South West Pinnacle Exploration Ltd — Q4 FY26

South West Pinnacle Exploration Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=k7HqA_CIfYc Published: 7 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Southwest Pinnacle Exploration Limited Q4 FYI 2026 earnings 0:08 8 seconds conference call. As a reminder, all participant lines will be in the listenonly mode. There will be an opportunity for you to ask questions 0:17 17 seconds after the presentation concludes. Should you need any assistance during this conference, please signal an operator by pressing star and then zero on your 0:25 25 seconds touchtone telephones. I now hand the conference over to Miss Purvangi Jen from Valerim Advisors. Thank you and over to you ma'am. 0:34 34 seconds Thank you. Good evening everyone and a very warm welcome to you all. My name is Purvangi Jen from Valerim Advisers. We represent the investor relations of Southwest Pinnacle Exploration Limited. 0:46 46 seconds On behalf of the company, I would like to thank you all for participating in the company's earnings call for the fourth quarter and financial year ending 2026. 0:55 55 seconds Before we begin, a quick cautionary statement. Some of the statements made in today's earnings conference call may be forward-looking in nature. Such 1:03 1 minute, 3 seconds forward-looking statements are subject to risk and uncertainties which could cause actual results to differ from those anticipated. 1:11 1 minute, 11 seconds Such statements are based on management's belief as well as assumptions made by and information currently available to the management. 1:18 1 minute, 18 seconds Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's 1:27 1 minute, 27 seconds conference call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. Now let me 1:35 1 minute, 35 seconds introduce you to the management participating with us in today's earnings call. We have with us Mr. Vikas Chen, managing director and chairman and 1:44 1 minute, 44 seconds Mr. Pierce Chen, joint managing director. Without any delay, I request Mr. Pchen to start with his opening remarks. Thank you and over to you sir. 1:54 1 minute, 54 seconds Uh thank you Prangi and good evening to everyone and a very warm welcome to all of you for joining our earnings conference call. It's a pleasure to 2:02 2 minutes, 2 seconds connect with you all today and share how Southwest Exploration Limited has been progressing. 2:08 2 minutes, 8 seconds As some of you may be new to our company, I would like to begin with a brief overview about the company. Then move to our financial performance for the port of four of the year under 2:17 2 minutes, 17 seconds review. Southwest Pinacle is one of India's leading private exploration and and drilling service providers offering 2:25 2 minutes, 25 seconds end to end integrated solutions across a broad spectrum spectrum of services including coal and non-coal mineral 2:32 2 minutes, 32 seconds exploration acer mapping coal methane exploration and production 2D and 3D seismic exploration seismic exploration 2:41 2 minutes, 41 seconds using passive seismic tomography underground drilling and core business operations Over the last 19 years, we 2:49 2 minutes, 49 seconds have built a strong track record of op operational excellence, having successfully completed more than 165 projects across India and select 2:58 2 minutes, 58 seconds international markets as well. We currently operate a fleet of 40 advanced drilling rigs supported by a team of geoccientists and specialized geohysical 3:07 3 minutes, 7 seconds and logging equipment. We have drilled over 32 lakh meters without a single lost time injury. A record that reflects 3:15 3 minutes, 15 seconds our strong focus on safety and disciplined execution. Our marquee clitle includes Reliance Industries, 3:21 3 minutes, 21 seconds Vidanta, Oil India, OMGC, CMPDI, CGWB, Hindustan Copper and Indalco among 3:29 3 minutes, 29 seconds others. We are currently executing 19 ongoing projects across various regions in India. Further exploration activities 3:37 3 minutes, 37 seconds at our cold log in Jakarta are prog progressing at full scale during the year. We were also notified as an accredited prospecting agency by the 3:44 3 minutes, 44 seconds ministry of coal government of India for carrying out prospect prospecting operations related to coal and ignite operations. Further strengthening our 3:53 3 minutes, 53 seconds presence in the mining and exploration segment. Lastly on the international front we continue to strengthen our presence in Oman through our joint 4:01 4 minutes, 1 second ventures. Our first JV with Allar Resources Limited continues to perform well while exploration activities have also commenced at the newly awarded 4:10 4 minutes, 10 seconds mining block under our second JV in Oman. 4:13 4 minutes, 13 seconds With this I would like to now request our CMD Mr. Vicar Jen to take you through the operation highlights for the PD. 4:22 4 minutes, 22 seconds Yeah, thank you P and evening everyone. 4:25 4 minutes, 25 seconds Let me first brief you on our financial performance for the fourth quarter and financial year ended 2026 4:33 4 minutes, 33 seconds followed by which I will provide you some of the key key operational highlights for this period and the review as well. I'm pleased to share 4:40 4 minutes, 40 seconds that FY2026 was a landmark year for the company wherein we achieved our highest ever 4:46 4 minutes, 46 seconds annual performance. Further Q4 FI26 also marked our best ever quarterly performance in terms of profitability. 4:54 4 minutes, 54 seconds reflecting strong execution in operational momentum. The operating revenue for the fourth quarter stood at 5:01 5 minutes, 1 second around INR 78 crores representing a 5% increase year on year. AITA stood at 5:08 5 minutes, 8 seconds approximately INR 20 crores reflecting a growth of 32% year on year while the AITA margin was around 26.25%. 5:17 5 minutes, 17 seconds Profit after tax for the quarter stood at INR13 crores compared to INR 10 crores in Q4 FI25 representing a strong 5:25 5 minutes, 25 seconds growth of 30% on a year-on-year basis for the full for the full financial year 2026 the operating revenue was INR 243 5:35 5 minutes, 35 seconds crores which is an increase of 35% yearonear the AIA stood at INR 58 crores 5:42 5 minutes, 42 seconds an increase of 74% yearon year translating into an AITA margin of 23.99%. 5:49 5 minutes, 49 seconds The net profit after tax grew almost 101% year-on-year to INR 33 crores with a packed margin of 13.58%. 5:59 5 minutes, 59 seconds It is pertinent to mention here that this performance is despite dynamic and often challenging business environment. 6:06 6 minutes, 6 seconds During this challenging time, we have expanded our footprint sent in client relationship and enhanced our capability across multiple domains of mineral exploration and drilling. 