Nesco revenues increased by 21% from Rs.392 crore to Rs.474 crore

Bhubaneswar(15/08/2020): Nesco revenues increased by 21% from Rs.392 crore to Rs.474 crore, profit before tax increased from Rs.247 crore to Rs.292 crore, an increase of 18%.

The PBT was 62% of revenues.

This was the year when the Company had the highest PBTin the history. Nesco IT Park showed a growth of 57% its revenues rising from Rs.136 crore to Rs.214 crore.

IT building 04 – 17 lakhs sq.ft.BUA – was completed during the year.

License agreements have already been finalized with leading MNCs including KPMG, Black Rock, Here Solutions,etc. The Bombay Exhibition Centre revenues were Rs.158 crore.

So far Bombay Exhibition Centre was providing space & infrastructure to guest exhibitions.

Last year the Company had setup a new division– Nesco Exhibitions–which launched its own exhibitions that included India Auto Show; Edutech; Machine Tools, Manufacturing & Technology Expo; Hobby & Lifestyle India; and ArogyaExpo. Income from Investments increased by 34% to Rs.42 crore, previous year was Rs.31 crore; liquid resources increased by 27% from Rs.538 crore to Rs.685 crore.

This was after Rs.57 crore were spent on capitalexpenses. As regards first quarter which ended on 30 June 2020 income increased by 15% to Rs.91.35 crore as against Rs.79.53 crore in the corresponding quarter of the previous year, while profit before tax increased by 39% from Rs.45.82 crore to Rs.63.78 crore. IT Park revenues expected to grow.

Now that IT Park Tower 04 is completed, the Company has decided to take up next IT Tower, built up area will be about 40 lakh sq.ft.which will be financed from its own resources without raising anydebt. On the social front, Nesco continued to enlarge its activities, spent an amount of Rs.5.09 crore on CSR initiatives which is slightly higher than 2 % of the average net profit of last three years.

So far the Company set up in rural areas a girls’ hostel; an Industrial Training Institute; three English Medium Schools; a surgical ICU in a large medical complex; several toilets; and, water supply systems.

The Company expect to start Nesco Incubation Centre actively from September 2020. Sumant Patel, Chairman, Nesco said “The macro economic and business environment continues to be volatile and challenging with the Covid19 pandemic.

In the year 2019 -20, Nesco has delivered one of the highest PBT in our Company’s history.

This year, first quarter our income has increased by 15% to Rs.91.35 crore as against Rs.79.53 crore in the corresponding quarter of the previous year, while profit before tax increased by 39% from Rs.45.82 crores to Rs.63.78 crore.

Nesco IT Park showed a considerable growth and the IT building 4 was completed in no time and we are quite thrilled to have our license agreements finalised with leading MNCs including KPMG, BlackRock, Here Solutions among others.” He adds “Bombay Exhibition Centre revenues were Rs.158 crore in the year FY 2019 - 20.

So far Bombay Exhibition Centre was providing space & infrastructure to guest exhibitions.

Last year we have set up a new division – Nesco Exhibitions – which launched its own exhibitions that included India Auto Show; Edutech; Machine Tools, Manufacturing & Technology Expo; Hobby & Lifestyle India; and Arogya Expo.

Even in these trying times Nesco Exhibition expects growth in the current year.

We have been investing aggressively in expanding our business verticals, improving and focusing on revenue from our businesses, growth from key sectors, ramping up our engineering, infrastructure and technology solutions.

It is expected to benefit us going forward.

Our strengthened focus on quality, cost rationalisation to improve margins and better customer experience will continue to drive the growth of our business and create value for our stakeholders.

Our commitment to serve the country and strengthen our leadership with the support of our highly passionate team, remains persistent”.

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