Nirlon Ltd. share price target

management of commercial/IT-ITeS real estate. It owns two primary assets: Nirlon Knowledge Park (NKP), ~ 23-acre IT Park in Goregaon (East), Mumbai and also 75% of undivided interest in ~ 0.05 million square feet in Nirlon House, Worli. GIC Singapore is a co-promoter through its affiliate, Reco Berry Pvt Ltd...

Nirlon's FY21 performance was muted. Revenues in FY21 grew 2.2% YoY to | 316.9 crore. For Q4FY21, it was | 77.1 crore, down 6% YoY. Occupancy, which was at 95.2%, was lower QoQ vs. 97.5% in Q3, as one large licensee moved out post expiry of their license. EBITDA for FY21 at | 237.2 crore was up 2.7% YoY. PAT at | 127.4 crore for FY21 was up 16.4% YoY, also aided...

Nirlon currently has operational licensable area of ~1.9 msf across Phase IIV at Nirlon Knowledge Park (NKP), of which, ~97.5% area is licensed out. It clocked lease revenues to the tune of | 255.6 crore in FY20. The occupancy was lower QoQ vs. 99.5% in Q2, as one tenant had vacated earlier than licence term. Nonetheless, the same is likely to be compensated as Morgan Stanley has agreed to license an additional ~32,000 sq ft from March, 2021. Furthermore, post Phase V resumption, Nirlon's licensable area is expected to expand to ~3.1 msf. With this, we expect the company's license fee...