6:17 6 minutes, 17 seconds The strong performance was driven by consistent project execution, operational efficiency and a diversified order mix during the year. During the 6:26 6 minutes, 26 seconds quarter, we also secured our largest ever single order worth over IR 300 crores from Hindustan Zinc Limited. 6:34 6 minutes, 34 seconds Currently we executing 19 ongoing projects across multiple regions and exploration domains. 6:41 6 minutes, 41 seconds The quality of our order book also has improved significantly with over twothird of the orders coming from private sector clients resulting in 6:49 6 minutes, 49 seconds stronger cash flows and improved working capital efficiency. Today the importance of mineral exploration cannot be undermined. In a world shaped by 6:58 6 minutes, 58 seconds increasing geopolitical uncertaintities, supply chain disruptions and global race for critical minerals, countries are reevaluating their resources strategies. 7:08 7 minutes, 8 seconds India with its growing economic ambitions and infrastructure needs must ensure reliable access to natural 7:15 7 minutes, 15 seconds resources that power industries, energy transition and technological advancement. 7:22 7 minutes, 22 seconds Exploration is the foundation of the strategy. Without robust and scientific exploration, there can be no sustainable sustainable mining, new resource 7:30 7 minutes, 30 seconds security and no long-term industrial growth. Our work directly support this national priority helping identify new 7:38 7 minutes, 38 seconds reserves, improve resource estimation and reduce dependence on import. Over the past year, we have invested 7:45 7 minutes, 45 seconds significantly in modern technologies, advanced geohysical techniques and datadriven exploration methods. We've 7:52 7 minutes, 52 seconds also focused on strengthening our talent pool, ensuring that our team remained at the cutting edge of innovation and execution excellence. In line with our 8:00 8 minutes growth strategy, we operate we operated across the highest number of exploration domains during the year with a presence 8:07 8 minutes, 7 seconds across six active domains while also expanding our geographic footprints across eight states in India. We also 8:14 8 minutes, 14 seconds maintain an impactable safety record with zero injuries across all oper operations during the year. We were also notified as an accredited prospecting 8:22 8 minutes, 22 seconds agency by the ministry of coal to carry out exploration activity in coal and ignite. 8:28 8 minutes, 28 seconds Currently our uh development in cold block in Jaken is in full swing. The drilling is about to complete and once 8:36 8 minutes, 36 seconds it is completed we shall be uh um uh preparing our geological report and thereby uh mining plan. The overseas 8:45 8 minutes, 45 seconds operations in Oman. Our third business team is also going on well as P said we have two joint ventures in Oman. uh 8:53 8 minutes, 53 seconds first being uh a uh first in in the first we are executing a mining services contract which is an 11-year contract 9:01 9 minutes, 1 second and uh along with we have four rigs which is currently booked for next 2 years. In the second JV we have been 9:10 9 minutes, 10 seconds allocated a mineral block spread across 1,400 square kilometers having minerals like silver, gold, copper bas and 9:17 9 minutes, 17 seconds chromite. exploration is going on and we shall uh keep we shall keep uh uh we 9:25 9 minutes, 25 seconds shall keep you updated. Further into our long-term international growth strategy, we have made a strategic investment in 9:32 9 minutes, 32 seconds Australian listed company with a primary interest in Oman. All in all, our three verticles of our business are going on 9:39 9 minutes, 39 seconds well and smoothly with increased impetus on the government on exploration and energy security. We expect to be 9:48 9 minutes, 48 seconds on excellent growth trajectory and are confident of achieving around 20% growth year on year in short to medium term 9:55 9 minutes, 55 seconds with sustainable increase in bottom line with substantial increase in bottom line. Lastly, our return ratios have also improved significantly during the 10:04 10 minutes, 4 seconds year with return on equity increasing from 10 to 16% while return on capital employed increased from 16 to 23% 10:11 10 minutes, 11 seconds reflecting improved profitability and efficient capital utilization. We remain focused on expanding our capabilities, maintaining execution excellence and 10:20 10 minutes, 20 seconds creating sustainable value for all our stakeholders. With this, I'll conclude my opening remarks. We are now open to 10:28 10 minutes, 28 seconds the floor for question and answer session. 10:31 10 minutes, 31 seconds Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may enter star 10:40 10 minutes, 40 seconds followed by one on their touchstone telephones. If you wish to withdraw yourself from the question queue, you may enter star and two. Participants are 10:49 10 minutes, 49 seconds requested to please use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the queue assembles. 11:01 11 minutes, 1 second The first question is from the line of Maitria from Satya Capital. Please go ahead. Uh yeah. Hello. Am I audible? 11:10 11 minutes, 10 seconds Yeah. Yes. 11:11 11 minutes, 11 seconds Yeah. Hello. Uh good evening. Uh congratulations on the great result. A few questions firstly on the Hindustan 11:18 11 minutes, 18 seconds zinc order that we received close to 300 crores. Uh what sort of execution timeline do we have on that? 11:25 11 minutes, 25 seconds Yeah. Uh while we are speaking the execution is underway and we should be starting the operation anytime now. Mhm. 11:34 11 minutes, 34 seconds And uh this contract is for 4 years. 11:37 11 minutes, 37 seconds Okay. Four years. Okay. So do we expect the execution to happen quite linearly like 25% of the order to be uh kind of 11:45 11 minutes, 45 seconds added to our revenues year on earth is that what the expectation is? 11:49 11 minutes, 49 seconds No the client the client want us to do it as soon as possible but the time period given to us is 4 years we shall try to do it within the time frame. 11:59 11 minutes, 59 seconds Okay, that is great. And the margins on this order, how how are they like are we getting orders on a much better or 12:06 12 minutes, 6 seconds higher margins going through now? Um how do you see the scenario and the margins shaping up? 12:11 12 minutes, 11 seconds Exploration sector in all as I've said uh during my opening statement that the exploration sector is going on well 12:18 12 minutes, 18 seconds there is a huge shortage of resources currently in the market. So the margins are great right now. 12:25 12 minutes, 25 seconds Okay. um any any quantification on what range of margins are you seeing right now in the market? 12:32 12 minutes, 32 seconds See we can't give you quantification as such because uh we don't work on project to project basis as far as margins are concerned. 