Nirlon Ltd Research ReportCo.Update

Nirlon’s 9MFY21 (& Q3FY21) performance was fairly stable. Revenues in Q3FY21 grew 4.5% YoY to | 80.1 crore. For 9MFY21, revenues grew 5% YoY at | 227.8 crore, largely driven by rental renewal. Occupancy, which was at 97.5% was lower QoQ vs. 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 | 182.4 crore was up 6.2% YoY. PAT at | 98.7 crore for 9MFY21 was up 23.2% YoY, also aided by lower interest, due to capitalisation.