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Nesco - Exhibition Business Finally Gets Going: ICICI Direct

We expect exhibition business to recover sharply to attain pre-Covid run rate.

<div class="paragraphs"><p>Nesco Ltd.'s Bombay Exhibition Centre. (Source: Company website)</p></div>
Nesco Ltd.'s Bombay Exhibition Centre. (Source: Company website)

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ICICI Direct Report

Nesco Ltd.'s business is finally seeing an improved outlook with pick up in exhibition business and better occupancy at IT park.

Q2 FY23 reported revenues were up 76.9% YoY at Rs 142.9 crore. The exhibition revenues at Rs 53.1 crore was up by ~25 times YoY on a depressed base, led by full-fledged resumption of exhibition.

The IT park revenues were up 11.9% YoY at Rs 73.1 crore, with overall occupancy at Tower 4 is at ~97% (versus 92% in FY22), while IT Tower 3 is at ~90% (versus 80% in FY22).

Nesco's Ebitda at Rs 100.1 crore, was up ~101% YoY driven by operating leverage, with margins at 70.7%, up 840 basis points YoY and profit after tax at Rs 81.9 crore was up 86% YoY, aided by strong operating performance.

Click on the attachment to read the full report:

ICICI Direct Nesco Company Update.pdf

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