12:39 12 minutes, 39 seconds So yeah so the margins are great as I've told you. 12:42 12 minutes, 42 seconds Yeah. Yeah. No worries. Okay. And the total order book we have close to 580 crores. Uh again on the timelines how do you see uh this order being executed 12:51 12 minutes, 51 seconds over how long of a period? See the contracts uh the contracts ranges from 3 months to four years. Uh the largest 12:59 12 minutes, 59 seconds contract we have right now is from Industan which will be ending in four year time. So uh this is an ever uh uh u 13:09 13 minutes, 9 seconds ever going uh thing. So we keep on adding contracts and we keep on uh working um uh at the site. So yeah and 13:18 13 minutes, 18 seconds all the all the contracts which we have received are almost on the verge of uh execution right now. 13:25 13 minutes, 25 seconds Okay. Uh barring the Hindustan contract uh the rest of the 280 million sort of order book. What timeline do you have on that if you could say? 13:35 13 minutes, 35 seconds Yeah. So these contracts they all range from 3 months to long-term uh basis like you know some contracts are for 6 months 13:42 13 minutes, 42 seconds 1 year. So there is no particular time frame for each contract. These are all governed by contracts to contracts. 13:50 13 minutes, 50 seconds Okay, that is good. 13:51 13 minutes, 51 seconds The idea is to keep the resources uh engaged at site. 13:55 13 minutes, 55 seconds Okay. Um also the five I'm sorry to interrupt ma'am could you return to the question queue please? 14:01 14 minutes, 1 second Yes sure thank you. 14:04 14 minutes, 4 seconds The next question is from the line of Keshav from counter cyclical PMS. Please go ahead. Sir, you alluded to in your 14:12 14 minutes, 12 seconds opening comments that we can expect 20% revenue growth and a disproportionate 14:19 14 minutes, 19 seconds increase in profitability for FR26. So, so if you could just quantify that from 14:25 14 minutes, 25 seconds the 24% AITA margin last year, what in your mind uh uh are you aiming for? What 14:33 14 minutes, 33 seconds kind of a beta margin uh should we expect? 14:37 14 minutes, 37 seconds See uh as you can see our past track record like if you see financial year 25 uh you would see that uh you know if you 14:46 14 minutes, 46 seconds compare it uh with financial year 26 a growth of 20 35% revenue has given us a profit almost double the profit 101%. 14:57 14 minutes, 57 seconds So when we say that we grow by 20%, we are only aggressive. There would be substantial increase in profitability in the bottom line and AIA should also 15:06 15 minutes, 6 seconds increase uh because uh once you once you cover your fixed cost, we are a service provider company. So once you start 15:14 15 minutes, 14 seconds covering your fixed cost, the u the margin the profit margin goes um abnormally high. 15:22 15 minutes, 22 seconds Understood. And uh sir, our receivables look quite high. It seems we have a credit period of around 6 months. Uh uh uh so is that understanding correct? 15:33 15 minutes, 33 seconds See uh there are few sectors where the uh where the payment takes time. uh but yeah most of the private clients we have 15:42 15 minutes, 42 seconds as as I've said that 2/3 more than 2/3 of our order group now consists of private clients where the payment is uh 15:51 15 minutes, 51 seconds um being given at a much faster rate as compared to the government clients. So it should improve and moreover you know 15:58 15 minutes, 58 seconds more so the uh uh the uh better period which which is there also includes retention money. So that's why it looks 16:06 16 minutes, 6 seconds higher but in in in uh real terms it is not that high the data period understood sir and lastly sir what is 16:14 16 minutes, 14 seconds the total capex we need to incur on our coal block and in the Oman joint venture 16:21 16 minutes, 21 seconds and any other capex uh that you might be looking at and are we looking at expanding our uh rick count from the 16:30 16 minutes, 30 seconds current 40 and uh so so if you could just explain how uh all the uh capex. 16:37 16 minutes, 37 seconds Yeah. Uh coming to the rigs uh as we speak uh we have almost four rigs under order uh which should be delivered to us 16:46 16 minutes, 46 seconds in next 3 to 6 months time. Uh coming to so it's an ever growing thing. We keep on ordering risk from time to time. The 16:54 16 minutes, 54 seconds exploration sector is doing well right now. Um as far as gold block is concerned uh total capex would be around 17:01 17 minutes, 1 second 400 crores which is in two phases. In first phase it would be 200 crores in second phase it would be another 200 17:08 17 minutes, 8 seconds crores. Uh as far as Oman operations are concerned uh uh we we are committed to 17:15 17 minutes, 15 seconds to like our share of investment since it's a joint venture company our share of investment would be anywhere between 15 to 20 crores over the period of next 3 to 5 years. 17:26 17 minutes, 26 seconds Understood sir. And this rig sir we are buying from this Apollo Techno or Raati equipment or we are importing it from foreign companies. 17:36 17 minutes, 36 seconds No no no these are mix uh we're not buying from these companies. Uh we it's a mix some imported rigs and some local domestic rigs depending on the capacity and usage. 17:48 17 minutes, 48 seconds Uh understood sir. And for these four rigs what's the capex you mentioned? 17:54 17 minutes, 54 seconds It's all you know depending on the size and capacity of the rate. 17:58 17 minutes, 58 seconds Okay, understood sir. Thank you very much. I'll join the question. Thank you. 18:06 18 minutes, 6 seconds Participants with questions may enter star and one. The next question is from the line of Duv Raani from Price Bridge PMS. Please go ahead. 18:16 18 minutes, 16 seconds Hello sir. Uh just uh one question on the so you mentioned about the 40% growth in revenues. So our order book 18:23 18 minutes, 23 seconds has grown from 321 K to we are currently at 581 K or so for this year. What is your internal target for FI27N in terms 18:32 18 minutes, 32 seconds of order bookings? Any visibility that you can provide? 18:36 18 minutes, 36 seconds Yeah, currently we have participated in tenders work more than uh 5 to 700 KES. 18:44 18 minutes, 44 seconds U we should we should be uh getting more orders uh in next uh one to two months. 18:52 18 minutes, 52 seconds So as and when we keep on adding our order book we will be updating the market. 18:57 18 minutes, 57 seconds Okay. Uh another thing is uh if we look at our total order book size aquifier mapping has a reasonable share this particular year which will go into 19:06 19 minutes, 6 seconds execution and FI2 is what I assume. So would the that would be accurate to the margin. 