Global Economic Overview
In CY 2024, the global economy demonstrated commendable resilience amid uneven momentum across geographies and sectors, growing by 3.3%. Headline inflation gradually moderated towards central bank targets, allowing several monetary authorities most notably the US Federal Reserve and the European Central Bank to initiate calibrated interest rate cuts. Labour markets, though softening slightly, remained historically tight, supporting wage growth and cushioning real household incomes. However, persistently low consumer confidence tempered private consumption growth, particularly in advanced economies.
Geopolitical instability, most acutely in Eastern Europe and the Middle East, continued to weigh on investor sentiment, disrupting trade routes and challenging the post-pandemic recovery of global capital flows.
According to the International Monetary Funds April 2025 World Economic Outlook, global GDP is projected to grow by 2.8% in CY 2025 with a modest acceleration to 3.0% in CY 2026. These estimates mark a downward revision from earlier forecasts of 3.3% for both years (IMF, January 2025).
Advanced economies is expected to expand by 1.4% in CY 2025, up slightly to 1.5% in CY 2026, following 1.8% growth in 2024. Emerging markets and developing economies is projected to grow by 3.7% in CY 2025 and 3.9% in CY 2026, down from an estimated 4.3% in CY 2024.
Outlook
Global headline inflation is expected to average 4.3% in CY 2025, easing to 3.6% in CY 2026, with upward revisions for advanced economies reflecting stronger-than-expected domestic demand. In this environment, central banks may maintain a cautious stance, potentially delaying broad-based monetary easing to anchor inflation expectations and preserve financial stability. With trade fragmentation and geopolitical uncertainties persisting, the global recovery will depend on how well risks are mitigated and reform agendas are implemented. The pathway to stability requires revitalised international cooperation, reduction of non-tariff barriers, and renewed confidence in multilateral institutions. For national economies, including India, the policy focus must remain on structural reforms that foster productivity, enable inclusive digital transitions, and support flexible labour markets. In low-income countries, where sovereign debt vulnerabilities remain elevated, timely debt restructuring and external support will be crucial to preventing social and economic dislocations.
Indian Economic Overview
India remained one of the worlds fastest-growing major economies in FY 2024 25, underscoring its resilience amid global headwinds. The countrys growth was underpinned by strong domestic demand, a surge in infrastructure investment, and robust services sector performance. Indias real GDP grew by 6.5% in FY 2024 25, moderating from the high base of 9.2% in FY 2023 24, according to provisional data from the National Statistics Office (‘NSO).Private consumption, while stable, showed signs of divergence urban discretionary spending rebounded, benefitting services and retail segments, whereas rural consumption remained uneven due to erratic monsoons and inflationary pressures on food prices. However, record-high gross capital formation further catalysed by the governments continued focus on infrastructure provided a strong counterbalance.
The Union Budget FY 2025 26 reinforced Indias long-term growth trajectory, with increased allocations for urban development, digital public infrastructure, green energy, and logistics. Schemes such as PM Gati Shakti and the Production Linked Incentive (‘PLI) programmes continued to attract private investment, especially in manufacturing and electronics. The services sector, particularly hospitality, financial services, and IT-enabled services, recorded impressive growth, contributing over 50% to Indias GDP. The revival in tourism, expansion of organised retail and exhibition platforms, and greater urbanisation have created fresh tailwinds for businesses operating in allied spaces offering long-term opportunities for companies like Nesco.
Inflation, although elevated at times due to supply-side shocks in food and fuel, was largely within the Reserve Bank of Indias (‘RBI) tolerance band. The RBI maintained a withdrawal of accommodation stance for much of the year, carefully balancing inflation control with support for growth.
Indias macroeconomic fundamentals remain robust, characterised by a healthy current account, stable currency, strong forex reserves, and a banking sector flush with liquidity and low Non Performing Assets (‘NPAs). As the country prepares for a demographic dividend-driven consumption surge and urban transformation, its medium-term growth outlook is widely seen as structurally sound.
Outlook
Indias medium-term outlook remains firmly positive, supported by favourable demographics, policy continuity, and an expanding digital and physical infrastructure base. The Reserve Bank of India (RBI) has projected Indias real GDP growth at 6.5% for the financial year 2025 26, describing the outlook as ‘evenly balanced amid global uncertainties.
