Non-technical losses are common phenomenon and globally the distribution and transmission companies losses around US $ 90 billion revenue every year. Electricity theft is considered as one of the non-technical losses and deprives the distribution company from its major portion of revenue. In developing and especially in under developed countries, that practice is more common and put an extra burden on already fragiled power system as well as poor economy. Last year, Pakistan has faced around US $ 530 Million revenue loss due to electricity theft. There are certain instruments available to control the electricity theft, however, Smart Meters ( aka Advance Metering Infrastructure) is considered as one of the best options for curbing the electricity theft. Expensive equipment and associated infrastructure, however, make it an expensive choice for deployment especially in developing countries. In this study, in order to access the economic viability for a distribution company, benefit to cost ratio for installation of smart meters for controlling electricity theft at feeder level, is made.