Homegrown smart metering firm Gram Power is eyeing a multi-fold growth in topline in the current fiscal as it is set to ramp up the manufacturing capacity to 10 million units per annum, according to a top company official.
“We have set up a manufacturing unit with a capacity of up to 3 million smart meters per year, and we aim to ramp up production to 10 million meters in the next 12-15 months to meet the growing demand for smart metering systems in the country,” Yashraj Khaitan, Founder and CEO of Gram Power, told PTI.
With the capacity expansion, Gram Power is eyeing about 10 per cent of the country’s 300 million metering market over the next five years.
Khaitan said that that once the additional capacity is functional, Gram Power’s topline turnover will increase by 20 times in 2023-24. However, he did not disclose specific financial details. Recently, the company raised USD 100 million from I Squared Capital for capacity expansion works.
Under the Smart Meter National Programme, the government aims to replace 25 crore conventional meters with smart meters. Smart meters are connected through a web-based monitoring system which help to reduce commercial losses of utilities and enhance their revenues. As part of the Revamped Distribution Sector Scheme (RDSS), the power ministry aims to improve operational efficiencies and financial sustainability for beleaguered power distribution companies (discoms) and state power departments. Recently, Gram Power was awarded a 10-year contract for Ladakh and Kargil Energy operations. The contract entails redesigning the entire distribution network cabling and installing 61,000 smart meters.
“The terrain and scattered locations make this the most challenging project in the country,” Khaitan said.
According to him, India is a flourishing market for advanced metering infrastructure and with the government’s push towards digitisation and smart cities, the demand for smart metering solutions is expected to increase further.
The company, which has achieved good traction in the competitive smart metering industry, is executing various projects, including works related to the national grid, and help entities reduce their energy costs by up to 30 per cent.
