Asian Energy Services Secures ₹38 Crore Project, Shares Surge 5%

Asian Energy Services shares rose 5% to ₹295.8 after winning a ₹38 crore seismic data project in Gujarat from Sun Petrochemicals, marking a significant achievement for the company.
Asian Energy Services Secures ₹38 Crore Project, Shares Surge 5%

Asian Energy Services Ltd experienced a 5% increase in share prices, reaching ₹295.8, following the announcement of a nearly ₹38 crore project award from Sun Petrochemicals. The project involves 3D seismic data acquisition and processing in Gujarat, highlighting a significant business win for the company.

The company has officially been granted a Letter of Award (LoA) from Sun Petrochemicals Pvt Ltd. This contract, valued at ₹37.71 crore, is set for completion within six months, underscoring the company’s capabilities in handling sizable and critical operations.

Asian Energy Services also reported a substantial increase in its financial metrics for the March quarter. Revenue surged by over 314% year-over-year to ₹118.72 crore, and sequential growth from the December quarter was noted at 25%, demonstrating strong operational performance.

The financial results for the March-ending quarter showed a net profit of ₹14.67 crore, a remarkable recovery from a loss of ₹6.69 crore in the previous year. This improvement reflects a significant turnaround, with the company’s net profit for the full financial year reaching ₹2,554.75 crore.

Despite the positive project news and financial turnaround, Asian Energy Services’ shares saw a slight decline later in the day, trading down by 0.60% at ₹280.05 each on the NSE around 3:00 pm, showing market volatility and investor reactions to immediate fiscal data.

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