19:13 19 minutes, 13 seconds Further repeat uh the question again. So, so you know if you look at the total order book size this year the aquifier mapping has 19:22 19 minutes, 22 seconds a good order book as of FI26 end. So do you feel that I margins can go up further from here because of that share 19:29 19 minutes, 29 seconds or share of mix uh change in mix of the order book specifically because of mapping? 19:35 19 minutes, 35 seconds FQF mapping order we got in financial year 2425 and uh we have covered quite a bit in 19:43 19 minutes, 43 seconds fact we have covered we have almost executed uh more than half of the orders uh so yeah it gives us good margin and 19:52 19 minutes, 52 seconds currently and as I as I as I know from the market or from our clients that there would be fresh tundas also coming 20:00 20 minutes in in this segment in which we shall be participating. Okay sir. Thank you. 20:07 20 minutes, 7 seconds Thank you. The next question is from the line of Ankor Kumar from Alpha Capital. Please go ahead. 20:15 20 minutes, 15 seconds Hello sir. Thank you for taking my question. on on the HZL Hindustan third quarter. Have we started executing or we 20:24 20 minutes, 24 seconds expect in in coming time? 20:28 20 minutes, 28 seconds In next two weeks we we shall start the order executing the order. Sorry sir, you were not clear. 20:35 20 minutes, 35 seconds I said in next two weeks we shall start executing the order. 20:39 20 minutes, 39 seconds Okay sir. And you said uh as in can we expect like uh 70 75 K per year or like first year could be more or less sir? 20:51 20 minutes, 51 seconds See as I as I said uh during my first question and answer session that the time given by the client is four years 20:59 20 minutes, 59 seconds and uh in our history has been that we had we have always achieved the uh target much before the timeline given by 21:07 21 minutes, 7 seconds the client. So in this case also we shall try to do it as early as possible. 21:12 21 minutes, 12 seconds So if you talk about the contract it is 75 crores a year because divide 300 crores by 75 but we shall try to do it as early as possible. 21:24 21 minutes, 24 seconds Sure sir. Thank you. 21:27 21 minutes, 27 seconds Thank you. The next question is from the line of Kesh from counter cyclical PMS. Please go ahead. 21:34 21 minutes, 34 seconds So if you could just explain to your layman investors that in what is the kind of competitive scenario in this 21:42 21 minutes, 42 seconds industry now I understand in uh 2D 3D cesmic survey uh this alpha geo and 21:48 21 minutes, 48 seconds Asian energy are the competitors and sir so in drilling side of the business who is the our major competitor. 21:59 21 minutes, 59 seconds See it all all depends on the uh like we are into multiple domains of exploration of natural resources and everywhere 22:08 22 minutes, 8 seconds within the se within those domains there are different different players depending on the size and the depth you 22:15 22 minutes, 15 seconds know and the kind of requirement the client has. So you know it is very difficult to uh come out with the 22:23 22 minutes, 23 seconds answers as to what all competitors because that would take almost a day to explain you each and every competition 22:31 22 minutes, 31 seconds uh in each and every segment. But uh you know just to cut it short we may have two or three competitors everywhere 22:39 22 minutes, 39 seconds depending on the segment depending on the uh uh contract we are fighting in for. 22:53 22 minutes, 53 seconds Mr. G, do you have any more questions? 22:56 22 minutes, 56 seconds Yes. Yes. Yes, of course. So, you mentioned the 400 K capex in the coal mine. So, how are we going to raise 23:03 23 minutes, 3 seconds those funds? Any plans to raise equity or debt? 23:08 23 minutes, 8 seconds Yeah. Uh as I as I said that it would be in two phases. So you know the second phase would come out from the revenue and profit from of the first phase only. 23:18 23 minutes, 18 seconds So roughly the initial investment would be around 200 crores and even in that 200 crores most of it would be in the 23:26 23 minutes, 26 seconds non-fund ways means giving guarantees and securities to the government. So uh 23:33 23 minutes, 33 seconds you know so the initial investment in cash would more or less come from uh the internal accur the internal profits 23:40 23 minutes, 40 seconds which we make uh the banks and the optic agreements uh which we enter into with the potential clients. 23:49 23 minutes, 49 seconds Understood. answer any idea about what the cost of production will be or the break even price of coal below which this mine will uh make losses. 24:01 24 minutes, 1 second See uh we we do our positions on coal index price. So uh the coal index price 24:08 24 minutes, 8 seconds for this particular grade currently hovers around 3,100 rupees per ton. 24:14 24 minutes, 14 seconds Although the market price is much high right now but uh we work on the coal index price right now and based on the 24:22 24 minutes, 22 seconds coal index price and the cost uh we sh we shall be able to have uh 40 to 45% 24:29 24 minutes, 29 seconds IRRa coming out of the coal coal operations yeah will be around 46%. 24:39 24 minutes, 39 seconds Understood sir and uh s so you mentioned that what I understood that with 200 K fund and non-f fund based investment 24:48 24 minutes, 48 seconds which we'll fund through internal acural the phase one of the mining can start. 24:55 24 minutes, 55 seconds Yes, understood sir. Thank you very much. 24:59 24 minutes, 59 seconds I have said internal optic agreements can be potential clients and banks. 25:07 25 minutes, 7 seconds Understood. Uh answer what are the volumes expected volumes on question. Thank you Mr. 25:12 25 minutes, 12 seconds Yeah sure sir sure thank you so much. 25:16 25 minutes, 16 seconds The next question is from the line of sake Kapoor from Kapoor Co. Please go ahead. Yeah. Namaskar J. I hope I'm audible. 25:25 25 minutes, 25 seconds Audible. 25:26 25 minutes, 26 seconds Yeah. Sir, when we look at our numbers on a sequential basis, uh are first we said are December and March quarter uh 25:35 25 minutes, 35 seconds comparable or uh any seasonality aspect that fits into it or what how should one read when a comparison is drawn between uh sequential numbers. 