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Nirmal Bang Report
Nesco Ltd. reported revenue of Rs 1,031 million, up 42% YoY and 13.2% QoQ. NESCO IT Park’s Q1 FY23 revenue stood at Rs 720 million, up 18.6% YoY and 2.2% QoQ.
Nesco’s overall occupancy in Tower 4 (total leasable area ~1.2 million square feet) stood flattish at 95% in Q1 FY23 compared to 94.7% in Q4 FY22. Presently, the company has temporarily occupied space in Tower 4 for its own use and the same is expected to be fully leased out in H2 FY23.
Occupancy in Tower 3 increased from 88% in Q4 FY22 to 90% in Q1 FY23; it is expected to be fully leased out in H2 FY23. The average rent for Tower 3 stood at Rs 155/sqft and for Tower 4 at Rs 150/sqft in Q1 FY23.
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