Buy Nesco, target price Rs 770: ICICI Direct

ICICI Direct has buy call on Nesco with a target price of Rs 770.0. The current market price of Nesco is Rs 629.95.
Time period given by analyst is one year when Nesco Ltd. price can reach defined target.
Nesco Ltd., incorporated in the year 1946, is a Mid Cap company (having a market cap of Rs 4432.99 Crore) operating in Real Estate sector.

Nesco Ltd. key Products/Revenue Segments include Rentals & Service Charges, Machinery & Spare (Traded), Sale of services and Fees & Other Charges for the year ending 31-Mar-2021.


Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 90.57 Crore, up 5.57 % from last quarter Total Income of Rs 85.79 Crore and up 16.02 % from last year same quarter Total Income of Rs 78.06 Crore. Company reported net profit after tax of Rs 43.99 Crore in latest quarter.

Investment Rationale
The brokerage maintains BUY rating on the stock. With improved occupancies in IT park and gradual recovery in exhibition business (six to seven exhibitions lined up in the next few months), earnings recovery to be sharp, going ahead

Promoter/FII Holdings
Promoters held 68.54 per cent stake in the company as of 30-Sep-2021, while FIIs owned 2.18 per cent, DIIs 4.99 per cent.