25:47 25 minutes, 47 seconds See we are we service indry and service industry is very very different from 25:54 25 minutes, 54 seconds manufacturing industry. So you know quarter toquarter growth and quarter to quarter analysis is not I believe this 26:02 26 minutes, 2 seconds is my personal belief that this is not not not practical. Uh uh that uh 26:09 26 minutes, 9 seconds yeah definitely uh there are so many uh uh so many factors which leads to a high 26:17 26 minutes, 17 seconds growth in a particular quarter or a low growth in a particular quarter. You know we move from contract to contract. The asset demobilizes from one location and 26:25 26 minutes, 25 seconds it goes to it mobilized to the second location. So we we we we as a company we 26:32 26 minutes, 32 seconds try to uh minimize the mobilization and the demobilization time. So yeah 26:39 26 minutes, 39 seconds definitely uh uh there is uh you know as far as the quarter is concerned. Uh this is my take 26:48 26 minutes, 48 seconds and normally normally normally third quarter third and fourth quarters are the better quarters in any financial 26:55 26 minutes, 55 seconds year. Monsoon monsoon you know uh last year monsoon quarter was one of the best quarters because the rigs were deployed 27:02 27 minutes, 2 seconds in locations where uh you know rain rain was not affecting the operation. This year also it is going to be the same 27:10 27 minutes, 10 seconds keeping our fingers crossed. U we have we have contracts to be executed in in an areas where you know the rain will 27:17 27 minutes, 17 seconds not be affecting the will not be affecting the operations. So all in all uh uh FY27 we should be able to deliver good results. 27:28 27 minutes, 28 seconds Okay. So because uh you have highlighted in the business uh update uh that the point is mentioned that the present 27:36 27 minutes, 36 seconds order book contains order which you just mentioned that which will entail company to run operation smoothly even in rainy season mitigating the risk of revenue 27:44 27 minutes, 44 seconds loss during monsoon. That is what you are trying to express. So No. Yes sir. Yes sir. 27:53 27 minutes, 53 seconds Uh hello. 27:58 27 minutes, 58 seconds Yes sir. Sir the the second uh point what I trying to understand is about the opportunity of this cold bed within 28:06 28 minutes, 6 seconds business part sir. uh when we look in your look at your presentation the CBM production and the acqueifier mapping uh 28:14 28 minutes, 14 seconds had the highest share at uh CBM production having 37% and acquire at 5%. 28:20 28 minutes, 20 seconds So currently I think so the with this intake of large order from uh Hindustan Jing subsidiary uh things have changed 28:28 28 minutes, 28 seconds materially. So how is the CBM uh uh vertical going to uh uh contribute going 28:36 28 minutes, 36 seconds ahead in terms of uh the the the revenue visibility and also and the big pipeline? 28:42 28 minutes, 42 seconds EBM should EBM EBM should well be on course to deliver similar to better results this financial year. uh 28:52 28 minutes, 52 seconds exploration industry uh should do should grow well and uh along with you know uh 29:00 29 minutes CBM there's also a government emphasis on underground coal coal gasification and we should get phenomenal results 29:08 29 minutes, 8 seconds from this sector as well in this financial year didn't get you sir coal gasific can you 29:16 29 minutes, 16 seconds come again underground coal underground coal gasification is a new uh uh new domain 29:24 29 minutes, 24 seconds uh in the exploration segment uh which has recently been launched by the government of India. So uh we should get 29:32 29 minutes, 32 seconds some annual results from this sector as well in the coming years and this year as well. 29:38 29 minutes, 38 seconds Okay. So as of now sir there we do not have anything on the order book. Firstly the government come up with the plan. 29:45 29 minutes, 45 seconds Yeah, I don't have anything on UCG underground qualification right now but we are talking to different clients on this on 29:52 29 minutes, 52 seconds this subject right sir and one small point in I joined the queue uh sir in the uh when we look at our closing balances for 30:01 30 minutes, 1 second property plant that has gone up from significantly from 62.5 cr to closer to 90 cr and looking at the cash flow we 30:10 30 minutes, 10 seconds have uh invested around 43 cr rupees uh for the current here. So if you could just give us some understanding uh in 30:18 30 minutes, 18 seconds terms of what have in terms of the assets that we have added uh for with this investment. 30:27 30 minutes, 27 seconds See we have assets we have added multiple rigs u in this financial year. 30:31 30 minutes, 31 seconds We have also bought a warehouse u for uh for our store in central India and um 30:39 30 minutes, 39 seconds this this is why the investment the investment in properties and assets have gone up from 61 odd crores to 90 odd crores. 30:48 30 minutes, 48 seconds Mainly mainly it represents just let me come in mainly it represent the cap the capex we have incurred for second phase of land project. 31:00 31 minutes Okay sir sir so s how much has been the reliance contribution for the last quarter or for the last financial year and how is going this going to ramp up 31:08 31 minutes, 8 seconds for the current financial year both these are going to deploy with 31:18 31 minutes, 18 seconds reliance and uh we expect uh uh the same scenario uh this year as well and we've 31:26 31 minutes, 26 seconds ordered for one more rig uh which should be delivered to us sometime in the month of September October. 31:32 31 minutes, 32 seconds Sir, I didn't get you completely. C can you repeat once again, sir? 31:36 31 minutes, 36 seconds I said currently currently two of our rigs are deployed with Reliance. 31:41 31 minutes, 41 seconds Uh we also order for one more rig uh uh and it should be delivered to us in the month of September, October this 31:49 31 minutes, 49 seconds financial year. So we shall have three operating rigs within uh uh in this financial year. 31:57 31 minutes, 57 seconds Okay. So I was looking at the revenue number sir. How much have the Reliance portfolio contributed for the last quarter? And if you could just give the 32:05 32 minutes, 5 seconds yearly contribution and how will this ramp up? 32:08 32 minutes, 8 seconds It's it's about 35% of the total revenue. 32:14 32 minutes, 14 seconds Okay. And this will move up to I'm sorry. 32:17 32 minutes, 17 seconds Yes ma'am. I will join the queue. I'm only s is answering me and that that is what I'm it should it should remain stand to a 32:25 32 minutes, 25 seconds little bit high higher 35 to 40% this financial year you can say okay on on an improved revenue that is 32:33 32 minutes, 33 seconds what you are yeah sir I I'm joining the queue again sir thank you the next question is from the 32:41 32 minutes, 41 seconds line of Rahul Gupta from N advisory please go ahead uh yes good afternoon sir Good afternoon. My first question is 32:49 32 minutes, 49 seconds regarding the jhark cold block uh where uh you are waiting on the PLC ML 32:57 32 minutes, 57 seconds application which is pending with the government. So I wanted to know the status about it. 33:04 33 minutes, 4 seconds We as I said now we are not certified agency. So we we don't need a PL uh uh we don't need PL anymore because we 33:11 33 minutes, 11 seconds already not notified now and we uh once we were notified in the month of November after the notification we started our exploration program in the 33:20 33 minutes, 20 seconds state of Jan we we are on the verge of completing the exploration part once that is done we shall be initiating the preparation of GR and then mining plans. 