Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>Management Meet Update</p>
<h2>NESCO</h2>
<h3>No visibility on full-fledged commencement of BEC operations</h3>
<p>We recently had an interaction with Mr. Dipesh Singhania, CFO of NESCO Ltd to discuss the current outlook for various business segments and the future plans. Highlighted below are certain key takeaways from our discussion:</p>
<p><strong>Updates regarding NESCO IT Park:</strong></p>
<p>Rental collections from the tenants to stabilize by March 2021: The company had agreed to an extended credit period of 3-4 months for rent payments for…</p>

<p>3QFY21 Result Update</p>
<h2>NESCO</h2>
<h3>Commercial performance drives growth</h3>
<p>NESCO’s reported revenue declined by 28% YoY but increased by 28.5% QoQ in 3QFY21. The decline in revenue on YoY basis was due to a drop in Bombay Exhibition Center (BEC) and Hospitality segment’s revenue by 91.3% YoY and 53.2% YoY as the BEC was converted into a COVID Care Center by the Municipal Corporation of Greater Mumbai (MCGM). IT Park’s revenue increased by 1% YoY and 16% QoQ.</p>
<p>NESCO reported EBITDA of Rs529mn, down 31.6% YoY…</p>

<p>2QFY21 Result Update</p>
<h2>NESCO</h2>
<h3>Leasing to stressed sector softens IT Park’s growth</h3>
<p>NESCO’s reported revenue declined by 47% YoY and 7% QoQ in 2QFY21. The decline in revenue on YoY basis was due to a decline in Bombay Exhibition Center (BEC) and Hospitality segment’s revenue by 99.6% and 49.4% YoY in 2QFY21 as the BEC was converted into a COVID Care Center by the Municipal Corporation of Greater Mumbai (MCGM). The IT Park revenue increased by 7% YoY but declined by 15% QoQ. The decline on QoQ basis…</p>

<p>Management Meet Update</p>
<p><strong>NESCO</strong></p>
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<p><strong>IT Park revenue drives net profit</strong></p>
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<p>We recently had an interaction with Mr. Dipesh Singhania, CFO of NESCO Limited to discuss the current outlook for various segments and the future plans for the business. Highlighted below are certain key takeaways from our discussion:</p>
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<p><strong>Updates regarding NESCO IT Park:</strong></p>
<p><strong>No rental waiver or discounts given:</strong> The company has not agreed to any rental waiver or concessions for its IT Park tenants. However, it has extended credit periods…</p>
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<p>1QFY21 Result Update</p>
<h2>NESCO</h2>
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<p><strong>IT Park revenue drives net profit</strong></p>
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<p>NESCO’s reported revenue decline of 11% YoY in 1QFY21. The decline in revenue was due to a decline in Bombay Exhibition Center (BEC) and Hospitality segment’s revenue by ~100% YoY in 1QFY21 as the BEC has been converted into a COVID care center by the Municipal Corporation of Greater Mumbai (MCGM). The IT Park revenue increased by 88% YoY.</p>
<p>EBITDA of Rs497mn was up 2% YoY and EBITDA margin expanded by 939bps YoY to 71.6%…</p>
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India

Nesco Ltd. is a diversified company involved in manufacturing and engineering products for railways and forging,  realty development, and runs an exhibition center.

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