Structural reforms, including the deepening of the formal economy, simplification of tax regimes, and accelerated asset monetisation are expected to further enhance productivity and investor confidence. With capex-led government spending continuing to crowd in private investments, sectors such as urban development, transport, logistics, hospitality, and digital infrastructure are poised for strong growth.
Urbanisation trends are gaining pace, with Tier I and II cities becoming hubs of consumption, enterprise, and cultural engagement. This presents significant tailwinds for Nescos Realty and Hospitality Strategic Business Units (‘SBUs), while the anticipated revival of business and trade events will support growth in Exhibitions and Events. Meanwhile, the governments push for domestic manufacturing, under schemes like Make in India and PLI, augurs well for the Engineering vertical of Nesco.
While global volatility and commodity price fluctuations pose intermittent risks, Indias diversified domestic demand and prudent macroeconomic management offer resilience. The RBI is expected to begin a gradual policy normalisation cycle once inflation is durably aligned with target levels, which could provide further impetus to credit demand and consumer sentiment. As India transitions from a services-driven to a more balanced economic structure, opportunities for businesses that combine operational resilience with strategic agility, such as Nesco, are likely to expand meaningfully across both traditional and emerging sectors.
Industry Overview
Real Estate
Indias real estate sector continued its growth momentum in FY 2024 25, driven by sustained end-user demand, improving affordability and strong investor confidence. According to Knight Frank India Real Estate Report 2024 residential sales across top 8 cities reached a decadal high, with 329,097 units sold in 2024, marking a 5% year-on-year growth. Mumbai Metropolitan Region (‘MMR), a key market for Nesco, accounted for nearly 27% of this volume.
On the commercial side, Grade A office space absorption rose steadily, supported by expansion in tech, BFSI, and flex space operators. Mumbai saw 9.3 million sq. ft. of office leasing in 2024, as per JLL office market update 2024, with increasing preference for integrated business parks and mixed-use developments. Government-led infrastructure initiatives, such as PM Gati Shakti, Mumbai Metro expansions, and the Navi Mumbai International Airport project, have further enhanced connectivity and urban mobility, improving real estate viability in growth corridors. The outlook for the sector remains positive, with rising demand for quality real estate, better compliance post-Real Estate Regulatory Authority (‘RERA), and an uptick in Real Estate Investment Trust (‘REIT)-driven investments. With its robust land bank, strategic location in Goregaon,Mumbai and presence across commercial, IT, and exhibition-led realty formats, Nesco is well-positioned to leverage this structural shift.
Exhibitions and Events
Indias MICE (Meetings, Incentives, Conferences, and Exhibitions) sector witnessed a sharp revival in FY 2024 25, reaching pre-pandemic scale as corporate events, B2B exhibitions, and international conferences returned to physical formats. According to the Indian Exhibition Industry Association (‘IEIA), Annual Report 2024 the exhibition industry grew by over 25% year-on-year in 2024, with over 550 major exhibitions held across India, attracting more than 30 lakh visitors.
Mumbai continued to be among the top 3 exhibition destinations in the country, alongside Delhi and Bengaluru. The Bombay Exhibition Center (‘BEC), operated by Nesco, remained a preferred venue due to its scale, connectivity, and proximity to commercial districts. Sector-specific exhibitions, especially in gems and jewellery, pharma, engineering, renewable energy, textiles, and automation, saw strong participation from both domestic and international exhibitors.
