Alphageo India Reports 62% Revenue Growth in Q1, Sets AGM Date

Alphageo (India) Limited , a leading provider of geophysical data acquisition, processing, and interpretation services, has reported a significant increase in revenue for the first quarter. The company's board of directors approved the unaudited financial results in a meeting held on August 12.

Financial Highlights

On a consolidated basis, Alphageo India achieved a remarkable 62% year-on-year growth in revenue from operations for Q1:

Despite the substantial increase in revenue, the company experienced a decline in profit after tax, which stood at Rs 74.23 lakhs compared to Rs 402.32 lakhs in the same quarter last year. This resulted in a lower earnings per share of Rs 1.27, down from Rs 5.89 in the previous year's quarter.

Standalone Performance

On a standalone basis, Alphageo India's performance mirrored its consolidated results:

• Revenue from operations increased to Rs 4,084.28 lakhs, up from Rs 1,869.60 lakhs in the previous year's quarter.
• Profit after tax decreased to Rs 91.72 lakhs, compared to Rs 290.14 lakhs in the previous year's quarter.

Operational Overview

The company's core business remains focused on geophysical data acquisition, processing, and interpretation services. Alphageo India continues to operate in a single reportable segment, as per Indian Accounting Standard 108.

Annual General Meeting and Dividend

The Board of Directors has scheduled the 38th Annual General Meeting (AGM) for September 26. The meeting will be conducted through Video Conferencing (VC) or Other Audio-Visual Means (OAVM).

Key dates announced by the company include:

• AGM Date: September 26, at 11:00 AM (IST)
• Book Closure: September 20-26 (both days inclusive)
• Record Date for Voting Eligibility: September 19

The Register of Members and Share Transfer Books will remain closed during the book closure period to determine eligibility for dividend payment, subject to approval at the AGM.

Regulatory Matters

The company disclosed two ongoing regulatory issues:

1. A tax matter from FY 2021-22 involving an alleged excess payment for machinery imports, resulting in a demand notice of Rs 601 lakhs.
2. A seizure of fixed deposits amounting to Rs 1,601.08 lakhs by the Directorate of Enforcement under FEMA 1999 in FY 2022-23.

Alphageo India has stated that no provisions have been made for these matters based on external expert opinions and pending adjudication proceedings.

Investors and stakeholders are advised to consider these financial results and regulatory disclosures when making investment decisions. The upcoming AGM may provide further insights into the company's performance and future outlook.