram Jyoti Yojana

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Stringent Qualification Criteria & State-specific Interventions

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Different from Tripartite Agreements Qualification Criteria State-wise Evaluation Earlier Schemes DISCOMs would need Implementation of the To qualify for the scheme , Evaluation framework for the approvals from their state Scheme would be based on DISCOMs will have to: scheme will be formulated cabinets to become part of the action plan worked out the scheme based on the agreed action for each state rather than a • publish quarterly plan for each individual state “one-size-fits-all” approach unaudited accounts in Tripartite agreements 60 days of the end of between states, DISCOMs each quarter and nodal agencies for the Reforms Based • ensure no new Base Year for Evaluation scheme will be signed regulatory assets have been created DISCOMs have been asked to Union Power Ministry has • state governments have The base year for evaluation submit their applications suggested an indicative list paid subsidy in full will be 2019-20 while with loss reduction plans to of reforms to be covered by government bodies have trajectories will be set for the Union Power Ministry by the DISCOMs under the paid bills 2021-22 to 2025-26 across October 31, 2021 scheme various parameters

State-wise Evaluation Evaluation framework for the scheme will be formulated based on the agreed action plan for each individual state

Fund Disbursement

Funds under the scheme will be released to DISCOMs on meeting pre-qualifying criteria as well as upon achievement of basic minimum benchmarks evaluated on the basis of agreed evaluation framework tied to financial improvements

DISCOMs will have to score a minimum 60 marks on the evaluation matrix to be eligible for fund release each year

Funding for Metering

Other Key Condition for Funding

For metering, DISCOMs will be allowed to claim the grant funds in phased manner for every 5% of meters commissioned against total number of meters awarded

Evident from the scale of tenders that have been floated recently, that various states are eager to implement this Scheme thoroughly

Under the five-year program, if a DISCOM is found ineligible for the reforms-based, results-linked scheme for financial assistance in any year, then the gap in funding to complete its projects will have to be met by the DISCOM or its state government

However, the unmet targets for one year will get added to the targets for the next year

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4

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IntelliSmart Infrastructure Private (IntelliSmart)

1 EESL, along with the National Investment and Infrastructure Fund (NIIF), has formed a JV − IntelliSmart Infrastructure Private (IntelliSmart) − to implement the smart meter roll-out programme of power distribution companies

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So, these smart meters become an instrument of pay as you save. Under this model the DISCOMs are not investing anything. DISCOMs pay the fees through savings they make

6 6 6 6 6

2 IntelliSmart operates on OpEx model , which is a typical build-operatetransfer (BOT) model – where in they undertake the capex and install the smart meters without charging any money to DISCOMs

3 Once the meters are commissioned the utilities start saving on the AT&C losses to the tune of Rs. 225 per meter per month on an average. IntelliSmart charges anywhere between Rs. 75- 100 per meter per month

Source: Various Articles

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Currently, DISCOMs are pre-dominantly 5 employing the capex model that is not efficient. As they set up few thousand meters on capex mode, it takes away their valuable funds that can be invested into network correction

6

IntelliSmart is proactively canvassing ‘Pay-asyou-save model’ in order to break the inertia of DISCOMs who are resisting the adoption of OpEx model. The investment is done by IntelliSmart that is backed by sovereign wealth fund NIIF

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Metering Opportunity

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As per the, notification by power ministry, dated 8[th] September 2016 :

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Mandatory rollout of Smart Meters, for consumers with monthly consumption of 500 units and more

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Mandatory rollout of Smart Meters, for consumers with monthly consumption of 200 units and more

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Current Power minister Mr R. K. Singh has extended deadline to end of FY22

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METERING OPPORTUNITY

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India has 250 million legacy meters

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There are plans to install up to 130 million smart meters by 2021

GOVERNMENT INVESTMENT

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The government is planning to invest up to $21 billion till 2025 in smart grid technologies

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The smart cities initiative is targeting 100+ cities in India, out of which 20 have been declared and work for them will start in the next month or two

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More than 14 smart grid pilots have been launched in cities across India, to push smart solutions in Power Generation & Distribution Industry

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Source: Various Articles

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Smart Meter is the Future

Latching Switch

Smart meters will have a kill switch which will close off the utility supply. The kill switch will be operated via Internet. This will give power to utility providers to start and stop the supply at the click of a button

Increased customer involvement

As all the data collected will be uploaded on the Internet the customers will be able to access it using their smart phones application. This will give them a clear idea about daily, hourly and even per-minute consumption, and how it is billed

Prepaid Schemes

Customers will be able to recharge their meters to the amount of energy usage and consume only that much. As the meters are smart, they will remind the consumer when the balance is running low, or when a larger than normal chunk is being used. This will help consumers save money, and take the load of billing off the local body

Consumption Patterns

As consumers will be able to access the data on their mobile phones / tablets / PCs, they will be able to cut their expenses using simple strategies. For example not using water heaters or electric irons during peak hour

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What are Smart Meters ?