Government policies such as the Draft National Strategy for MICE
the Ministry of Tourism and Indias positioning as a global manufacturing hub under the Make in India and Atmanirbhar Bharat missions have added long-term tailwinds to the industry. As India aspires to become a global hub for knowledge sharing, technology partnerships, and trade collaborations, the exhibition industry is expected to grow at a CAGR of over 12% through 2027, according to FICCI and KPMG .Business Segment Review
Nesco Realty
Portfolio snapshot
17.50 lakh+ Sq. ft. Chargeable area
25 k+ Employees at Nesco IT park
24x7 Operations with available task forceand backup
25+ Marquee clients
The Realty division continues to serve as a pillar of long-term value creation for Nesco, driven by strategic foresight, operational rigour, and a focus on building future-ready ecosystems. Spread across 2.5 million sq. ft., our flagship integrated IT/ITES Park is designed to cater to the evolving needs of global enterprises. Strategically located with seamless access to major highways, metro lines, and railway networks, Nesco Center has emerged as a preferred destination for marquee clients. The park is home to globally respected names such as HSBC, KPMG, PwC, MSCI, BlackRock, HERE Technologies, Framestore, Lucasfilm, HUDL, Priceline, Ericsson, Apollo Global, ISS Governance, and Sodexo, reinforcing our reputation as a trusted partner to industry leaders. All lease agreements are structured with long-term tenures and renewal provisions, ensuring predictable, stable rental income and consistently high occupancy levels. With a sharp focus on operational excellence, tenant satisfaction, and sustainability, the division continues to deliver strong returns and asset appreciation Revenue from Nesco Realty stood at 36,616.83 lakhs in FY 2024-25, registering a growth of 15.03% over the previous year.
Key Business Developments
• Occupancy Rate: Tower 3 and 4 reached 100% occupancy at the end of FY 2024-25.
• Sustainability Certifications: Tower 3 and Tower 4 are LEED Core and Shell certified, reflecting our commitment to environmentally responsible development.
• Market Positioning: Strengthened brand presence through strategic partnerships with leading International Property Consultants (‘IPCs).
• Tenant Renewals: Successfully renewed lease agreements with 5 clients for an additional 5-year term, reinforcing long-term partnerships.
• Client Engagement: Maintained regular dialogue with tenants to align services with their evolving business requirements.
• Satisfaction Assessment: Conducted a detailed Customer Satisfaction Survey, evaluating parameters such as cleanliness, air quality, and comfort providing valuable insights for service enhancements.
• ESG Alignment Survey: Initiated a Customer ESG Expectation Survey to evaluate alignment with tenant sustainability priorities.
• Community Engagement: Hosted a 2-day employee engagement carnival featuring games, quizzes, drumming, live performances, and stand-up comedy to foster a vibrant work environment.
• Customer Loyalty: Sustained a Net Promoter Score (NPS) above 80%, underscoring strong tenant loyalty and satisfaction.
• Facility Management Excellence: Secured ISO 45001:2018 certification for Total Facility Management Services across the IT Park.
• Enhanced Amenities: Introduced 6 new restaurants, such as Butterfly High, Sante Spa, Rajdhani, Bayroute, The Tanjore Tiffin Room, and Hitchki, enhancing on-site dining experiences.
• Infrastructure Additions: Commissioned a fully equipped gymnasium and a premium banquet hall to support training, meetings, and corporate events.
• New Food Court Entrants: Welcomed renowned brands like Zaatar w Zeit (Lebanese cuisine), Birdys, and Maize Mexican Kitchen to diversify culinary offerings at its Food court located in Tower 4.
Collectively, these initiatives are strengthening our asset base, enriching tenant experiences, and consolidating our position in the premium commercial real estate space.
Opportunities and Threats
The Indian commercial real estate landscape is witnessing a decisive shift. Occupiers are increasingly prioritising ESG compliance, green-certified buildings, and digitally enabled workspaces. Demand for smart, energy-efficient infrastructure and flexible lease models continues to reshape occupier expectations and influence long-term leasing strategies. While competition from new-age, tech-enabled business parks remains a reality, Nesco Realty holds a strong competitive advantage through its LEED-certified facilities, integrated campus model, and proven track record of delivering consistent value. Our strategic focus on sustainability, client-centricity, and innovation positions us well to respond to emerging trends and maintain our leadership in the segment.
Our ongoing environmental and social sustainability initiatives including energy-efficient operations, responsible waste management, and occupant well-being programmes are detailed in the ESG section of the annual report, reinforcing our commitment to building resilient and future-ready urban infrastructure.
Risks and Concerns
Our next phase of expansion is expected to unfold over the next 5 to 6 years. During this interim, some of our existing licensees looking to scale up operations may face space constraints within the current campus, potentially prompting them to explore alternative locations.
At the same time, structural shifts are reshaping the commercial real estate landscape. Many enterprises are strategically reevaluating their real estate footprints in favour of decentralised, agile workplace models. The continued growth of Tier-2 IT/ITeS hubs is driving demand beyond traditional metro cities. Within the Mumbai Metropolitan Region (‘MMR), this has translated into heightened interest in emerging corridors such as Navi Mumbai and the eastern suburbs a trend that could impact the timing and scale of future leasing cycles.
