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Business News/ Markets / Stock Markets/  Multibagger stock touches 52-week high after Q2 results 2023. Do you own?
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Multibagger stock touches 52-week high after Q2 results 2023. Do you own?

Multibagger stock: In the post-Covid rebound, this stock has risen from around ₹12 per share to ₹184.20 apiece on the NSE.

South West Pinnacle Exploration: The stock today opened higher and went on to touch a 52-week high of ₹184.20 apiece on the NSE. (Photo: iStock)Premium
South West Pinnacle Exploration: The stock today opened higher and went on to touch a 52-week high of 184.20 apiece on the NSE. (Photo: iStock)

South West Pinnacle Exploration shares have delivered stellar returns to their shareholders in the post-Covid rebound. In the last three and a half years, this stock has risen from around 12 apiece to 184.20 per share, delivering 1450 percent return. 

Despite rising sharply, it looks like the South West Pinnacle Exploration share price still has some steam left.

The stock today opened higher and went on to touch a 52-week high of 184.20 apiece on the NSE. 

The company recently declared its Q2 results. In this second quarter of the financial year 2023-24, the company reported consolidated revenue from operations of 24 crore and EBITDA (earnings before interest, taxes, depreciation, and amortization) at 4.77 crore. The EBITDA margin during the quarter stood at 21 percent.

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Giving business update for the recently ended second quarter of the current fiscal, South West Pinnacle Exploration Ltd said that operations for long-term CBM Production project for a very prestigious company of India have been commenced in the month of October 2023. The company went on to add that it has been declared a successful bidder in two tenders, one each from the central government organisation and PSU. Total value of contracts in which SWPE is declared as L-1 bidder is over 100 crore. The revenue from these contracts is expected to flow in from Q3 of FY24.

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However, the company's results for the first half of FY 2023-24 were somewhat subdued mainly due to heavy monsoon at many site locations. Some new projects as envisaged could not be started due to procedural delays in issuance of LOIs coupled with monsoon fury during this period.

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"Now the things are well in place and the shortfall in the 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 topline in FY 24," the company said while declaring the Q2FY24 results.

“Present order book of over 300 crore is sufficient enough to achieve our FY 24 targets with clear vision of growth for next two-three (2-3) years," the small-cap company added.

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South West Pinnacle Exploration's market cap is 509 crore. Its 52-week high is 184.20 per share whereas its 52-week low is 91.95 apiece.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 06 Nov 2023, 02:02 PM IST
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