33:30 33 minutes, 30 seconds So that is that part is done and over. 33:32 33 minutes, 32 seconds Okay sir. Thank you. And the second question that I have is regarding the Reliance contract. So sir, are you expecting the uh contract to extend for three or three more 6 months extension? 33:46 33 minutes, 46 seconds Yes. Yes. Okay sir. Thank you. 33:52 33 minutes, 52 seconds Thank you. The next question is from the line of Kesha Gar from Counter Cyclical BMS. Please go ahead. 34:02 34 minutes, 2 seconds So what kind of debt we are looking at to close FY27? 34:08 34 minutes, 8 seconds Uh we should be we should be closing at the lowest level of debt this year. 34:16 34 minutes, 16 seconds Okay. So the basically the debt from should reduce from the current level of roughly 80 cr. Yes. 34:24 34 minutes, 24 seconds No. But I mean despite funding the 100 K or 200 K coal capex that is not required in this financial 34:33 34 minutes, 33 seconds year after the approval of the mining plan it should take about 2 years time to start the production. 34:38 34 minutes, 38 seconds So so the funding will not be required this year except for a small bank guarantee which will be given to the central 34:46 34 minutes, 46 seconds government once the mining plan is approved. So that too will be coming in non-fund coming from banks. 34:54 34 minutes, 54 seconds Understood sir. Sir, so this coal bed methane which is contributing 37% of our revenue, how is this expected to going 35:04 35 minutes, 4 seconds ahead? Uh is it expected to increase in our mix or reduce or stay at the current 35:10 35 minutes, 10 seconds level and uh how long is this uh block with us? What's the life of this block? 35:16 35 minutes, 16 seconds I I as I told that currently both uh both arms are currently deployed with Reliance U and the third third bridge is 35:26 35 minutes, 26 seconds under manufacturing which should be delivered to us in the month of September. So revenue revenue should increase from this segment in this financial year. 35:35 35 minutes, 35 seconds Okay. So basically this coal coal bed methane production we are not doing we our rigs are uh basically in that sector are deployed in that sector. 35:47 35 minutes, 47 seconds Yeah, we we are instrumental uh in like our our our assets are deployed and the client is producing coal methane. 35:58 35 minutes, 58 seconds Understood. So the coal methane block is not our own. 36:04 36 minutes, 4 seconds Okay. We are we are just service provider to our clients. Understood, sir. Thank you very much. 36:12 36 minutes, 12 seconds Thank you. The next question is from the line of Duv Ravani from Princebridge PMS. Please go ahead. 36:20 36 minutes, 20 seconds Hello sir. Uh recently uh there were a lot of CBM blocks which were awarded a couple of them to Reliance and a few of 36:27 36 minutes, 27 seconds them to other parties. Uh you feel apart from Reliance you would be able to get orders from other parties also? 36:34 36 minutes, 34 seconds That is where we we are also ordering more rigs uh in this particular segment. 36:38 36 minutes, 38 seconds So we're talking to multiple clients as far as CBN is concerned and also also UCG would require similar assets 36:46 36 minutes, 46 seconds underground coal gasification. So we believe we expect the fleet in this demand to increase uh in the coming future. 36:55 36 minutes, 55 seconds Okay. So uh just uh you know just trying to understand there are a couple of global companies which were there who have apparently won the tender. You 37:03 37 minutes, 3 seconds believe they can get their own technology or they would have to contact domestic players only for you know executing it on their own? How do you feel this will work out? 37:11 37 minutes, 11 seconds These are these all are international. 37:14 37 minutes, 14 seconds So that you know uh and like we are free to participate that that as far as uh 37:21 37 minutes, 21 seconds CBN exploration and building is concerned we are the market leaders right now. 37:28 37 minutes, 28 seconds Okay. Okay sir. Thank you. 37:32 37 minutes, 32 seconds Thank you ladies and gentlemen. If you have any questions at this time, you may enter star and one on your handsets. 37:40 37 minutes, 40 seconds The next question is from the line of sake Kapoor from Kapoor Co. Please go ahead. 37:45 37 minutes, 45 seconds Yes sir. In continuation to the opening remarks you mentioned about revenue growth of 40% for the current financial 37:53 37 minutes, 53 seconds year. I get I want to get my numbers correct sir. 20%. revenue growth of 20%. 38:02 38 minutes, 2 seconds Yeah. But I also said that you know with a with a growth of 20% there is a significant increase in the bottom line. 38:12 38 minutes, 12 seconds Okay. So since uh you mentioned in the business update part that now there will be more uh linearity in the in the 38:20 38 minutes, 20 seconds quarterly revenue just to have a better understanding of how the business uh work. So uh we can we can take uh uh 38:28 38 minutes, 28 seconds this quarter revenue as a a as a as a benchmark for the uh existing quarters 38:36 38 minutes, 36 seconds also or there will be wies in the in the reporting as has been earlier also the case. 38:44 38 minutes, 44 seconds No you mean to say about the first quarter? 38:49 38 minutes, 49 seconds First quarter. Yes sir. in just to understand and model it out how the profile will look like going ahead for the current financial year. 38:56 38 minutes, 56 seconds See the the the the operations are continuing the adding number of trades uh large contracts are coming in. So 39:04 39 minutes, 4 seconds definitely there should there should be substantial growth this financial year as well. 39:10 39 minutes, 10 seconds Okay. So just my point was that in many companies we have seen that uh between H1 and H2 the revenue split is say 55 45 39:19 39 minutes, 19 seconds 60 40. So that was my uh my my my uh my my sense of understanding of 39:26 39 minutes, 26 seconds generally generally Q3 and Q4 U uh are are the best uh is the best you know 39:34 39 minutes, 34 seconds half yearly but uh you know we can say that in this financial year there would be continuity in in in in the uh growth 39:43 39 minutes, 43 seconds across all quarters because we have enough work orders in hand plus uh enough to cater them uh monsoon season 39:51 39 minutes, 51 seconds as well. Uh you know we expect the risks to be working well and deployed in the monsoon season as well. So we should have an allaround growth this year also. 40:01 40 minutes, 1 second Okay sir. Uh in the business update part you did alluded to the the fact that we have done a strategic investment in the 40:08 40 minutes, 8 seconds Australian limited company having interest mainly in the Oman and the Middle East countries. So can you 40:15 40 minutes, 15 seconds explain the the synergies and uh uh but yes sir as I said that you know we have two 40:22 40 minutes, 22 seconds joint ventures in Oman and those that that Austrian company whereby we have made strategic invest in Australia are also our joint joint venture partners. 