While Nesco Center remains, a preferred address owing to its integrated infrastructure, connectivity, and long-term tenant partnerships, maintaining competitiveness will require sustained investment in differentiated offerings, proactive engagement with tenants, and a clear roadmap for expansion.
Capital Expenditure and Expansion Plan
We have received the Intimation of Disapproval (‘IOD) from the Brihanmumbai Municipal Corporation (‘BMC) for the proposed development of Tower 2 at Nesco IT Park, located within Nesco Center, Goregaon (East), Mumbai. IOD is a crucial preliminary approval from the local authorities for development/ redevelopment of a property. This marks a significant step forward in our long-term growth strategy.
Tower 2 will span approximately 5.01 million sq. ft. of total constructed area and will house a next-generation IT Park alongside a world-class hospitality component comprising both hotel and serviced apartment offerings.
The IT Park component will offer ~1.65 million sq. ft. of premium office space, purpose-built for global enterprises. It will feature contemporary workspaces, sustainable design, and modern amenities, promoting productivity, innovation, and occupant well-being. This expansion is aligned with our vision of creating ecosystems that blend business efficiency with hospitality-driven comfort.
The proposed hotel and serviced apartment complex will include:
• 732 premium rooms and suites
• 172 serviced apartments
As per our internal assessment, this could potentially be Indias largest hotel development by room inventory. The hotel will cater to a broad range of business and leisure travellers, offering:
• Premium short- and medium-stay accommodation
• World-class dining options
• State-of-the-art conference and banquet facilities
• Wellness and recreational amenities 2024-25 Strategically integrated within the Nesco campus, the hotel is expected to become a preferred hospitality destination for visitors to the IT Park and the Bombay Exhibition Center, as well Annual Report as a sought-after venue for city-wide events, conferences, and weddings.
Construction of Tower 2 is expected to commence in the second half of FY 2025 26, with an anticipated timeline of 48 months, subject to statutory clearances. The project will be funded primarily through internal accruals, reflecting Nescos strong balance sheet and disciplined capital allocation strategy.
Bombay Exhibition Center
Portfolio snapshot
100% Green energy offered to organisers
100+ Exhibitions held in FY 2024-25
70,000 sq. mtr. of air-conditioned halls
2 mn+ Footfall at the Nesco Center
The Bombay Exhibition Center (‘BEC) reinforced its position as Indias foremost privately-owned exhibition venue in FY 2024-25, continuing to attract premier domestic and international organisers. As Mumbais largest and most strategically located exhibition facility, BEC plays a pivotal role in bolstering the citys reputation as a vibrant hub for trade shows, business showcases, and public events.
BEC is advantageously located along the Western Express Highway, offering seamless access to rail and metro networks, domestic and international airports, and a wide range of hospitality options all within a 15-minute radius. This proximity, coupled with robust infrastructure, makes it a compelling destination for both organisers and visitors.
The venue features:
• New Hall 6-Expansive, column-free hall with high load-bearing capacity
• Reliable power infrastructure and extensive parking
• Dedicated F&B zones with multi-cuisine restaurants and lively food courts at Nesco Center BECs scale and flexibility enable it to host a diverse range of events from niche exhibitions such as jewellery and textile expos to large-scale industrial trade shows featuring equipment like fire lifts and elevators. Its vast layout also supports the concurrent hosting of multiple events without compromising on visitor experience or operational efficiency.
With its legacy of operational excellence, adaptability, and strategic vision, BEC continues to serve as a critical enabler of Indias MICE (Meetings, Incentives, Conferences and Exhibitions) sector. Revenue from BEC stood at 17,460.94 lakhs in FY 2024-25.
Key Highlights in FY 2024-25
In FY 2024 25, the BEC hosted over 100 exhibitions and events, further cementing its position as the premier venue for large-format trade shows and public gatherings in India.
A key highlight of the year was the hosting of several high-profile national events organised by the Government of India, attended by eminent dignitaries including the Honourable Prime Minister Shri. Narendra Modi, Union Home and Co-operation Minister Shri. Amit Shah, Union Commerce and Industry Minister Shri. Piyush Goyal, and Maharashtra Chief Minister Shri. Devendra Fadnavis.