Smart meters are remarkably different from electronic meters. While electronic meters only measure the amount of utility used, a smart meter is used to measure the utility and then transmit the reading without any human intervention

• ✓ Allowing utilities to introduce different prices for different consumption during different season

• ✓ Control devices with two-way communication between the meter and the central system

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Source: Various Articles

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Geared to Ride the Growth Wave

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----- Start of picture text -----

Market leaders in metering
business
National and International Extensive Management
Recognition and certifications Experience
Integrated manufacturing facility/
largest installation base
Strong Pre - qualification
Credentials
In-house R&D Centre
Long Lasting Relationships
with the Customers
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Comprehensive range of metering products / solutions

First Indian Company to get BIS Certificate for Smart Meters

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Financial Performance

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Financial Highlights

Revenue (Rs. Crore)

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1,056 1,060
835
642
609
FY17 FY18 FY19 FY20 FY21
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PAT (Rs. Crore)

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94
72
58
52 51
FY17 FY18 FY19 FY20 FY21
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EBITDA (Rs. Crore)

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173
128
102
93
87
FY17 FY18 FY19 FY20 FY21
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Cash PAT (Rs. Crore)

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116
92
73 74
69
FY17 FY18 FY19 FY20 FY21
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Standalone Results

As per IND-AS

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Standalone Profit & Loss Statement

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Particulars (Rs. Crores)	FY21	FY20	YoY
Total Revenue	608.6	1,060.4	-42.6%
Cost of Material Consumed	350.2	664.0
Employee Expenses	87.8	108.7
Other Expenses	68.6	114.9
EBITDA	101.9	172.7	-41.0%
EBITDA (%)	16.7%	16.3%
Other Income	26.7	19.1
Depreciation	21.8	22.2
EBIT	106.9	169.7	-37.0%
EBIT (%)	17.6%	16.0%
Finance Cost	24.5	32.7
Profit before Tax	82.4	137.0	-39.8%
Tax	31.3	43.3
Profit after Tax	51.2*	93.7	-45.4%
PAT (%)	8.4%	8.8%
Cash PAT**	74.1	110.7	-33.1%
Cash PAT (%)	12.2%	10.4%
EPS (in Rs.)	1.99	3.64

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* Inclusive of Rs. 10.89 crore of reversal of excess tax provisions done by the company in previous period

As per IND-AS

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Standalone Balance Sheet

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ASSETS (Rs. Crores)	Mar-21	Mar-20	EQUITY AND LIABILITIES(Rs. Crores)	Mar-21	Mar-20
Non-currentassets			Equity
Property, plantand equipment	146.0	156.2	Equity share capital	25.7	25.7
Capital work-in-progress	0.1	0.8	Otherequity	908.8	859.5
Right ofUseAssets	15.0	15.8	Total equity	934.5	885.3
Intangible assets	1.6	1.3
Investmentin Associates	16.5	15.9	Non-current liabilities
Financial assets			Financial liabilities
Investments	78.0	76.2	Borrowings	7.5	23.3
Loans	28.8	28.7	Leaseliabilities	0.0	0.3
Others	13.7	25.6	Other financial liabilities	9.1	11.0
Non-financialassets	8.1	11.6	Provisions	35.0	33.4
Deferred taxassets (net)	3.3	19.9	Government grants	3.9	4.6
			Net employee defined benefitliabilities	0.8	1.5
Sub-total - Non-Current Assets	311.2	352.1	Sub-total - Non-current liabilities	56.4	74.1
Current assets			Current liabilities
Inventories	177.9	151.2	Financial liabilities
Financial assets			Borrowings	187.0	223.9
Investments	134.8	102.6	Trade payables	166.0	200.4
Investmentintrust	60.0	60.0	Leaseliabilities	0.4	0.8
Loans	0.9	1.4	Other liabilities	13.2	10.3
Tradereceivables	565.4	629.2	Government grants	0.7	0.7
Cash and cash equivalents	64.1	71.6	Net employee defined benefit liabilities	2.0	2.2
Other bank balances	50.6	34.4	Current tax liabilities (net)	2.7	2.8
Other financialassets	6.2	7.2	Provisions	12.4	12.5
Non-financial assets	24.8	29.8	Non-financial liabilities	20.3	26.5
Sub-total -Current Assets	1,084.5	1,087.3	Sub-total -Current liabilities	404.8	480.0
TOTAL -ASSETS	1,395.7	1,439.3	TOTAL - EQUITY AND LIABILITIES	1,395.7	1,439.3

