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Nesco gains after decent Q4 results

Business Finance

Capital Market 

Nesco rose 1.17% to Rs 393.90 after consolidated net profit rose 3.05% to Rs 52.91 crore on 25.93% increase in revenue from operations to Rs 117.75 crore in Q4 March 2020 over Q4 March 2019.

Consolidated profit before tax gained 4.73% to Rs 78.05 crore in Q4 March 2020 over Q4 March 2019. Total tax expense rose 8.45% to Rs 25.13 crore in Q4 March 2020 as compared to Rs 23.17 in Q4 March 2019. The result was announced after market hours yesterday, 18 May 2020.

Nesco stated that it continues to be debt free with liquid resources of Rs 685.66 crore as on 31 March 2020, after having spent about Rs 570 crore on construction of Tower 4 in Nesco IT Park and for upgrading of existing Exhibition Centre halls.

At its Bombay Exhibition Centre, revenues grew marginally by 0.82% to Rs 158.60 crore in FY2019-20 as against Rs 157.30 crore in FY 2018-19, despite the partial lockdown in March 2020. The firm is preparing plans for the construction of new halls and upgrading the existing halls.

At its Nesco IT Park, Tower 04 has already started generating revenue during the year. The total revenue from this division jumped 56.35% to Rs 214.16 crore as compared to Rs 136.97 crore during the previous year. The company is also preparing plans to establish another building in this division.

NESCO is an engineering company. The company provides equipment to Indian Railways, ordnance factories, and forging plants. The company is also into real estate development. The company has also setup an exhibition centre known as the Bombay Exhibition Centre on the Western Express Highway at Goregaon, Mumbai.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 19 2020. 15:30 IST