NESCO Ltd

₹ 798 -0.67%

19 Apr - close price

About

NESCO is engaged in the businesses of Licencing premises in IT park buildings and providing related services, licencing premises for exhibitions and providing services to the organisers, manufacturing of machines and capital equipment, and providing hospitality and catering services.(Source : 202003 Annual Report Page No:74)

Key Points

Business segments
1. IT Parks division:^[1] Licensed premises in IT park buildings to large MNCs like HSBC, KPMG, BlackRock etc. Towers 3 and 4 span across 62'301 sq.m and 103'379 sq.m out of which 82% and 97% are currently rented out (FY23). This division has grown from 28 crs. in FY13 to 295 cr. in FY23

Website BSE NSE

Market Cap ₹ 5,626 Cr.
Current Price ₹ 798
High / Low ₹ 934 / 533
Stock P/E 16.4
Book Value ₹ 298
Dividend Yield 0.56 %
ROCE 21.8 %
ROE 16.7 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company is expected to give good quarter
Debtor days have improved from 24.1 to 15.1 days.

Cons

Company has a low return on equity of 13.8% over last 3 years.
Dividend payout has been low at 11.4% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Realty Industry: Construction

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	82	75	73	81	93	91	103	143	143	157	137	175	178
	30	28	27	30	32	28	37	42	61	58	50	66	64
Operating Profit	53	48	46	50	61	63	67	101	82	99	86	109	114
OPM %	64%	63%	63%	62%	65%	69%	65%	71%	57%	63%	63%	62%	64%
	18	10	13	10	10	12	8	16	19	20	25	23	27
Interest	2	3	2	2	2	3	3	5	3	2	3	5	6
Depreciation	6	6	6	7	7	8	8	8	8	9	14	14	14
Profit before tax	63	49	50	51	61	64	63	104	90	109	94	112	121
Tax %	22%	19%	16%	13%	20%	16%	15%	22%	22%	22%	19%	22%	23%
	49	40	42	44	49	54	54	82	70	85	76	88	94
EPS in Rs	6.94	5.64	6.00	6.25	7.01	7.60	7.63	11.63	9.95	12.05	10.80	12.46	13.31
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	128	143	161	194	261	306	304	360	432	291	337	546	646
	43	43	51	56	73	92	88	128	153	105	117	178	238
Operating Profit	85	101	110	138	189	214	216	233	278	186	221	368	408
OPM %	66%	70%	68%	71%	72%	70%	71%	65%	64%	64%	65%	67%	63%
	17	19	18	28	33	43	36	32	42	65	43	44	94
Interest	1	1	0	0	4	5	6	5	6	8	9	12	15
Depreciation	3	6	11	7	7	8	11	12	22	26	28	33	52
Profit before tax	97	114	117	160	211	244	235	248	292	216	227	367	436
Tax %	30%	28%	31%	30%	32%	30%	25%	27%	20%	20%	16%	21%
	67	82	81	112	144	169	177	180	234	172	189	291	343
EPS in Rs	9.55	11.59	11.49	15.83	20.45	24.03	25.08	25.57	33.18	24.48	26.85	41.25	48.62
Dividend Payout %	6%	6%	9%	8%	8%	9%	9%	10%	9%	12%	11%	11%

Compounded Sales Growth
10 Years:	14%
5 Years:	12%
3 Years:	8%
TTM:	35%

Compounded Profit Growth
10 Years:	14%
5 Years:	12%
3 Years:	9%
TTM:	32%

Stock Price CAGR
10 Years:	16%
5 Years:	10%
3 Years:	19%
1 Year:	49%

Return on Equity
10 Years:	17%
5 Years:	15%
3 Years:	14%
Last Year:	17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	14	14	14	14	14	14	14	14	14	14	14	14	14
Reserves	276	352	425	526	667	837	995	1,154	1,341	1,512	1,681	1,950	2,083
	0	0	0	0	0	0	0	0	0	0	1	0	0
	91	81	122	137	159	181	170	178	252	293	273	298	356
Total Liabilities	381	447	561	676	840	1,032	1,179	1,346	1,607	1,819	1,969	2,263	2,453
	44	158	160	159	165	188	229	213	776	759	846	804	780
CWIP	104	4	5	100	143	262	357	509	2	51	82	86	96
Investments	210	258	368	384	442	482	499	531	672	810	847	1,161	1,354
	23	26	28	33	90	99	94	93	157	199	194	212	223
Total Assets	381	447	561	676	840	1,032	1,179	1,346	1,607	1,819	1,969	2,263	2,453

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	73	55	117	103	137	152	143	171	208	139	164	297
	-78	-51	-107	-91	-110	-153	-123	-155	-157	-142	-142	-265
	0	-6	-8	-11	-25	-0	-19	-20	-47	-0	-21	-24
Net Cash Flow	-6	-2	2	0	1	-1	2	-3	4	-3	1	8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	23	25	25	20	20	13	16	18	14	37	20	15
Inventory Days	131	158	184			313		139		158	107	119
Days Payable	235	253	312			519		166		227	125	147
Cash Conversion Cycle	-81	-70	-102	20	20	-193	16	-8	14	-32	2	-12
Working Capital Days	-103	-48	-55	-39	-18	-23	-112	-53	-37	-55	2	3
ROCE %	36%	35%	25%	29%	35%	32%	26%	23%	24%	16%	15%	22%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%
	2.14%	2.18%	2.18%	1.99%	1.98%	2.10%	2.37%	2.30%	2.09%	2.79%	3.02%	3.50%
	5.31%	4.99%	4.80%	4.83%	4.73%	4.30%	3.95%	3.91%	3.81%	4.07%	4.14%	3.99%
	24.02%	24.30%	24.49%	24.64%	24.76%	25.07%	25.14%	25.24%	25.55%	24.60%	24.29%	23.97%
No. of Shareholders	43,014	40,722	37,545	36,630	36,711	36,127	35,987	37,631	37,525	36,251	45,871	46,796

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	68.17%	68.18%	68.20%	68.32%	68.54%	68.54%	68.54%	68.54%
	3.76%	2.24%	2.45%	2.84%	2.14%	1.99%	2.30%	3.50%
	4.80%	5.35%	5.64%	5.46%	5.29%	4.83%	3.91%	3.99%
	23.27%	24.23%	23.72%	23.37%	24.04%	24.64%	25.24%	23.97%
No. of Shareholders	12,846	22,426	23,467	25,911	39,865	36,630	37,631	46,796

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

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Annual reports

Concalls

Nov 2021

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Jun 2020

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Sep 2019

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Mar 2019

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Feb 2018

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