Open ICICI
3-in-1 Account
Manage your Savings, Demat and Trading Account conveniently at one place
Manage your Savings, Demat and Trading Account conveniently at one place
News: Nesco's Q4 performance was strong, driven by improvement in exhibition business. Reported revenues were up 73% YoY (up ~10% QoQ) at Rs 157.2 crore. The exhibition revenues at Rs 47.9 crore was up by 9x YoY (~26% QoQ) with normalisation of exhibitions. We highlight that exhibition revenues recovery was robust and is now back to ~15% above pre Covid levels. IT park revenues were up 3% YoY at Rs 72.3 crore. EBITDA at Rs 99.4 crore, was up ~59% YoY, with margins at 57.3%, down 550 bps YoY (revenue mix led) & up 590 bps QoQ. PAT was at Rs 85 crore, up 58.6% YoY and 21% QoQ, aided by strong revenues and operating profit growth
View: We expect exhibition recovery to drive earnings growth ahead. With strong balance sheet (net cash of Rs 1330+ crore), healthy return ratio and recovery in exhibition business on the anvil, Nesco remains in a sweet spot for robust growth ahead
Impact: Positive