Nesco posts healthy recoveryNESCO - 531 Change: -3.30 (-0.62 %)
News: Nesco's Q3 performance was strong with initial signs of pickup in exhibition business and improvement in IT park revenues. Reported revenues were up 13% YoY at Rs.93.4 crore. The IT park revenues were up 6.2% YoY at Rs.68.2 crore, possibly owing to reduced vacancies. Exibition revenues at Rs.7.6 crore was at 20% of pre-pandemic level, but highest since Q4FY20. EBITDA at Rs.60.9 crore, was up 15.3% YoY and PAT at Rs.49.3 crore was flattish, owing to lower other income.
Views: Recovery in both exhibition and IT park was a positive trend. With third wave in Q4, we expect exhibition recovery to be pushed back to H1FY23. Strong balance sheet remain another positive factor.