Asian Energy Services added 2.59% to Rs 287 after the company along with its JV partner, Indwell has been awarded an order for coal evacuation system at PKOCP, Manuguru Area of Singareni Collieries Company (SCCL).
The scope of the project is to design, supply, erect & commission and trial run etc for Coal Evacuation System by Belt Conveyors at PKOCP, Manuguru Area of The Singareni Collieries company.The time period for the completion of the project is 18 months. The cost of the project is Rs 148 crore plus 18% IGST.
Kapil Garg, managing director, Asian Energy Services, said, We are delighted to announce that we have won another contract valued at ~Rs 148 crores in the coal segment. This marks our second order secured with SCCL, highlighting not only the confidence major players place in us but also our capability to consistently win repeat business from our clients. This achievement underscores our optimistic outlook on the abundant opportunities within the mineral sector, particularly in coal. It stands as a testament to our strategic shift from solely focusing on seismic services to embracing a more diversified approach. We are enthusiastic about the promising prospects that lie ahead in the mineral industry.
Asian Energy Services specialises in a geophysical range of onshore seismic and drilling services, including acquisition, imaging and field evaluation and two-dimensional and three-dimensional seismic data acquisition services. The group also provides EPC and O&M services to various oil and gas production units.
The company had reported a net profit of Rs 14.57 crore in the quarter ended March 2024 as against net loss of Rs 6.55 crore during the previous quarter ended March 2023. Revenue from operations zoomed to Rs 118.73 crore in Q4 FY24 from Rs 28.69 crore in Q4 FY23.
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