BEC also expanded its client base, welcoming first-time organisers across diverse sectors such as plastic recycling, retail, and entertainment, including an event featuring Korean pop artists. These additions not only contributed to revenue growth but also reinforced BECs reputation as a dynamic, multi-genre venue capable of accommodating varied event formats.
Mega Exhibitions: Top Three by Revenue
IIJS Premiere 2024
Month: August 2024 Footfall: 43,000 visitors Area Occupied: 58,000 sq. mtr.
The 40th edition of the India International Jewellery Show (‘IIJS) Premiere 2024, the worlds second-largest B2B gem and jewellery trade show, was hosted at BEC. The event brought together leading voices of the global gems and jewellery sector, spotlighting excellence, innovation, and sustainability.
IIJS Signature and IGJME 2025
Month: January 2025 Footfall: 16,000 visitors Area Occupied: 59,000 sq. mtr.
Organised by the Gems and Jewellery Export Promotion Council (‘GJEPC) and supported by the Ministry of Commerce & Industry, the 17th edition of IIJS Signature, alongside the India Gem and Jewellery Machinery Expo (‘IGJME), set new standards for quality and scale in jewellery exhibitions.
National Garment Fair 2024
Month: July 2024 Footfall: 21,500 visitors Area Occupied: 65,820 sq. mtr.
Indias largest fashion trade fair, the National Garment Fair 2024, showcased new apparel collections, emerging trends, and leading design talent. The event served as a vital platform for industry networking, order booking, and brand building in the apparel sector.
Other Major Multi-Hall Exhibitions Hosted in FY 2024-25
The following large-scale exhibitions were held across multiple halls at BEC during the year:
1. Palm Expo 2024
2. HGH India 2024 (Home Decor, Gifts and Houseware)
3. Anutec International FoodTec India, PackEx India, and Food Logistics India 2024
4. Acetech 2024
5. Paperworld, Corporate Gifts Show and Interior Lifestyle India 2024
6. Automation Expo 2024
7. Drinktec PackMach Asia 2024
8. IFAT India 2024
9. Wire India, Tube India, METEC India, and India Essen Welding & Cutting 2024 10. Indian Elevators and Escalators Expo 2024
Community Engagement: PET FED Mumbai 2025
Reflecting BECs commitment to community inclusiveness and well-being, we proudly hosted PET FED Mumbai 2025 in February. Recognised as one of Indias most celebrated festivals for pet lovers, the event featured over 100 global pet care brands and attracted thousands of attendees. With engaging sessions on grooming, nutrition, and adoption, it was a vibrant celebration of the bond between people and their pets, aligning with our vision of supporting a compassionate and inclusive ecosystem beyond business.
Challenges and Opportunities
The exhibition industry continues to evolve against a backdrop of both external and structural challenges:
• Infrastructure Gaps: There is rising demand for modern venues that meet global standards pillar-free, dust-free, leak-proof spaces equipped with advanced logistics, high-grade ventilation, and top-tier security.
• Rising Competition: The proliferation of alternative venues, both within India and abroad, along with the growing appeal of digital and hybrid formats, is diluting physical footfall and requiring organisers to innovate continuously.
• Regulatory Complexity: Multi-layered compliance requirements related to safety, environmental clearances, and licensing often add to operational timelines and costs.
• Economic Uncertainty: Volatility in the macro environment, fluctuating sponsor participation, and rising input costs can adversely impact event planning and profitability.
• Technology Disruption: The accelerating adoption of Artificial Intelligence (‘AI), Augmented Reality (‘AR), and digital interfaces demands ongoing investment in digital infrastructure and a more agile operating model.
• Sustainability Pressures: Organisers, exhibitors, and attendees are increasingly prioritising sustainability, compelling venues to address event-related waste, emissions, and resource use.
• Health-related Contingencies: The experience of COVID-19 has underscored the vulnerabilities of physical events to future pandemics or health crises, which can disrupt business continuity.
Despite these headwinds, the industry is poised for sustained growth, supported by:
• Adoption of Smart Technology: Deployment of digital ticketing, Radio Frequency Identification (‘RFID) tracking, cashless payments, interactive mobile apps, and smart navigation tools is redefining the event experience enhancing convenience while reducing physical resource dependency.
