Any current/future new fundraising through debt or equity?

The company did not explicitly mention any immediate plans for new fundraising through debt or equity in the call. However, they indicated the presence of a very robust balance sheet to support scaling up their businesses over the next four to five years. Capex for seismic equipment (Rs. 20 to 40 Crore) may be funded through internal accruals, not external fundraising. Discussion about listing on the National Stock Exchange is underway but no concrete steps or timelines have been provided. The management’s focus is on leveraging internal resources and operational bandwidth rather than raising

Any current/future capex/capital investment/strategic investment?

Asian Oilfield Services has existing infrastructure capable of executing seismic orders worth Rs. 300 Crore annually. They may require Rs. 20 to 40 Crore of capex in the future to acquire additional seismic equipment. This capital expenditure is planned to be funded through internal accruals. The company intends to invest strategically in BOOT (Build, Own, Operate, Transfer) projects for longer duration, stable cash-flow projects. There is a focus on diversifying revenue streams and bidding selectively for seismic projects under India's OLAP 1, 2, and 3 rounds. No mention of retention money or

Future growth expectations in sales/revenue/volumes?

Asian Oilfield Services expects revenue growth of around 5% to 10% in FY20. They aim to maintain EBITDA margins around 17% to 18%, with efforts to improve margins going forward. The company envisions adding more orders, especially in seismic business segments in India and abroad. Contracts worth Rs. 1,500 Crore under OLAP 1 seismic acquisition are likely to be awarded within six months. Asian plans to complete current seismic and EPC orders steadily over the next 2 years. International projects like Amni in Nigeria are expected to contribute significantly, with $40 million revenue expected ove

Future growth expectations in earnings/operating earnings/profits/EPS?

Revenue growth expected around 5% to 10% in FY20 (Page 8). EBITDA margins to be maintained around 17% to 18%, with attempts to improve margins going forward (Page 8). Robust performance momentum from Q2FY20 expected to continue in H2FY20 and FY21 due to current order book (Page 3). Over next 1.5 years, focus on delivering seismic projects and completing the MOPU upgrade project in Nigeria (Page 3). Order book execution spread mostly over next two years; Rs. 550 Crore executable in two years (Page 5). International projects like Amni International ($52 million project) expected to generate appr

Current/ Expected Orderbook/ Pending Orders?

As on September 30, 2019, the total outstanding order book is Rs. 765 Crore. Order book split: EPC 36%, Seismic 38%, O&M 26%. Rs. 55 Crore revenue booked in Q2 from Q1 order book of Rs. 850 Crore, adjusted for Rs. 20 Crore due to force majeure in NC Hill project. Net executable order book as of Q2 stands at approximately Rs. 795 Crore. Of the Rs. 760-795 Crore order book, Rs. 200 Crore spans ten years; the remaining Rs. 550 Crore expected to be executed over next two years. Company is awaiting results of multiple tenders and is hopeful to win selective seismic projects under OLAP rounds. Seism

Asian Energy Services LtdQ2 FY20Oil

Asian Energy Services Ltd Q2 FY20 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹410.5P/E: 31.1Market Cap: ₹2.0K CrSector: Oil

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

Asian Oilfield Services expects revenue growth of around 5% to 10% in FY20.
They aim to maintain EBITDA margins around 17% to 18%, with efforts to improve margins going forward.
The company envisions adding more orders, especially in seismic business segments in India and abroad.
Contracts worth Rs. 1,500 Crore under OLAP 1 seismic acquisition are likely to be awarded within six months.
Asian plans to complete current seismic and EPC orders steadily over the next 2 years.
International projects like Amni in Nigeria are expected to contribute significantly, with $40 million revenue expected over the next four quarters.
Asian aims to diversify revenue streams so that no single business or client contributes more than 30-40% by FY23.
The robust performance momentum of Q2FY20 is expected to continue into FY21.
Bidding actively in seismic tenders from major operators such as Cairn India, ONGC, and Oil India.

Margin guidance

Category 3

Revenue growth expected around 5% to 10% in FY20 (Page 8).
EBITDA margins to be maintained around 17% to 18%, with attempts to improve margins going forward (Page 8).
Robust performance momentum from Q2FY20 expected to continue in H2FY20 and FY21 due to current order book (Page 3).
Over next 1.5 years, focus on delivering seismic projects and completing the MOPU upgrade project in Nigeria (Page 3).
Order book execution spread mostly over next two years; Rs. 550 Crore executable in two years (Page 5).
International projects like Amni International ($52 million project) expected to generate approximately $40 million revenue over next four quarters (Page 7).
Thanks to cost optimization and better operating performance, Q2FY20 profit after tax turned positive at Rs. 6.3 Crore vs loss in last year (Page 3); indicates improving profitability trajectory.
Potential for growth backed by expansion in seismic business with new tenders in India (Page 3, 7).

See what Asian Energy Services Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

The company did not explicitly mention any immediate plans for new fundraising through debt or equity in the call.
However, they indicated the presence of a very robust balance sheet to support scaling up their businesses over the next four to five years.
Capex for seismic equipment (Rs. 20 to 40 Crore) may be funded through internal accruals, not external fundraising.
Discussion about listing on the National Stock Exchange is underway but no concrete steps or timelines have been provided.
The management’s focus is on leveraging internal resources and operational bandwidth rather than raising fresh funds at this moment.

Order book

As on September 30, 2019, the total outstanding order book is Rs. 765 Crore.
Order book split: EPC 36%, Seismic 38%, O&M 26%.
Rs. 55 Crore revenue booked in Q2 from Q1 order book of Rs. 850 Crore, adjusted for Rs. 20 Crore due to force majeure in NC Hill project.
Net executable order book as of Q2 stands at approximately Rs. 795 Crore.
Of the Rs. 760-795 Crore order book, Rs. 200 Crore spans ten years; the remaining Rs. 550 Crore expected to be executed over next two years.
Company is awaiting results of multiple tenders and is hopeful to win selective seismic projects under OLAP rounds.
Seismic contracts worth Rs. 1,500 Crore likely to be awarded in India within next six months.
Order book expected to be filled for next two years within next two quarters.

See what Asian Energy Services Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Asian Oilfield Services has existing infrastructure capable of executing seismic orders worth Rs. 300 Crore annually.
They may require Rs. 20 to 40 Crore of capex in the future to acquire additional seismic equipment.
This capital expenditure is planned to be funded through internal accruals.
The company intends to invest strategically in BOOT (Build, Own, Operate, Transfer) projects for longer duration, stable cash-flow projects.
There is a focus on diversifying revenue streams and bidding selectively for seismic projects under India's OLAP 1, 2, and 3 rounds.
No mention of retention money or mobilization advance as a capital investment requirement.
Overall, capex is planned but limited and aimed at scaling seismic business over the next 4-5 years using a robust balance sheet.

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