NESCO Ltd

₹ 990 -0.54%

22 Nov - 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 ₹ 6,974 Cr.
Current Price ₹ 990
High / Low ₹ 1,059 / 749
Stock P/E 20.4
Book Value ₹ 298
Dividend Yield 0.61 %
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

The company has delivered a poor sales growth of 11.2% over past five years.
Company has a low return on equity of 13.7% 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

Part of BSE Services Nifty Microcap 250 BSE Allcap Nifty Total Market BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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	29	37	42	61	58	51	66	64
Operating Profit	53	48	46	50	61	62	66	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	6.01	6.24	7.00	7.60	7.62	11.62	9.95	12.05	10.80	12.46	13.31
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	160	195	263	311	321	361	432	291	337	546	646
	50	56	75	97	103	128	154	105	117	179	238
Operating Profit	110	138	189	215	218	233	278	186	220	367	408
OPM %	69%	71%	72%	69%	68%	64%	64%	64%	65%	67%	63%
	18	28	33	43	36	32	43	65	44	45	95
Interest	0	0	4	5	6	5	6	8	9	12	15
Depreciation	11	7	7	8	11	12	22	26	28	33	52
Profit before tax	117	160	211	244	238	248	292	216	226	367	436
Tax %	31%	30%	32%	30%	25%	27%	20%	20%	16%	21%
	81	112	144	170	179	180	234	172	189	291	343
EPS in Rs	11.49	15.82	20.45	24.11	25.36	25.61	33.19	24.48	26.85	41.25	48.62
Dividend Payout %	9%	8%	8%	9%	9%	10%	9%	12%	11%	11%

Compounded Sales Growth
10 Years:	%
5 Years:	11%
3 Years:	8%
TTM:	35%

Compounded Profit Growth
10 Years:	%
5 Years:	11%
3 Years:	9%
TTM:	32%

Stock Price CAGR
10 Years:	14%
5 Years:	10%
3 Years:	17%
1 Year:	24%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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
Reserves	425	525	667	837	997	1,156	1,343	1,515	1,684	1,950	2,083
	0	0	0	0	0	0	0	0	1	0	0
	122	137	159	182	172	178	252	293	273	298	356
Total Liabilities	561	676	841	1,033	1,183	1,349	1,610	1,822	1,972	2,263	2,453
	160	159	165	188	229	213	776	759	846	804	780
CWIP	5	100	143	262	357	509	2	51	82	86	96
Investments	368	384	442	482	499	531	672	810	846	1,161	1,354
	28	33	90	101	99	96	160	202	197	212	223
Total Assets	561	676	841	1,033	1,183	1,349	1,610	1,822	1,972	2,263	2,453

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	117	103	137	153	146	171	208	130	163	297
	-107	-91	-110	-153	-123	-155	-157	-133	-142	-268
	-8	-11	-25	-0	-19	-20	-47	-0	-21	-24
Net Cash Flow	2	1	1	-0	4	-4	4	-3	0	5

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	26	20	20	14	16	18	14	37	20	15
Inventory Days	184			271	248	138		159	107	119
Days Payable	312			463	187	164		227	126	147
Cash Conversion Cycle	-102	20	20	-178	76	-8	14	-31	1	-12
Working Capital Days	-56	-39	-18	-23	-107	-54	-37	-56	2	3
ROCE %		29%	35%	33%	26%	23%	24%	16%	15%	22%

Shareholding Pattern

Numbers in percentages

3 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 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%
	2.18%	1.99%	1.98%	2.10%	2.37%	2.30%	2.09%	2.79%	3.02%	3.50%	3.87%	3.95%
	4.80%	4.83%	4.73%	4.30%	3.95%	3.91%	3.81%	4.07%	4.14%	3.99%	3.89%	4.06%
	24.49%	24.64%	24.76%	25.07%	25.14%	25.24%	25.55%	24.60%	24.29%	23.97%	23.70%	23.45%
No. of Shareholders	37,545	36,630	36,711	36,127	35,987	37,631	37,525	36,251	45,871	46,796	45,047	44,222

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	68.17%	68.18%	68.20%	68.32%	68.54%	68.54%	68.54%	68.54%	68.54%
	3.76%	2.24%	2.45%	2.84%	2.14%	1.99%	2.30%	3.50%	3.95%
	4.80%	5.35%	5.64%	5.46%	5.29%	4.83%	3.91%	3.99%	4.06%
	23.27%	24.23%	23.72%	23.37%	24.04%	24.64%	25.24%	23.97%	23.45%
No. of Shareholders	12,846	22,426	23,467	25,911	39,865	36,630	37,631	46,796	44,222

* 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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Feb 2018

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