• Upgraded Connectivity: Improved Wi-Fi and network infrastructure enable seamless access to data and digital content, essential for hybrid and content-rich events.
• Green Infrastructure: Energy-efficient designs, charging stations, and waste recycling programmes are becoming differentiators. BECs move to offer 100% renewable energy to organisers is a landmark initiative towards sustainable operations.
• Public-Private Collaborations: Strategic partnerships with tourism boards and government bodies to promote the MICE sector can significantly enhance visibility, footfall, and economic contribution through tourism and trade.
• Vendor Standardisation: In FY 2024-25, Standard Safety Protocols were mandated for all vendors appointed by BEC customers, reinforcing operational excellence and regulatory compliance.
Collectively, these initiatives position BEC at the forefront of a smarter, more connected, and environmentally responsible event ecosystem.
Risks and Concerns
While BEC continues to benefit from its strategic location and strong brand equity, the increasing availability of state-of-the-art alternative venues poses a challenge. Modern organisers are increasingly prioritising venues with advanced features including pillar-free architecture, climate control, dust-free environments, and seamless access logistics.
To retain competitive advantage and meet evolving client expectations, it is imperative to continuously upgrade and modernise infrastructure in line with international standards. Failure to do so may result in a gradual erosion of market share, especially in high-value segments.
Capital Expenditure and Expansion Plan
As part of its ongoing infrastructure development strategy, the Company inaugurated Hall No. 6 during FY 2024-25 a significant addition to BECs operational footprint. This state-of-the-art, purpose-built facility spans approximately over 13,400 sq. mtr. of air-conditioned, exhibition-grade space. The hall meets global benchmarks for event infrastructure being pillar-free, dust-free, and leak-proof.
Key features of Hall No. 6 include:
• A basement with parking capacity for over 450 vehicles
• A pre-function lobby, food courts, and premium dining outlets
• Amenities supporting efficient crowd flow and event management
• A capacity to accommodate over 18,000 visitors simultaneously With the addition of this hall, BEC now operates 6 fully functional halls, offering 70,000 sq. mtr. of air-conditioned space making it the largest privately owned exhibition venue in India.
This expansion not only enhances operational flexibility but also affirms Nescos long-term commitment to being a market leader in Indias growing exhibitions and events sector.
Nesco Events
Portfolio snapshot
70,000 sq.mtr. of space
2,000+ Vehicles parkingcapacity
100 % Green energy supply offered toorganisers
40+ Events held in FY 2024-25
Nesco Events has played a pivotal role in transforming Nesco Center from a prominent exhibition venue into one of Mumbais most vibrant cultural and entertainment destinations. In a short span, it has garnered remarkable traction, emerging as a dynamic platform for immersive experiences that resonate with diverse audiences.
By conceptualising and executing distinctive event properties, Nesco Events has reinforced the Companys ability to deliver exceptional entertainment formats, fuelled by creativity, precision, and a deep understanding of audience preferences. In FY 2024-25, Nesco Events recorded revenue of 2,569.00 lakhs, marking a growth of 55.76%, and setting new benchmarks in the citys live entertainment and cultural event space. The year witnessed record-breaking performances at flagship events, alongside debut acts by renowned national and international artists, significantly amplifying the divisions reach and resonance.
The launch of regional concerts helped tap into new audience segments, while a total of 40+ high-impact events were hosted during the reporting year, underscoring Nesco Events growing stature as a versatile and preferred venue partner for organisers across genres.
Working in close collaboration with government bodies, industry associations, and creative partners, Nesco Events curates experiences that celebrate emerging trends, innovation, and culture, across both B2B and B2C formats. These collaborations are strategically designed to foster community engagement, promote local talent, and position Nesco Events as a global-standard event curator.
With a commitment to curating extraordinary cultural experiences, Nesco Events consistently pushes the boundaries of traditional event management. By investing in innovative concepts, customised venues, and state-of-the-art production capabilities, it continues to raise the bar for quality, creativity, and audience delight.
With every show, Nesco Events endeavours to craft moments that are not just memorable, but transformative, redefining the citys entertainment landscape and expanding the possibilities of what live experiences can achieve.
