Nesco - On Course For Recovery: ICICI Direct
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ICICI Direct Report
Nesco Ltd. has had a muted FY21 and H1 FY22 but is looking towards recovery with improved occupancy at IT park and gradual pick-up in the exhibition business.
In Q2 FY22, reported revenues were up 26% YoY at Rs 80.8 crore. The IT park revenues were up 18% YoY at Rs 65.2 crore while exhibition revenues remained marginal.
Ebitda at Rs 50.3 crore, was up 62.3% YoY while profit after tax at Rs 44 crore was up 54% YoY.
Nesco's overall occupancy at Tower-four was at ~90% (versus 75% in FY21) while IT Tower-three is at ~80% occupancy levels, with a gradual recovery likely.
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