South West Pinnacle Exploration Limited (SWPEL) has reported its Q2FY24 consolidated revenue from operations at ₹23.27 crore. The company's Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached ₹4.77 crore, with an EBITDA margin of 21%.

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During the month of October 2023, the company commenced operations for a long-term Coal Bed Methane (CBM) production project, partnering with an Indian company.

SWPEL recently also achieved successful bidding in two tenders, one from a Central Government organization and another from a Public Sector Undertaking (PSU). The total value of contracts in which SWPEL secured the L-1 bidder position exceeds ₹100 crore, with revenue expected to flow in during Q3 of FY 24.

The results for the first half of FY24 were somewhat subdued due to heavy monsoon conditions at many of the company's site locations, impacting both top and bottom lines. However, the company now expects to achieve an overall growth of 15%-20% in the top line for the entire fiscal year.

Commenting on the results, Vikas Jain, Chairman & Managing Director of SWPEL, stated, "Our second-quarter results are generally subdued due to Indian climatic conditions, yet we have sustained through market headwinds. With an order book of ₹300 crore plus, addition of two new contracts, and the commencement of the CBM production well project, we are confident of achieving the revenue growth of 15-20% in FY 24."

SWPEL, an integrated service provider, specialises in drilling and exploration of natural resources, including coal, ferrous and non-ferrous minerals, atomic minerals, and conventional and non-conventional oil and gas.

First Published:Nov 9, 2023 11:35 AM IST