loader2
Partner With Us NRI

Nirlon: Muted performance; to improve sharply ahead

News: Nirlon reported muted topline numbers. Topline at Rs.79.4 crore was down 0.8% YoY (up 5.7% QoQ), while EBITDA at Rs.59.6 crore, was down 2.3% YoY (up 17.6% QoQ). PAT was up 1.2% YoY (up 27.6% QoQ) at Rs.33.8 crore.

Views: The occupancy slightly improved QoQ at 91.9% (vs. 90.6% in Q1), albeit down from 99.5% in Q2FY21 primarily on account of one large licensee moving out post expiry of their license, a part of which has been re-leased. With collections at 99% and upcoming phase already leased out, Nirlon is well poised for stable annuity growth ahead. The new phase revenues, will boost rental revenues sharply as well as be margins accretive in FY23.