Nesco Breakout with Robust Volume

Nesco Ltd is a multifaceted company engaged in several business activities. These include licensing premises in IT park buildings and providing related services, licensing premises for exhibitions and offering services to organizers, manufacturing machines and capital equipment, and providing hospitality and catering services.

Nesco Q4 Results 2024

• Revenue Growth

Nesco Ltd reported a revenue of Rs 219.88 crore in Q4 FY24, reflecting a 23.82% increase compared to Rs 177.58 crore in the corresponding quarter of the previous year.

• Profit Surge

The company’s Profit After Tax (PAT) surged by 24.79% to Rs 136.01 crore, compared to Rs 108.99 crore in the corresponding quarter of the previous year.

Division-wise Performance

• IT Park Division

Revenue from the IT Park division stood at Rs 81.93 crore, compared to Rs 72.34 crore in the corresponding quarter of last year.

• Bombay Exhibition Center Division

The Bombay Exhibition Center division earned Rs 62.77 crore, up from Rs 47.90 crore in the same quarter of the previous year.

• Foods and Indabrator Divisions

The Foods division generated revenue of Rs 29.02 crore, while the Indabrator division contributed Rs 15.25 crore.

Annual Performance for FY24

• Profit After Tax

For the year ending FY24, Nesco Ltd total PAT was Rs 362.78 crore, marking a 24.82% increase from Rs 290.64 crore in the previous year.

• Total Revenue

Total revenue for the year stood at Rs 783.13 crore, a 28.57% rise from Rs 609.12 crore in the previous year.

Nesco Breakout

On Wednesday, Nesco Ltd stock surged over 5%, breaking out of a six-month-long horizontal trendline. This breakout was accompanied by a significant increase in volumes, marking the highest volume day in a year. The volume jumped almost four times compared to its 10-day average volume of 1.04 lakh shares, indicating larger participation in the direction of the trend.

Technical Indicators

The daily 14-period RSI generated a buy signal, moving above its nine-period average, which validates a positive bias. Additionally, the MACD generated a bullish crossover, further supporting the positive outlook.

In 2024, the stock is up by 7%, and in June 2024 alone, it has delivered double-digit returns of 11%.Nesco Ltd continues to show strong financial and stock performance, driven by growth across its diverse business segments.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.