News: Nesco's Q4 performance was healthy with improvement in IT park revenues. Reported revenues were up 21.3% YoY at | 91.1 crore. The IT park revenues were up 14.6% YoY at | 70.5 crore, possibly owing to reduced vacancies. The exhibition revenues at | 4.8 crore was up 104% YoY on depressed base, but still ~90% below pre Covid levels. EBITDA at | 62.6 crore, was up 31.6% YoY, margins at 68.7%, up 540 bps YoY and PAT at | 53.6 crore was up 34.8% YoY, aided by strong operating performance
Views: We expect exhibition recovery to be visible from H1FY23 onwards. With strong balance sheet (net cash of | 850 crore, ~22% of market cap) , healthy return ratio and possible recovery in exhibition business, Nesco is in sweet spot for robust, growth ahead
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