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Nirmal Bang Report
Nesco Ltd. reported revenue of Rs 1,429 million, up 76.9% YoY and 38.6% QoQ and ahead of our estimates. Nesco IT Park's Q2 FY23 revenue stood at Rs 731 million, up 11.9% YoY and 1.5% QoQ.
Overall occupancy in Tower four (total leasable area at ~1.2 million square feet) increased by 2% QoQ to 97% in Q2 FY23. Tower four is expected to be fully leased out in H2 FY23.
Occupancy in Tower three increased by 1% QoQ to 91% in Q2 FY23 and it is expected to be fully leased out in H1 FY24. With the MCGM vacating the exhibition space, the entire 0.66 mn sqft is now fully leased out, which has helped the company's occupancy in Bombay Exhibition Centre to recover to pre-Covid level i.e. ~40%.
The regulatory approval for Tower two has been delayed and is expected in H1 FY24, post which its construction will require 4.5 years.
Nesco also plans to add ~0.15 mn sqft of exhibition space, for which approval is expected in the next one month.
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