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

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

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.

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Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
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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

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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<div><div><div><div><ul><li>Consolidated revenue decreases by 2.5% QoQ but increases by 21.3% YoY to Rs910.7mn in 4QFY22</li></ul><div><div><div><div><ul><li>NESCO reported 4QFY22 revenue of Rs910.7mn, up 21.3% YoY but down by 2.5% QoQ.</li></ul><div><div><div><div><ul><li>IT Park segment’s revenue stood at Rs705mn, up 15% YoY and 3% QoQ.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Consolidated revenue decreases by 2.5% QoQ but increases by 21.3% YoY to Rs910.7mn in 4QFY22NESCO reported 4QFY22 revenue of Rs910.7mn, up 21.3% YoY but down by 2.5% QoQ.IT Park segment’s revenue stood at Rs705mn, up 15% YoY and 3% QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NESCO - Gradual Revival in IT Park & F&B Amid Opening up of Economy

<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. 


External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Nesco Ltd (Nesco) is in the business of development and management of commercial/IT-ITeS real estate, exhibition centre and foods business</li><li>Nesco has had a muted FY21 and H1FY22 but is looking towards recovery with improved occupancy at IT park and gradual pick-up in the exhibition business.</li><li>We maintain BUY rating on the stock. We value Nesco at Rs 770/share.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Nesco Ltd (Nesco) is in the business of development and management of commercial/IT-ITeS real estate, exhibition centre and foods businessNesco has had a muted FY21 and H1FY22 but is looking towards recovery with improved occupancy at IT park and gradual pick-up in the exhibition business.We maintain BUY rating on the stock. We value Nesco at Rs 770/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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 - Gradual Revival in IT Park & F&B Amid Opening up of Economy

NESCO reported revenue of Rs910.7mn, up 21.3% YoY but down by 2.5% QoQ. NESCO IT Park’s 4QFY22 revenue stood at Rs705mn, up 15% YoY and 3% QoQ.

Nirmal Bang

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 Limited: On Course for Recovery

Nesco Ltd (Nesco) is in the business of development and management of commercial/IT-ITeS real estate, exhibition centre and foods business

ICICI Securities Limited

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