Nirlon - Phase V To Boost Revenues Significantly: ICICI Direct
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ICICI Direct Report
Nirlon Ltd.’s nine months FY21 (and Q3 FY21) performance was fairly stable.
Revenues in Q3 FY21 grew 4.5% YoY to Rs 80.1 crore. For 9MFY21, revenues grew 5% YoY at Rs 227.8 crore, largely driven by rental renewal.
Occupancy, which was at 97.5% was lower QoQ versus 99.5% in Q2, as one tenant had vacated earlier than licence term.
Nonetheless, the same is likely to be compensated as it will be largely leased again from March, 2021 onwards.
Ebitda for 9MFY21 at Rs 182.4 crore was up 6.2% YoY.
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