Asian Energy Services Ltd

- 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.

- 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.

- 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.

- 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).

- 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.