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As per IND-AS

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Consolidated Profit & Loss Statement

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Particulars(Rs. Crores)	FY21	FY20	Y-o-Y
Total Revenue	608.6	1,060.4	-43%
Cost of Material Consumed	350.2	664.0
Employee Expenses	87.8	108.7
Other Expenses	68.6	132.1
EBITDA	101.9	155.5	-34%
EBITDA(%)	16.7%	14.7%
Other Income	45.3	16.1
Depreciation	21.8	22.2
EBIT	125.5	149.5	-16%
EBIT(%)	20.6%	14.1%
Finance Cost	24.5	32.7
Profit before Tax	101.0	116.8	-14%
Tax	31.3	43.3
Profit before Associate	69.7	73.5	-5%
PAT %	11.5%	6.9%
Profit/Loss of Associates	-1.1	-0.9
Profit after Tax	68.6*	72.6	-6%
PAT(%)	11.3%	6.9%
Cash PAT**	91.5	89.6	2%
Cash PAT(%)	15.0%	8.5%
EPS(in Rs.)	2.98	3.16

* Inclusive of Rs. 10.89 crore of reversal of excess tax provisions done by the company in previous period

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As per IND-AS

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Consolidated Balance Sheet

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ASSETS (Rs. Crores)	Mar-21	Mar-20	EQUITY AND LIABILITIES(Rs. Crores)	Mar-21	Mar-20
Non-currentassets			Equity
Property, plantand equipment	146.0	156.2	Equity share capital	23.0	23.0
Capital work-in-progress	0.1	0.8	Otherequity	881.6	814.9
Right ofUseAssets	15.0	15.8	Total equity	904.6	837.9
Intangible assets	1.6	1.3
Investmentin Associates	12.9	13.5	Non-current liabilities
Financial assets			Financial liabilities
Investments	78.0	76.2	Borrowings	7.5	23.3
Loans	28.8	28.7	Leaseliabilities	0.0	0.3
Others	13.7	25.6	Other financial liabilities	9.1	11.0
Non-financialassets	8.1	11.6	Provisions	35.0	33.4
Deferred taxassets (net)	3.3	19.9	Government grants	3.9	4.6
			Net employee defined benefitliabilities	0.8	1.5
Sub-total - Non-Current Assets	307.6	349.6	Sub-total - Non-current liabilities	56.4	74.1
Current assets			Current liabilities
Inventories	177.9	151.2	Financial liabilities
Financial assets			Borrowings	187.0	223.9
Investments	168.3	117.6	Trade payables	166.0	200.4
Investmentintrust	0.0	0.0	Leaseliabilities	0.4	0.8
Loans	0.9	1.4	Other liabilities	13.2	10.3
Tradereceivables	565.4	629.2	Government grants	0.7	0.7
Cash and cash equivalents	64.1	71.6	Net employee defined benefit liabilities	2.0	2.2
Other bank balances	50.6	34.4	Current tax liabilities (net)	2.7	2.8
Other financialassets	6.2	7.2	Provisions	12.4	12.5
Non-financial assets	24.8	29.8	Non-financial liabilities	20.3	26.5
Sub-total -Current Assets	1,058.1	1,042.3	Sub-total -Current liabilities	404.8	480.0
TOTAL -ASSETS	1,365.7	1,391.9	TOTAL - EQUITY AND LIABILITIES	1,365.7	1,391.9

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As per IND-AS

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Genus Power Infrastructures Limited CIN: L51909UP1992PLC051997 Mr. Ankit Jhanjhari ankit.jhanjhari@genus.in www.genuspower.com

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Strategic Growth Advisors Pvt. Limited CIN: U74140MH2010PTC204285 Mr. Shogun Jain / Mr. Parin Narichania shogun.jain@sgapl.net / parin.n@sgapl.net www.sgapl.net

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