Asian Energy Services, a service provider to the energy sector, plans to double its revenue to Rs 600 crore in the current financial year 2024-25 from the previous fiscal, said Kapil Garg, managing director of the company.
Additionally, the company has a third party order book of over Rs 1,000 crore which it intends to execute in the next two to three years.
“We already have a third party order book of more than Rs 1,000 crore which is to be executed in the next two years or less,” Garg said.
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“We are looking to at least double the revenue target going forward. This year, we will be looking to double from Rs 300 crore to Rs 600 crore.”
Asian Energy Service is a subsidiary of Oilmax Energy which provides services that include geophysical data acquisition (seismic), production facility construction (EPC) and operation and maintenance.
In the past 2.5 years, the company has also diversified into the coal sector and will further look to expand its footprint in the coal gasification and minerals mining segment going ahead.
Presently, ASEL has five ongoing projects to build coal handling plants with different subsidiaries of Coal India and will continuously look for further expansion in the truck loading systems, Garg noted.
“For quite some time, we have been hearing about the government’s 100-day agenda for the year. We feel there is going to be a lot more focus in the mining sector going ahead,” he said, adding that the company will diversify its business in mining of minerals.
The company is in discussions with National Mineral Development Corporation (NMDC) and Vedanta’s Cairn to explore opportunities in the mining segment but have not gotten to the stage of bidding yet, Garg informed.
“We are trying to leverage on the existing relationships with Vedanta to build and take it further. We constantly keep on looking for opportunities,” he said.
Garg is also optimistic of receiving at least `1,000 crore worth of seismic tenders from the country’s upstream sector companies in the next 1-2 years.
“This year looks exciting for seismic surveys because the national seismic programme phase 2 which is already approved is in the tendering process. And when you combine that work with existing fields, it’s looking very exciting,” he said.
The company is hopeful of bagging a generous amount of tenders from Oil India, Oil and Natural Gas Corp (ONGC), and Vedanta’s Cairn Oil and Gas which will be out in the next two months. “We will win some of those by September, execution should begin from mid October to early November and they will all be finished by June next year.”
Going forward, the MD is very bullish on the operation and maintenance business and wishes to focus on the domestic market but will keep evaluating opportunities in Africa and the Middle East.
The company’s net profit surged 15% in Q4FY24 to Rs 14.67 crore from the same period previous fiscal. “FY25 starts on a good note and we hope to maintain growth. O&M business is becoming more and more steady because they are long term contracts,” Garg said.
From: financialexpress
Financial News
