AR 2022 notes
- 80% of Tower 03 (same as FY21) and 92% of Tower 04 (vs 75% in FY21) are occupied
- Had 12 guest exhibitions in BEC (from Nov 2021 to March 2022) with 21 planned in FY23. Exhibitions organized were Acetech 2021, Tech textile India 2021, International Health, Sports 2021
- Bombay Exhibition business includes 73% of exhibition area within Western and Northern region - Western (38%), Northern (35%), Southern (24%), Central (2%), Eastern (1%) and it primarily focus on B2B events
- Company’s liquid resources (fixed maturity plans, mutual funds, cash and bank balances) increased by 4.46% to 855.79 cr. from 819.23 cr.
- Sumant J. Patel passed away on 17th November 2021
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Expansion plans
o IT Park: Completed designing & finalization of plans for new Tower 02 which will be located in place of legacy IT building 02 and adjoining areas. The designs are made by Singapore Based Architects – Aedas and the total development size will be about 4.6 million sq. ft. that includes office space, hotel, car parking and other amenities. Estimated cost is 2000 cr. (increased from 1800 cr. estimated in FY21) with outflow spread over 5-years
o IT Park Division is planning to complete the F&B and Retail areas in Tower 04 which include new Restaurants, Food Court, Gym, Convenience Store, Salon and a Coffee Shop. The expected cost is approximately 50 cr.
o Completed conceptualization for landscaping of Tower 03 at cost of 4 cr. which shall be undertaken in FY23
o For FY23, Nesco Foods is planning to increase its revenue stream by foraying into outdoor catering and B2B contracts outside the Nesco Center and operating two brands in food court named as ‘Indic’ & ‘Daily Dely’ - Indabrator division: Abrasive plant manufacturing capacity is 6000 MT/annum and can generate revenue of 25 cr. on full capacity basis, two plants (Karamsad, Vishnoli)
- CSR spends: 4.97 cr.
- Auditor remuneration: 31.27 lakhs (vs 21.76 lakhs in FY21)
- Employees: 118 (excluding KMP), managerial remuneration reduced by (-34.75%), for other employees remuneration increased by 2.74%
- Number of shareholders: 36’630 (vs 39’865 in FY21), price (low): 463.5, price (high): 687.15
Here are the relevant business metrics since FY13.
| FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenues | 162.74 | 181.42 | 223.07 | 297.08 | 357.20 | 358.00 | 392.60 | 474.28 | 355.70 | 382.41 |
| IT Park | 27.86 | 47.83 | 90.67 | 124.40 | 141.91 | 145.40 | 137.00 | 214.17 | 246.06 | 264.15 |
| Exhibition centre | 90.52 | 94.89 | 85.86 | 111.83 | 132.77 | 129.70 | 156.00 | 158.60 | 5.95 | 16.18 |
| Hospitality services | 5.60 | 20.40 | 34.10 | 35.68 | 13.00 | 11.35 | ||||
| Indabrator | 25.08 | 18.39 | 17.91 | 27.93 | 33.89 | 26.40 | 32.50 | 23.27 | 26.09 | 45.71 |
| Investments | 19.28 | 20.31 | 28.62 | 32.90 | 42.98 | 36.10 | 33.00 | 42.55 | 64.60 | 45.01 |
| KMP remuneration (cr.) | 3.60 | 3.75 | 5.11 | 6.06 | 7.06 | 7.58 | 8.02 | 21.49 | 13.54 | 9.06 |
| Audit fees (lakhs) | 7.85 | 9.55 | 11.01 | 11.50 | 15.60 | 19.85 | 21.69 | 21.68 | 21.76 | 31.27 |
| Employees | 121.00 | 135.00 | 166.00 | 131.00 | 159.00 | 155.00 | 130.00 | 118.00 | ||
| KMP remuneration to sales | 2.21% | 2.07% | 2.29% | 2.04% | 1.98% | 2.12% | 2.04% | 4.53% | 3.81% | 2.37% |
Whats good to see is that KMP remuneration has come down significantly since FY20.
Disclosure: Invested (position size here, no transactions in last-30 days)