Asian Energy Services reports sequential growth in quarterly earnings; Stock trades flat

Q4 Profit before exceptional item up by 72% qoq at Rs14.22cr, FY21 profit was almost flat at 35cr compared to Rs36cr in Q4FY20.

Jun 21, 2021 11:06 IST India Infoline News Service

Asian Energy Services Ltd. on Saturday reported Q4FY21 revenue from operations up by 76% qoq at Rs81.41cr, FY21 consolidated revenue declined to Rs229cr from Rs273cr in FY20.

Q4 EBITDA up by 47% qoq at Rs19.9cr, FY21 EBITDA at Rs55cr compared to Rs66cr in FY20. Q4 Profit before exceptional item up by 72% qoq at Rs14.22cr, FY21 profit was almost flat at 35cr compared to Rs36cr in Q4FY20.

Ashutosh Kumar, a full-time Director, and CEO, said, “Last year has been very challenging due to Covid-19 and disruptions in business operations due to it. However, we are happy with our performance in FY21 despite these challenges and we continue to strive to deliver our best possible operational and financial performances. We are confident that we shall be able to deliver even better performances in coming years.

With oil prices recovering from their historical lows, we have seen good pickup in demand of business activities, with tenders for both seismic services and O&M services coming up. We are quite hopeful to win bids for a few more projects and continue to add to our existing order book.”

He further said, “Our diversification plan into coal and other minerals sectors will go a long way towards de-risking our company from volatility and dependence on Oil & Gas prices.

In this regard, we are pleased to have made good inroads by bagging not only three seismic and drilling services project from Coal India already, but also our first Energy Infrastructure project. We see tremendous scope for Energy Infrastructure associated services business in India with the Government of India focusing on modernisation of existing infrastructure and creation of new infrastructure. With ongoing reforms in mineral sector in India, added with global surge in commodity prices, we are hopeful that this business will become the next growth engine for our company in coming years.”

At around 11.44 AM, Asian Energy Services Ltd. was trading at Rs112.55 per piece up Rs0.05 or 0.04% on the BSE. 

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