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

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

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Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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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-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
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 Bottom-Up

<ul>
<li>IT Park occupancy has been steadily rising over the past few quarters. Q4FY22 IT Park revenue grew 3.3% QoQ.</li>
<li>Bombay Exhibition Center (BEC) business is on track to normalize as COVID restrictions have been removed completely.</li>
<li>With the BEC business normalizing, Nesco Foods business is also ripe to scale up.</li>
</ul>


IT Park occupancy has been steadily rising over the past few quarters. Q4FY22 IT Park revenue grew 3.3% QoQ.
Bombay Exhibition Center (BEC) business is on track to normalize as COVID restrictions have been removed completely.
With the BEC business normalizing, Nesco Foods business is also ripe to scale up.


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

<ul>
<li>Nesco reported decent Q3FY22 earnings led by improvement in occupancy in the IT Park business as well pick up in the exhibition business. </li>
<li>With environment normalizing, exhibitions are likely to resume which should help Bombay Exhibition Center (BEC) revenues to come back.</li>
<li>The indabrator business also reported strong revenue growth of 30%+ QoQ and 55%+ YoY.</li>
</ul>


Nesco reported decent Q3FY22 earnings led by improvement in occupancy in the IT Park business as well pick up in the exhibition business. 
With environment normalizing, exhibitions are likely to resume which should help Bombay Exhibition Center (BEC) revenues to come back.
The indabrator business also reported strong revenue growth of 30%+ QoQ and 55%+ YoY.


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

<ul>
<li>Nesco reported decent earnings led by growth in the IT Tower business as well as some pick up in the exhibition business. </li>
<li>With environment normalizing, exhibitions are likely to resume which should help BEC revenues to come back.</li>
<li>It was sad to hear about the demise of Nesco’s 86-year-old founder, Mr. Sumant Patel. </li>
</ul>


Nesco reported decent earnings led by growth in the IT Tower business as well as some pick up in the exhibition business. 
With environment normalizing, exhibitions are likely to resume which should help BEC revenues to come back.
It was sad to hear about the demise of Nesco’s 86-year-old founder, Mr. Sumant Patel. 


<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

<p><a href="https://www.smartkarma.com/entities/nesco-ltd" target="_blank" data-smartkarma-citation="entities:13095:1" rel="noopener">Nesco Ltd (NSE IN)</a> is a commercial real estate company with a large land parcel located at a prime location in Mumbai. It earns a steady stream of revenues from leasing out its properties and has strong long-term growth prospects from development of unused land and lease rental growth. It is a niche asset, one that needs to be kept cozy to make attractive returns.</p>

Nesco Ltd (NSE IN) is a commercial real estate company with a large land parcel located at a prime location in Mumbai. It earns a steady stream of revenues from leasing out its properties and has strong long-term growth prospects from development of unused land and lease rental growth. It is a niche asset, one that needs to be kept cozy to make attractive returns.

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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NESCO (NESCO IN)

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

Nesco's business is normalizing with opening up of the economy post COVID. IT Park occupancy has been on the steady rise. BEC revenues are on track...

Ankit Agrawal, CFA

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

Given limited to no COVID constraints now, the exhibition business is on track for recovery over the next 1-2Y and should help the stock to re-rate.

Ankit Agrawal, CFA

Nesco: Recovery In Sight

Nesco reported decent earnings led by growth in the IT Tower business as well as some pick up in the exhibition business. As the environment...

Ankit Agrawal, CFA

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

Nesco's earnings were significantly impacted in FY21 and Q1FY22 due to COVID led disruption. However, we believe this is temporary. Our long-term...

Ankit Agrawal, CFA

Nesco Limited: An Asset to Keep Cozy

Nesco Ltd (NSE IN) is a commercial real estate company with a large land parcel located at a prime location in Mumbai. It is a niche asset, one...

Ankit Agrawal, CFA

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