Nirlon posts healthy operating performance, PAT impacted by one-off
News: Nirlon reported a robust operating performance. Topline at Rs.92.5 crore was up 15.6% YoY, while EBITDA margins at 80.1% was up 380 bps. PAT was at Rs.13.5 crore, down 59% YoY, owing to one-off tax charge of Rs.20.1 crore. Adjusted PAT was up 2.4% YoY.
Views: The occupancy slightly fell QoQ at 84.5% (vs. 91.9% in Q2). 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 margin accretive.