Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: A-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

Nesco: IT Park Sees Improved Occupancy; BEC Recovery In Sight

Nesco: IT Park Occupancy Continues to Improve; BEC Recovery on Track

Equity Bottom-Up

<p>FY21 was a tough year for <a href="https://www.smartkarma.com/entities/nesco-ltd" target="_blank" data-smartkarma-citation="entities:13095:1" rel="noopener">Nesco Ltd (NSE IN)</a>. Exhibitions revenue (which represented 1/3rd of revenues pre-COVID) declined to almost negligible due to COVID constraints. Q1FY22 also remained weak due to impact from the second wave of lockdown. Revenues from Nesco Foods also declined substantially (-64%) in FY21 and Q1FY22, as its revenues are linked closely with exhibitions at BEC (Bombay Exhibition Center). As the occupancy levels increased for Tower 4, the IT Parks business provided some respite with revenue growth at 15% in FY21.</p>

FY21 was a tough year for Nesco Ltd (NSE IN). Exhibitions revenue (which represented 1/3rd of revenues pre-COVID) declined to almost negligible due to COVID constraints. Q1FY22 also remained weak due to impact from the second wave of lockdown. Revenues from Nesco Foods also declined substantially (-64%) in FY21 and Q1FY22, as its revenues are linked closely with exhibitions at BEC (Bombay Exhibition Center). As the occupancy levels increased for Tower 4, the IT Parks business provided some respite with revenue growth at 15% in FY21.

Nesco: Covid Led Airpocket in Earnings, Does Not Derail Long Term Thesis