Asian Energy Services shares gain 5% on securing LoA for nearly ₹38 crore project from Sun Petrochemicals

In a filing to the stock exchanges the company said that it has received a Letter of Award(LoA) from oil exploration company Sun Petrochemicals Pvt Ltd for 3D seismic data acquisition and processing services for Sunpetro’s fields and blocks located in Gujarat.

The company informed the stock exchanges that the LoA is valued at ₹37.71 crore and the contract will be executed in six months.

Asian Energy Services posted a growth in its consolidated net profit and revenue from operations for the March quarter.

The oil and gas industry service provider’s revenue from operations for the March quarter surged over 314% to ₹118.72 crore compared to ₹28.68 crore in the same quarter of the preceding fiscal. The company’s revenue from operations for the March quarter increased 25% from ₹94.83 crore in the quarter ended December. Asian Energy Services’ revenue from operations for FY24 increased over 177% to ₹305.06 crore compared to ₹109.95 crore in the preceding fiscal.

Asian Energy Services posted a net profit of ₹14.67 crore for the quarter ended March 31, 2024, compared to a loss of ₹6.69 crore a year ago. Sequentially, the company’s net profit increased over 15% from ₹12.71 crore in the December quarter. The company turned profitable in FY24 and posted a net profit of ₹2,554.75 crore for the full financial year compared to a loss of ₹44.44 crore in the preceding fiscal.

Asian Energy Services Ltd is a service provider for the energy and minerals industry. The company's various services include geophysical data acquisition (seismic), turnkey drilling, production facility construction (EPC) and facility operation and maintenance.

Shares of Asian Energy Services were trading 0.60% lower at ₹280.05 apiece on the NSE at 3:00 pm.