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South West Pinnacle Exploration Ltd.

BSE: 535049 Sector: Metals & Mining
NSE: SOUTHWEST ISIN Code: INE980Y01015
BSE 05:30 | 01 Jan South West Pinnacle Exploration Ltd
NSE 00:00 | 06 Dec 145.75 2.50
(1.75%)
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South West Pinnacle Exploration Ltd. (SOUTHWEST) - Chairman Speech

Company chairman speech

The year gone by FY 2019-20 has been very eventful for us. We have ended the year FY2019-20 with Revenues of INR 87.47 Crores and PAT of INR 3.60 Crores on consolidatedbasis. On standalone basis the revenue stood at INR 85.30 Crores and PAT at INR 5.85Crore. Our performance this year could have been much improved but for the pandemic COVID-19 which hampered our plans severely effecting both our top and bottom lines.

COVID-19 has devastating effect on all economic activities globally as businesses andeconomies are somehow linked with each other in today's world. We in India are alsofeeling the pinch of it. Our operations came to a grinding halt in the month of Marchwhich took almost two months to restart although some segments of our business come underessential services. The redeeming feature was we could manage the affairs rather wellduring this crisis period and could restart the operations sooner than many others. Whiledoing so we are adhering to the guidelines issued by Government of India and otheragencies and keeping a close watch on the affairs.

In the FY 2019-20 we became the first company in India to be awarded integratedcontract for seismic data acquisition and processing as well as exploration in TangardihEast and West Block in Odisha. Our current order book continues to be healthy enough andwe expect to win new contracts and work orders in the tenders we have participatedrecently this will further make our order book impressive and healthier thereby giving usa clear vision for coming years. We are confident of achieving growth of around 20 %(CAGR) over the next three years.

Recent announcements by the Central Government prohibiting the global players intenders up to Rs. 200 Crores and opening up the coal and mining sectors for privateplayers will further boost our business prospects. It is our endeavor to keep exploringnew domains of business of similar nature and we keep tweaking and aligning our businessmodels with policy announcements by the Government of the day. Our foray into

2D/ 3D seismic data acquisition and processing business is the result of Open AcreageLicensing Policy (OALP) announced by Ministry of Petroleum and Gas in October 2018 whichis fetching good business to us now. Similarly in times to come Government's focus onCBM/CMM E&P will bring in good opportunities for us. It is important to mention herethat our Government is continuing its' efforts on tax as well as financial reforms thiswill further enhance 'ease of doing business' which in turn would contribute to our bottomline.

As a Socially Responsible Corporate we have contributed in environment infrastructureand skill Development. We have supported many sustainable development projects to benefitcommunities in areas we operate giving 'ease of living' to the citizens of that area. Ourpriorities have always been to give employment and business opportunities to local people.

Continuing the trend of paying dividend in our debut year of listing on National StockExchange (NSE) after migrating from SME platform Emerge last year the board of directorshave again recommended a dividend of 5% to the shareholders other than the promotersdespite rather subdued results . It is always our endeavor to keep serving ourshareholders especially the minority shareholders in the best possible manner to maximizetheir wealth.

I appreciate and thank for the confidence and faith reposed by the shareholdersbankers and all other stakeholders in the Board and the Management team which has in myview geared up to take on more challenges. I can say with confidence that Company willimprove it's performance further in the coming years. This is possible only throughtireless efforts dedication and commitment of our team which has helped us reach where weare now and we sincerely look forward to their continued commitment in the journey ahead.

Yours Sincerely Vikas Jain

Chairman & Managing Director

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