Nesco - Exhibition Business Finally Gets Going: ICICI Direct
We expect exhibition business to recover sharply to attain pre-Covid run rate.
BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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:
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.