The shares of a mining company engaged in the business of drilling and exploration of coal, ferrous, non ferrous, atomic and base metal are in focus after receiving a Letter of Intimation from the Government of Odisha for the Solar Pumping System.
Share Price Movement
The shares of South West Pinnacle Ltd, with a market capitalization of Rs 348 Crores, as of 3:00 pm were trading around Rs 126 per share which was 1.9% down from its previous closing price of Rs 128.5.
What Happened
As per a press release dated February 12, 2025, South West Pinnacle Exploration Limited (SWPE) has received a Letter of Intimation from Odisha Lift Irrigation Corporation Limited for the installation of deep bore wells for the Solar Pumping System in the state of Odisha
for a consideration Rs. 10.11 Crores.
Financials
The company reported an increase of 15% YoY in Revenues from Rs 42.15 Crores in Q3FY24 to Rs 48.54 Crores in Q3FY25. On a quarterly basis, revenues rose 77.4% from Rs 27.36 Crores in Q2FY25.
Their Net Profits were flatter on a YoY basis with Rs 4.16 Crores in Q3FY25 as against Rs 4.2 Crores in Q3FY24. However, on a quarterly basis, profits jumped 940% from Rs 0.4 Crores in Q2FY25.
Mining Industry
As per Deloitte’s report, the Indian mining sector is crucial for the country’s growth, impacting downstream industries like power, steel, and aluminium, which are linked to manufacturing and infrastructure sectors. With vast mineral reserves, India’s mining contribution to GDP has ranged between 2.1% and 2.5% over the last decade. The sector has the potential to drive India toward a USD 30 trillion economy by 2047, creating 25 million jobs and contributing an additional USD 500 billion to GDP.
About South West Pinnacle Exploration Ltd
South West Pinnacle Exploration Ltd. is a fast-growing private exploration services company in India, specializing in mineral, coal, and CBM (Coal Bed Methane) exploration, aquifer mapping, and geological and geophysical services. It operates a fleet of 35 rigs with drilling capacities up to 2000m.
Written By Adhvaitha Nayani
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