Image Source : FREEPIK A large truck carrying coal on a mining site.
The month of September saw significant growth in the coal sector due to a rise in production of the fossil fuels. According to government data, production of coal in the month increased to 67.27 million tons (MT), against 58.04 MT in the year-ago period. As per the index of eight core industries released by the Ministry of Commerce & Industries, the index of the coal sector showed a year-on-year growth of 16.1 per cent to 148.1 points. This was the highest growth in the last 14 months except for August 2023, the Coal Ministry said in a statement.
With the government’s commitment to enhancing coal production and distribution to secure a stable energy supply, several players engaged in the coal industry have reported an increase in their revenue. South West Pinnacle Exploration, which is primarily engaged in the coal industry, has reported net sales of Rs 23.27 crore in the July-September quarter.
An integrated service provider for end-to-end drilling and exploration of natural resources, the Gurugram headquartered corporation has been declared a successful bidder for two government tenders. The total value of contracts for which it has been declared as L-1 bidder is over Rs 100 crore.
The management said that it is hopeful of achieving revenue growth of 15 to 20 per cent in the current financial year 2023-24.
Also, the execution of the long-term contract through a JV in Oman is progressing which will add to the topline and expand footprints in the Middle East region.
Meanwhile, it has recently won a coal block in Jharkhand, having a geological reserve of over 84 million tons. It has signed a Coal Mine Development and Production Agreement with the Ministry of Coal for the same.
South West Pinnacle Exploration was incorporated in 2007. It has completed more than 125 projects since inception.
Meanwhile, South West Pinnacle Exploration shares on Tuesday finished in green at Rs 184 on NSE. It has delivered a return of 52 per cent in the first 10 months of 2023 and turned multibagger in 5 years. It has delivered a 643 per cent return in 5 years.
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