Alphageo (India) Limited , a prominent player in the seismic services sector, has announced a significant contract win for its material subsidiary, Alphageo Offshore Services Private Limited (AOSPL). The contract, awarded by Oil India Limited, is for 2D and 3D Seismic Data Acquisition in Gujarat, valued at Rs. 34.98 crores plus applicable taxes.

Contract Details

The contract, domestic in nature, involves the acquisition of 2D and 3D seismic data in Gujarat. According to the company's filing with the stock exchanges, the project has a completion deadline of May 2026. This timeline gives AOSPL approximately two and a half years to execute the contract, highlighting the substantial scale and complexity of the seismic data acquisition project.

Financial Implications

The contract value of Rs. 34.98 crores, excluding applicable taxes, represents a significant boost to Alphageo's order book. For a company specializing in geophysical services, such contracts are crucial for maintaining a healthy project pipeline and ensuring steady revenue streams.

Strategic Importance

This contract win underscores Alphageo's strong position in the domestic seismic data acquisition market. By securing projects from major players like Oil India Limited, the company demonstrates its technical capabilities and competitive edge in the sector. The contract also aligns with India's push for enhancing domestic oil and gas exploration activities, contributing to the nation's energy security goals.

Compliance and Transparency

In line with regulatory requirements, Alphageo promptly disclosed the contract details to the stock exchanges. The company confirmed that there are no related party transactions involved in this contract, and neither the promoter nor the promoter group has any interest in Oil India Limited, the entity awarding the contract.

Market Impact

While the immediate market reaction to this news remains to be seen, such contract wins typically bolster investor confidence. The project's substantial value and extended timeline provide visibility into Alphageo's future revenue potential, which could be viewed positively by market participants.

Conclusion

The Rs. 34.98 crore contract win by Alphageo's subsidiary marks a significant milestone for the company. As AOSPL embarks on this project, industry observers will be keenly watching its execution and the potential for similar contracts in the future. This development not only strengthens Alphageo's market position but also contributes to the broader narrative of India's efforts to boost its domestic oil and gas exploration capabilities.

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.