40:32 40 minutes, 32 seconds So that will strengthen our relationship even better with the company with the joint venture partners in Oman. 40:39 40 minutes, 39 seconds Okay. So this is the same company I think in a company madam just to confuse. Yes ma'am. Uh I'm just concluding ma'am and I joined the team. 40:47 40 minutes, 47 seconds Sir in in one of the earlier company update which you you did with uh with uh with the team you did mentioned about 40:54 40 minutes, 54 seconds yourself being a director in in one of the Australian JP. 41:02 41 minutes, 2 seconds Yes sir. Okay sir. I will join the queue for my closing question. Thank you. 41:07 41 minutes, 7 seconds Sure. Thank you. We have the next question from the line of Rahul Gupta N advisory. Please go ahead. 41:14 41 minutes, 14 seconds Uh yes sir. Sir actually I wanted to uh about the mining auction problem that 41:20 41 minutes, 20 seconds the Indian uh companies are facing. The total blocks auctioned have been around 41:27 41 minutes, 27 seconds 594 but the amount of nonoperational blocks is around 512. 41:32 41 minutes, 32 seconds So can you give a guidance on what is changing right now and how fast will the execution will be? 41:39 41 minutes, 39 seconds See uh the the coal block commerce like first of all it is not 594 if you talk about specifically coal coal block it is 41:48 41 minutes, 48 seconds around 200 coal blocks uh you will be talking about other minerals so right now let's focus on the coal block only 41:56 41 minutes, 56 seconds so it's about approximately 200 uh and uh the auction started somewhere in 2020 42:04 42 minutes, 4 seconds the commercial cold block auction by the government of India and uh you Generally there's a lease time of 5 to 6 years 7 years on an 42:13 42 minutes, 13 seconds average for the cold blocks to start. So right now you will see a low number but 42:20 42 minutes, 20 seconds uh the government is since we are we are on the you know uh uh we are one of the coal block owners. So we see the kind of 42:29 42 minutes, 29 seconds follow-ups being done by the central government the ministry of coal. uh it is very it is very aggressive and we 42:37 42 minutes, 37 seconds shall see a phenomenal increase in numbers of operating cold block in the near future. 42:44 42 minutes, 44 seconds Okay sir, thank you. 42:47 42 minutes, 47 seconds Thank you. The next question is from the line of Kisha Kar from counter cyclical PMS. Please go ahead. So if you could 42:55 42 minutes, 55 seconds give us some idea that how many total rigs are operating in the country like we are having 40 rigs how much would be 43:03 43 minutes, 3 seconds the total in the country anywhere between 125 to 150 rigs are operating hydraulic rigs. 43:16 43 minutes, 16 seconds Okay understood. And uh sir so what is the occupancy of these 40 rigs that we have? Are all of them uh currently 43:24 43 minutes, 24 seconds deployed or some of them are uh like uh undeployed? 43:29 43 minutes, 29 seconds No, no, more than 100%. In fact, uh uh some of them are also working under as subcontractors almost more than 10 rigs. 43:37 43 minutes, 37 seconds Okay. And uh sir, what is the like the the uh what the rate of these rigs like? How is 43:45 43 minutes, 45 seconds it determined on a per day basis or per month basis or hourly basis? 43:50 43 minutes, 50 seconds uh the risk required in the exploration mineral mineral exploration sector is on per meter basis per meter. 43:59 43 minutes, 59 seconds Yeah. 44:00 44 minutes Okay. So, so the more you dig the more you in the gas gives you the rates. 44:09 44 minutes, 9 seconds Understood sir. And like our uh fixed asset base increased significantly from 44:15 44 minutes, 15 seconds 67 to 115 cr last year. So this is on uh uh due to the increase in the fleet count. 44:26 44 minutes, 26 seconds Yes, we have increased uh uh almost 7 to eight rates in the last financial year. 44:33 44 minutes, 33 seconds Okay. Okay. Understood. 44:36 44 minutes, 36 seconds So uh now uh do the rates uh keep on going up or down or these are stable 44:43 44 minutes, 43 seconds rates like uh you told us on a per meter basis? And since I said earlier also currently exploration sector is in 44:51 44 minutes, 51 seconds demand right now. So there is a huge shortage of resources. So we are seeing uh a good increase in the rates given by 45:00 45 minutes the customers underscorer. Thank you very much. 45:05 45 minutes, 5 seconds Thank you. The next question is from the line of UTS Bahi and individual investor. Please go ahead. 45:13 45 minutes, 13 seconds Hello sir. Am I audible? Yes sir. 45:17 45 minutes, 17 seconds Yeah. Uh congratulations to the great set of numbers. I have a few questions like uh you had briefly mentioned in 45:24 45 minutes, 24 seconds your presentation that uh we are entering into a super cycle. So uh can you just touch upon that like uh what is 45:32 45 minutes, 32 seconds the scenario like and uh I mean uh how might we benefit from that? 45:38 45 minutes, 38 seconds I there has been what we can see since the Ukraine Russia war uh globally you know countries are trying to become 45:47 45 minutes, 47 seconds self-reliant and uh and with the recent uh uh Iran, Israel, US war uh you know 45:56 45 minutes, 56 seconds the geopolitical tensions and the u you know the crisis in the crude oil and uh other mineral sector and the need for 46:04 46 minutes, 4 seconds critical critical mineral and rare earth sector uh we can see that you know government is putting a lot of emphasis 46:12 46 minutes, 12 seconds on the natural uh discovery of natural resources what we are having within our uh country. 46:20 46 minutes, 20 seconds Uh our country is n is is is very good in you know we have huge natural resources be mineral beat oil gas be 46:30 46 minutes, 30 seconds typical mineral we have a huge uh uh shell gas deposit. So uh government 46:39 46 minutes, 39 seconds government has put giving giving lot of incentives uh and the policy is directed towards uh more exploration uh in these 46:49 46 minutes, 49 seconds sectors so that uh these resources could be uh uh you know uh undercover and can 46:56 46 minutes, 56 seconds be taken out of beneath the ground and uh uh so and this can be seen last one 47:05 47 minutes, 5 seconds or two of our operations also that all our domains are cohesively running well as a well as unit and we expect the same 47:15 47 minutes, 15 seconds to continue over next uh 3 to 5 years. 