NESCO reports 21% higher Income for the year

Nesco's consolidated revenues for FY1920 increased by 20.78% to Rs. 474.27 crores from Rs. 392.66 crores in FY1819. Total profit before tax increased to Rs. 292.28 crores in FY1920 from Rs. 247.89 Crores in FY1819.

- Nesco continued to be debt free with liquid resources of Rs. 685.66 crores as on 31 March 2020, after having spent about Rs. 570 crores on construction of Tower 04 in Nesco IT Park and for upgrading of existing Exhibition Centre halls.
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Company had declared interim dividend of 150% (Previous year 125%) for the year 19-20 which was paid in March 2020.

- Bombay Exhibition Centre - revenues were Rs. 158.60 crores in FY1920 as against Rs. 157.30 crores in FY18-19 despite the partial lockdown in March 2020. The Company is preparing plans for constructing new halls and upgrading the existing halls.

- Nesco IT Park - Tower 04 started generating revenue during the year. Total revenue from this division was Rs. 214.16 Crores as compared Rs. 136.97 crores in previous year. The Company is preparing plans for the next building in this division.

COVID-19 pandemic is a growing concern. Nesco is committed to doing all that can be done to protect health and well-being of all stakeholders and communities in which we live and work. Five halls of Bombay Exhibition Center are provided to Municipal Corporation of Greater Mumbai (MCGM) where they have made large quarantine center to help fight the ongoing pandemic.

Shares of NESCO LTD. was last trading in BSE at Rs.392.65 as compared to the previous close of Rs. 389.35. The total number of shares traded during the day was 17966 in over 1945 trades.

The stock hit an intraday high of Rs. 408 and intraday low of 382.75. The net turnover during the day was Rs. 7098685.

Source : Equity Bulls

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