New Delhi, Aug 13 (IANS) Asian Energy Services Limited reported a sharp sequential drop in net profit for the first quarter of FY26 at Rs 5.63 crore, as revenues and margins eased from the previous quarter’s high base, according to an exchange filing on Wednesday.

For Q1 FY26, the company posted a net profit of Rs 5.63 crore, down 75 per cent QoQ from Rs 22.5 crore in Q4 FY25. Total income stood at Rs 117.35 crore, falling 46 per cent QoQ from Rs 217.13 crore in the preceding quarter.

Expenses also declined, coming in at Rs 110.10 crore versus Rs 190.21 crore in Q4 FY25. Consequently, profit before tax (PBT) fell to Rs 7.84 crore, a 73 per cent QoQ drop from Rs 29.13 crore.

On a year-on-year basis, performance showed solid growth. Net profit more than doubled from Rs 2.06 crore in Q1 FY25, while total income surged 91 per cent YoY from Rs 61.49 crore. PBT also rose sharply from Rs 3.01 crore in the same period last year.

Meanwhile, Asian Energy Services shares settled slightly lower on Wednesday. The stock ended the session at Rs 344.0, down 0.33 per cent.

The company secured a Rs 772 crore contract for an integrated service contract from Vedanta Limited, and it will be executed over 57 months, Asian Energy Services said in an exchange filing.

It also secured a Rs 46 crore seismic data acquisition and processing contract from Sun Petrochemicals in Gujarat, to be executed over 12 months.

According to the filing, the company is in the process of completing the acquisition of Kuiper Group, broadening service offerings and expanding the company’s international market reach.

“We are pleased to report that FY26 has commenced on a strong footing, with Revenue from Operations, EBITDA and Profit After Tax surging for Q1 on a year-on-year basis, supported by the timely execution of ongoing contracts, improved resource utilisation, and operational efficiencies across service lines,” the company management said.

“In July, we further strengthened our business pipeline by securing two significant contracts,” it added.

–IANS

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