GMR Power locked in 20% upper circuit after subsidiary bags Rs 5,123.37-crore order

GMR Power and Urban Infra will install and maintain 50.17 lakh smart meters in Uttar Pradesh’s Varanasi, Azamgarh, Prayagraj, and Mirzapur zones

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GMR Power and Urban Infra was locked in a 20 percent upper circuit on September 4, a day after the infrastructure company announced that its subsidiary, GMR Smart Electricity Distribution, bagged a Rs 5,123.37-crore order from the Uttar Pradesh government.

“The company has received the letter of award (LoA) for implementing ‘smart metering project’ in Purvanchal region of Uttar Pradesh which consists of districts namely- Varanasi, Azamgarh, Prayagraj, and Mirzapur,” the company said in a regulatory filing on September 3.

GMR Power and Urban Infra was expected to install and maintain 50.17 lakh smart meters in the area, the company said.

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“The company also expects Dakshinanchal Vidyut Vitran Nigam to award a similar LoA very soon to implement smart metering project in the Dakshinanchal region comprising Agra and Aligarh zones,” it added.

At noon, GMR Power and Urban Infra stock was locked at Rs 34.10 on the National Stock Exchange , up Rs 5.65, or 19.86 percent.

In the June quarter, the company reported a 5.14 percent year-on-year (YoY) rise in revenue from operations at Rs 1,124 crore. It reported a net loss of Rs 218 crore for the quarter against a profit of Rs 202 crore reported in the same period previous year. The operating profit margins for the quarter remained flat at 14 percent.

GMR Power and Urban Infra, part of the GMR Group, is in the business of power generation and infrastructure development. The company derives its major revenue from power generation activities through thermal and renewable energy projects. It also engages in urban infrastructure development, including airports, highways, and urban transport projects.

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