NESCO LTD
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BSE Code:
505355
NSE Code:
NESCO
Business Profile
Business Profile
Nesco (NEWSTDB1), established in 1939, is a diversified company with business interests in the engineering, realty, and services sectors. Earlier known as New Standard Engineering Company, it got its present name with effect from Mar. 29, 2001.
The company`s engineering division is categorized into forging machinery, oil exploration equipment, fabrication and machining, and foundry. It manufactures textile machinery, forging machinery, industrial machinery, oil recovery equipment, steel alloy and grey castings at its manufacturing units in Mumbai and Gujarat with technology from Wheelabrator Corporation, USA for metal cleaning equipment, Davy McKee for forging equipment, Sintokogio for foundry equipment and Hergeth Hollingsworth for the manufacture of blow room lines. In 2007, it invested approximately Rs 60 million to set up a third unit in Vishnoli, Gujarat.
Bombay Convention & Exhibition Center was set up for exhibitors and other events managers. The facility comprises four halls covering an area of 450,000 sq. ft. with 10,000 KVA power, parking for 2,000 cars and other facilities. In FY07, the company hosted some leading players from across the globe including Messe Frankfurt, Germany; DMG World Media, UK; ITR Exhibitions; and others. It has finalized the construction of IT Tower No. I admeasuring 500,000 sq. ft. and has been handling property transactions related to leasing of space for infotech, commercial, office, industrial, retail and logistics/warehousing.
Merger of the erstwhile Indabrator with Nesco has boosted fortunes with technology from Wheelabrator Corporation, USA for manufacturing shot blasting machines and sales and service branch offices in Mumbai, Delhi, Kolkata, Chennai, Karamsad and Dubai (UAE). The company continues to be a leading provider of engineering equipment to the Indian Railways, numerous ordnance factories, and forging plants.
The registered office is located at Nesco Complex Western Exp High, Goregaon (East), Mumbai-400063.
Financials
Nesco registered a 63.41% growth in net profits to Rs 72.52 million for the quarter ended June 2008 from a profit of Rs 44.38 million for the quarter ended June 2007.
Net sales rose 46.02% to Rs 189.84 million for the quarter ended June 2008 from Rs 130.01 million for the quarter ended June 2007.
Total income rose 39.03% to Rs 189.84 million for the quarter ended June 2008 from Rs 136.55 million for the quarter ended June 2007.
The earnings per share (EPS) of the company stood at Rs 10.29 for the quarter ended June 2008.