CyanConnode: Indian smart meter programme update

On 14 and 15 October 2022, the Indian Ministry of Power held a “Brainstorming Session” at the Power Ministers’ Conference. The presentation for the session contains a detailed update on the smart meter rollout in terms of rationale, targets and current progress. The Indian Government’s commitment to achieving the replacement of 250m meters remains emphatic, likely reinforced by the positive benefits delivered so far in terms of key metrics, such as billing and collection efficiency. Deployments of some 179m meters have been sanctioned, of which c.35% are at various stages of the tendering/award process. CyanConnode Holdings plc (LON:CYAN) remains a proven vendor and supplier to many prime contractors, boding well for the company.

  • Process is reaching the critical phases: After a lengthy gestation period and a couple of partial reboots, the Indian programme is gaining significant momentum, which is impressive given the unprecedented scale of the rollout of 250m smart meters across one of the most populous countries in the world.
  • CyanConnode is emerging as a key technology provider: Around 5m modules have been deployed so far, in total, in India, of which CyanConnode has delivered approximately 25%. It is, to date, the sole provider and/or primary vendor of smart meter connectivity technologies in several states across the country.
  • The total Indian programme value is immense: The total budgeted outlay for the smart meter element of the Indian programme is INR1.5 lakh crores, i.e. INR1.5tr, or around £15.8bn. A similar amount has been allocated to enabling activities such as expansion of distribution capacity and training.
  • Forecasts are conservative: Investors may perceive a disconnect between the growing momentum in the Indian programme and revenue growth forecasts, which anticipate 26% revenue growth in FY23. This is a function of the greater element of deferred revenue recognition, plus a highly conservative management approach.
  • Investment summary: The bias towards proven technology suppliers in the Indian programme is evident, especially for newer service provider participants looking to establish track records for successful deployments and positive reference sites. CyanConnode is benefiting from, and often working with, multiple partners in single tenders. Our DCF-implied fair equity value for CyanConnode is £63.7m (£0.27 per share), vs. the current market cap. of £31.9m.

DOWNLOAD THE FULL REPORT

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
CyanConnode Holdings plc

More articles like this

CyanConnode Holdings plc

Solid State Supplies scoops $10m deal for RF components

Solid State Supplies has won a $10.7m follow-on order for radio frequency components from Cambridge-based CyanConnode. CyanConnode provides customers with long-range, low-power, end-to-end networking solutions and high- performanceapplicationsthathelpthemenhanceservicedelivery,improvebusinessefficiencyandsaveenergy. Its Narrowband Radio Frequency Smart Mesh Networks are used for

CyanConnode Holdings plc

CyanConnode receives order for 600,000 Omnimesh Modules

CyanConnode Holdings plc (LON:CYAN), a global leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has announced this morning the receipt of an order from Paschimanchal Infrastructure Pvt Ltd, a subsidiary of IntelliSmart Infrastructure Private Ltd, for 600,000

CyanConnode Holdings plc

Revolutionising sustainability

CXOToday has engaged in an exclusive interview with Manish Kothari, SVP at Silicon Labs What is your view on the growing importance of ‘sustainability’ in IoT solutions in 2023? The Internet of Things is transforming industries, growing economies,

CyanConnode Holdings plc

$10.7m components deal secured by Redditch tech manufacturer

Specialist component supplier and manufacturer Solid State has received a $10.7m follow-on order for radio frequency products. The Redditch-based firm has secured the deal from its customer CyanConnode, a solutions company that looks to improve business efficiency and

CyanConnode Holdings plc

Smart Meter Summit 3rd Edition 2023

CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications. 

CyanConnode Holdings plc

IntelliSmart bags 6.7 million smart meter order in India

In the country’s latest rollout bid, India’s IntelliSmart has announced a smart meter contract of 6.7 million prepaid smart meters in 14 districts, which they claim is the largest rollout the country has seen to date. Indian smart

CyanConnode Holdings plc

Smart meter adoption: Developed vs. developing countries

The adoption of electronic smart meters has been steadily increasing around the world, but there are clear differences between developed and developing countries when it comes to this technology. In this blog, we will explore the advantages and

CyanConnode Holdings plc

New SoC – Ideal for smart cities and long range IoT

Silicon Labs has announced the general availability of its new FG25 system-on-chip (SoC) to help address the growing need for intelligent, connected devices in cities and other municipal environments. Ideal for Wi-SUN applications, the launch strengthens its commitment

CyanConnode Holdings plc

Silicon Labs launches FG25 SoC

Silicon Labs, Inc (NASDAQ: SLAB), a leader in secure and intelligent wireless technology, announced the general availability of its new FG25 system-on-chip (SoC) to help address the growing need for intelligent, connected devices in cities and other municipal

CyanConnode Holdings plc

Smart meters explained

Smart meters are an investment into energy efficiency that cost you nothing extra to have installed, and should give you a clear picture of your energy usage and how to make savings accordingly. They measure how much gas

No more posts to show