Aakash Exploration Services Q1 Results Revenue Down 15.82% QoQ & Net Profit Drops 65.88% QoQ

Aakash Exploration Services Q1 Results: The financial results for Aakash Exploration Services for the first quarter of 2024 show some important details. The company's total revenue for this period was 26.01 crores, which is higher than the 18.30 crores from the same time last year, showing a strong increase of 42.10%. However, it is down by 15.82% compared to the previous quarter, where the revenue was 19.71 crores.

Aakash Exploration’s expenses were also reported. Selling, general, and administrative expenses rose to 7.63 crores, which is a 20.87% increase from last year but only a slight rise of 1.73% from the previous quarter. Depreciation and amortization costs decreased by 12.73% from the previous quarter, coming to 1.71 crores, but were slightly down by 4.63% compared to last year.

Total operating expenses went up to 24.38 crores, which is a 46.60% increase from the same period last year. This led to a decrease in operating income by 67.23% from the previous quarter, resulting in 1.63 crores. Net income before taxes also dropped by 66.00% from the previous quarter but increased by 17.10% compared to last year. Finally, the net income was 1.20 crores, reflecting a 65.88% drop from the previous quarter but a 15.50% rise from last year. The diluted normalized EPS increased by 20.00% year-on-year but fell by 65.71% compared to the previous quarter.

Here is the quarterly financial summary for Aakash Exploration Services for Q1:

Aakash Exploration Services Q1 Results 

Aakash Exploration Services reported notable figures in their financial results for the first quarter ended June 30, 2024. The company's revenue from operations was ₹2,600.62 lakhs, which is lower compared to the previous quarter's ₹3,089.22 lakhs but significantly higher than the ₹1,830.17 lakhs recorded in the same quarter last year. The total revenue, including other income, stood at ₹2,653.83 lakhs, showing a decrease from ₹3,127.81 lakhs in the previous quarter and an increase from ₹1,836.33 lakhs a year ago.

Aakash Exploration Services’ expenses for this quarter totaled ₹2,491.78 lakhs, down from ₹2,651.03 lakhs in the previous quarter but higher than the ₹1,697.95 lakhs spent in the corresponding quarter last year. Major expenses included ₹762.72 lakhs for employee benefits and ₹171.37 lakhs for depreciation.

Aakash Exploration Services achieved a profit before tax of ₹162.05 lakhs, a decrease from ₹476.78 lakhs in the previous quarter but an improvement from ₹138.38 lakhs a year ago. After accounting for tax expenses, the profit for the period was ₹119.61 lakhs, lower than the ₹350.72 lakhs in the previous quarter but higher than ₹103.55 lakhs from the previous year.

Here’s the Financial Results : 

(Figures in Lakhs)

Source: Here 

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Aakash Exploration Services Financial Metrics 

Aakash Exploration Services has a market capitalization of ₹132 crore, which shows the total value of its shares in the market. The current stock price is ₹13.00. The stock has reached a high of ₹17.20 and a low of ₹5.70 in recent times. The price-to-earnings (P/E) ratio is 20.7, indicating how much investors are willing to pay for each unit of earnings. 

Here's a summary of the financial details provided:

Quarterly Results 

Aakash Exploration Services earned ₹21.80 crores in sales and spent ₹19.01 crores on expenses, leaving an operating profit of ₹2.79 crores in December 2023. The operating profit margin (OPM) was 12.80%, meaning they kept 12.80% of their sales as profit after covering expenses.

Here's the quarterly financial data for December 2023, March 2024, and June 2024:

(Figures in Rs. Crores)

About Aakash Exploration Services 

Aakash Exploration Services is a well-established company based in Ahmedabad, Gujarat, specializing in providing services for the Oil and Gas industry. We are certified with ISO 9001, ISO 14001, and OHSAS 18001, which means we follow high standards for quality, environment, and safety.

For 25 years, Aakash Exploration Services has been delivering reliable services, including Mobile Work Over Rigs, Hot Oil Circulation Units, Air Compressors, Mobile Steaming Units (Boilers), Mobile Pumping Units, Cranes, Manpower Services, and SRP Unit supply and maintenance.

Aakash Exploration Services clients include major companies like Oil & Natural Gas Corporation (ONGC), as well as private firms such as GSPCL, Cairn, Essar, Great Eastern Energy, IOC, Niko, OIL, and Price Petroleum. We are proud to have a dedicated team of over 900 employees who work hard to ensure that we meet and exceed our customers' needs.

Aakash Exploration Services is known for its commitment to quality and innovation, which helps us tackle new challenges in the Oil and Gas field. We strive to deliver effective and efficient solutions to our clients across India, maintaining a high level of satisfaction with our services.