47:21 47 minutes, 21 seconds Okay sir, thank you. And uh there's one more question sir. So uh uh like you said that uh there will be uh a 47:30 47 minutes, 30 seconds substantial amount of coal uh blocks which will be uh you know starting. So will that kind of open up a new stream 47:39 47 minutes, 39 seconds for us uh kind of a revenue stream I mean apart from the cold block that we have. Uh so as I said we are working on the 47:46 47 minutes, 46 seconds geological report and then we'll be working on the mining plan. So once we have these datas uh approved uh then we 47:54 47 minutes, 54 seconds shall be able to know how much we'll be able to produce peranom and how much revenue we sh it we we shall be getting in from our coal mining business. 48:05 48 minutes, 5 seconds No sir I was asking that uh just keeping our coal mining uh our operations apart the there uh there will be a lot of coal 48:13 48 minutes, 13 seconds blocks that will be active. So uh will that generate any any revenue for us? I mean will that yeah yeah yeah 48:21 48 minutes, 21 seconds uh see the demand the demand for coral production will keep on growing you know currently we are sitting at about 1 48:29 48 minutes, 29 seconds billion tons peranom and by 2030 we expecting uh production of 1.4 4 billion ton of 48:36 48 minutes, 36 seconds coal uh and so will the demand for power increase you know so coal is not going any anywhere now 48:45 48 minutes, 45 seconds okay sir and u yeah that will be also thank you thank you participants with questions 48:54 48 minutes, 54 seconds may enter star and one on the handsets the next question is from the line of sake kapoor from Kapoor co please go ahead 49:02 49 minutes, 2 seconds yes sir sir h as we look at Our presentation slide number 17 the the projects and the order book details uh 49:10 49 minutes, 10 seconds you have uh we could see that the uh there are 19 projects that are ongoing and in the order book also uh uh it is 49:19 49 minutes, 19 seconds the the CBM and the aqua uh mapping that are uh that are more operational will be 49:26 49 minutes, 26 seconds contributing to the to the revenue by uh for the current year. Is that understanding uh uh correct? 49:34 49 minutes, 34 seconds Yes. Yes. Yes. 49:38 49 minutes, 38 seconds Okay. And sir, uh when we look at this uh uh aquafair mapping part of the story, sir, what is the uh uh uh the uh 49:47 49 minutes, 47 seconds the opportunity that we have currently and how is the bid uh bid pipeline 49:53 49 minutes, 53 seconds currently uh uh shaping shaping up for the same? This is the most one of the most important strategic project for the 50:02 50 minutes, 2 seconds ministry of Jalashakti, government of India. Um as we all know that you know the quality and the quantity of water is deeply groundwater. That is the reason 50:12 50 minutes, 12 seconds why the government uh came out with the u achieve mapping uh projects. So the 50:19 50 minutes, 19 seconds idea is to uh drill drill a water well uh put the casing in and uh you know 50:26 50 minutes, 26 seconds install uh DWLR that's the digital water uh level recorder they the the 50:33 50 minutes, 33 seconds government from time to time uh to be precise central water board from time to time they draw out samples they analyze the quality and the quantity of water so 50:42 50 minutes, 42 seconds it is very it is a it's a very important project and the scope and the size of the project will will be increasing in 50:50 50 minutes, 50 seconds coming coming years and we shall be we shall be getting more opportunities to participate in new tenders in new states 50:57 50 minutes, 57 seconds and increase the volume in this segment as well in terms of the capex that we have done 51:04 51 minutes, 4 seconds what kind of to the question please only what has replied in this 51:11 51 minutes, 11 seconds okay okay I'll join against that maybe thank you the next Question is from the line of Keshkar counter cyclical PMS. 51:21 51 minutes, 21 seconds Please go ahead. 51:23 51 minutes, 23 seconds So I'm trying to understand that these rigs drilling rigs is it a one-time affair or is it a consumable kind of a 51:32 51 minutes, 32 seconds item like I mean for a coal mine is it drilling is a one time a drilling is a one time affair. 51:40 51 minutes, 40 seconds Okay. 51:41 51 minutes, 41 seconds When we do drilling we use we use rods and bits. These are consummus. 51:46 51 minutes, 46 seconds Okay. So basically we uh so so let's say for the coal bed methane we just drill once and then the gas keeps on coming 51:54 51 minutes, 54 seconds out uh till the life of the well is there. Is that understanding correct? 52:00 52 minutes Yeah. Yeah. Yeah. So the drilling rate goes there drill the well as per the instructions given by the client and then once the gas task or once the 52:08 52 minutes, 8 seconds client is satisfied they move from one location to the other location. 52:13 52 minutes, 13 seconds And sir, are these rigs uh funible? Like the same rig that can be used in coal bed methane can be used in coal, can be 52:21 52 minutes, 21 seconds used in aqua fire, can be used in any other copper or any underground mineral. 52:26 52 minutes, 26 seconds No, different rigs are for different purposes. 52:30 52 minutes, 30 seconds Okay. So, okay. Okay. Understood. And so, sir, and what about onshore oil and gas? Uh do I mean these rigs are can do onore and gas as well. 52:42 52 minutes, 42 seconds Okay. But CBM Rick cannot do let's say copper or something else. No no no no. 52:49 52 minutes, 49 seconds Okay. Understood sir. Thank you very much. 52:52 52 minutes, 52 seconds Thank you. The next question is from the line of Rahul Gupta from N advisory. Please go ahead. 52:59 52 minutes, 59 seconds Sir as you mentioned previously that the government is becoming aggressive and uh opening new blocks. So what kind of 53:09 53 minutes, 9 seconds demand are we expecting? Are we expecting to get more tenders from from the government in any kind of mineral segment? 53:15 53 minutes, 15 seconds Government government is auctioning the blocks and definitely u the new allotty would require more drilling to be done 53:24 53 minutes, 24 seconds in the block to assess the resources. So yeah definitely more is in the way. 53:32 53 minutes, 32 seconds Okay. Thank you. 53:36 53 minutes, 36 seconds Thank you. I now hand the conference over to the management from Southwest Pinnacle Exploration Limited for closing comments. 53:45 53 minutes, 45 seconds So, thank you all for participating in this earnings corn call. I hope we were ready to answer all your questions that is Saturday and at the same time offer 53:54 53 minutes, 54 seconds insights into our business. If you have any further questions or would like to know more about the company, please reach out to our IR manager at Valor Advisors. Thank you so much. 54:05 54 minutes, 5 seconds Thank you very much everyone. On behalf of Southwest Pinnacle Exploration Limited, that concludes this conference call. Thank you all for joining us and 54:13 54 minutes, 13 seconds you may now disconnect your lines. Thank you. Thank you. Thank you. Thank you.