Multibagger stock: South West Pinnacle Exploration shares are one of those stocks in Indian stock market which have delivered stellar return to their shareholders in post-Covid rebound. In the last three and a half years, this stock has risen from around ₹12 per one levels to ₹184.20 per share levels, delivering a 1,450 percent return to those who bottomed during Covid-19. However, it appears that South West Pinnacle Exploration’s share price still has some steam.
The share price of South West Pinnacle Exploration today opened and continued to touch an intraday high of ₹184.20 apiece on NSE. The small-cap stock has just declared its Q2 2023 results. In this second quarter results for the financial year 2023-24, the company reported consolidated income from operations at ₹4.77 crore and its EBITDA during July to September 2023 quarter stood at 21 percent.
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Southwest Pinnacle Exploration Q2 2023 Results
Giving a business update of the company for the recently concluded second quarter of the current fiscal, South West Pinnacle Exploration Ltd said that operations for a long-term CBM Production project for a very prestigious company of India has since commenced in the month of October 2023. The company has continued to add that it was declared a successful bidder in two tenders, one each from a Central Government organization and a PSU. Total value of contracts in which SWPE is declared as an L-1 offeror terminated ₹100 Crores. Revenues from these contracts are expected to flow in from Q3 of FY24.
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However, the company’s result of the first half of FY 2023-24 was somewhat weakened mainly due to strong monsoon at many of our sites in the top and bottom lines. Some new projects as anticipated could not be started due to procedural delays in issuance of LOI coupled with monsoon fury during that period.
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“Now things are well in place and the shortfall in H-1 of FY 24 will be made good in H-2 and we expect to register an overall growth of 15% – 20% in the top line in FY 24,” company claimed in a statement the Q2FY24 results.
Current order book of over ₹300 Crore is sufficient to achieve our FY 24 targets with a clear vision of growth over next two-three (2-3) years, the small-cap company further asserted.
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The shares of South West Pinnacle Exploration are available for trading on both BSE and NSE. Its market cap is ₹509 crores. Its current trading volume on NSE is 3.23 lakh and around one and half hour of trading still remains in Monday session. Its 52-week high is ₹184.20 per share while its 52-week low is ₹91.95 each.
Updated: 06 Nov 2023, 14:02 IST