Click 2 Promotions – Get Updated Info Automobiles to Health

Nesco Q2 Results Review – Exhibition Occupancy Recovers To Pre-Covid Level; Capex Is On The Cards: Nirmal Bang


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. 

Nesco Ltd. reported revenue of Rs 1,429 million, up 76.9% YoY and 38.6% QoQ and ahead of our estimates. Nesco IT Park’s Q2 FY23 revenue stood at Rs 731 million, up 11.9% YoY and 1.5% QoQ.

Overall occupancy in Tower four (total leasable area at ~1.2 million square feet) increased by 2% QoQ to 97% in Q2 FY23. Tower four is expected to be fully leased out in H2 FY23.

Occupancy in Tower three increased by 1% QoQ to 91% in Q2 FY23 and it is expected to be fully leased out in H1 FY24. With the MCGM vacating the exhibition space, the entire 0.66 mn sqft is now fully leased out, which has helped the company’s occupancy in Bombay Exhibition Centre to recover to pre-Covid level i.e. ~40%.

The regulatory approval for Tower two has been delayed and is expected in H1 FY24, post which its construction will require 4.5 years.

Nesco also plans to add ~0.15 mn sqft of exhibition space, for which approval is expected in the next one month.

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.


Source link

Exit mobile version