Key Highlights in FY 2024-25 Rangilo Re Utsav Gujarat No
Now in its 6th edition, Rangilo Re drew a record-breaking 1.4 lakh attendees, becoming the highest-grossing Navratri event in Mumbai. Featuring 11 performers over 9 nights, the event showcased Nesco Events ability to create large-scale regional experiences with global standards. With a strong digital presence and growing brand equity, Rangilo Re has become a flagship cultural property, deepening audience loyalty and significantly enhancing visibility.
This year our Instagram followers and impressions showed encouraging trends almost doubling year on year. We ensured that Nesco Events was not just visible but deeply embedded into the event experience. From interactive booths and digital touchpoints to curated food options, every element was designed to resonate with our audience and reinforce our brand presence. The events success was driven by a well-rounded strategy that encompassed months of meticulous planning that encouraged active participation. Our partnerships with key stakeholders, sponsors, and collaborators played a vital role in expanding our reach, making this event not just a celebration but a milestone in our journey. This remarkable success was also well recognised and widely covered by the media.
Aditya Gadhvi Live in Concert
In a celebration of Gujarats rich musical heritage, Nesco Events curated and produced this sold-out concert attended by 12,000+ fans. Blending folk and contemporary performances, the event reinforced Nescos leadership in promoting regional content on a national stage.
Indradhanush Colours of Life
Featuring acclaimed artist Amit Trivedi, Indradhanush brought together over 8,000 attendees despite adverse weather conditions. The event stood out for its seamless execution under challenging circumstances, affirming the teams operational excellence and commitment to delivering memorable musical experiences.
One Night Mumbai- A Musical Odyssey of Melodies and Magic
This multi-genre music festival featured popular artists including Anuv Jain, Lucky Ali, and DJ Chetas, attracting over 13,000 fans. The events cross-generational appeal and high-energy atmosphere established it as a key entry in Nescos expanding entertainment portfolio.
The Krazy Kids Karnival
In its 7th edition, this vibrant family-focused festival featured 100+ stalls, 50+ activities, and drew widespread participation across age groups. With dedicated toddler zones, flea markets, and live performances, it reinforced Nescos commitment to curating inclusive, community-centric events.
With its vibrant atmosphere and diverse offerings, the Krazy Kids Carnival once again proved to be a perfect blend of entertainment, adventure, and family bonding, making it a must-attend event for all.
Spiritual and Devotional Events
Nesco Events also delivered spiritually enriching experiences through the Krishna Das Workshop and Falguni Pathaks ‘Radhe Govind Janmashtami Utsav. These events celebrated music, devotion, and cultural heritage, drawing diverse audiences and strengthening community engagement. Attendees left with hearts full of spiritual bliss, cherishing moments of divine connection and cultural celebration.
A Hub of Spectacular Live Experiences
Nesco Events collaborated with various organisers to present a series of captivating live events, bringing together music, culture, and entertainment on a grand scale. Some of the most exciting highlights included Honey Singh concert - Mumbai Nesco, Rang Utsaav 2025 Ft. DJ Chetas (Holi), DGTL 2024, Sounds Good Lifestyle And Music Festival, INDIA 2024 - Bryan Adams, South Side Story, College Rivals 2025 etc.
Opportunities and Threats
The events industry continues to evolve at a rapid pace, shaped by shifting audience expectations, emerging technologies, and the growing demand for immersive experiences. While challenges such as last-minute changes, vendor management, regulatory compliance, and unpredictable weather remain intrinsic to the sector, they also serve as catalysts for innovation and operational resilience.
Advancements in digital tools, data analytics, and AI-powered engagement platforms have opened up new revenue streams and enabled deeper audience connection. Technologies such as Virtual Reality (‘VR) and Augmented Reality (‘AR) are transforming traditional event formats into interactive, multisensory experiences that captivate and retain attendees.
However, the indiscriminate use of technology can overwhelm both organisers and participants. The key lies in strategic implementation, using technology to enrich not complicate the event journey.
In parallel, the rise of sustainable event practices and demand for experiential storytelling offer a competitive edge to organisers who can blend creativity with responsibility. By staying agile and attuned to evolving trends, Nesco Events is well-positioned to transform challenges into lasting opportunities for growth.
Risks and Concerns
The primary challenge for Nesco Events lies in infrastructure competitiveness. While the brand benefits from a prime location and established reputation, market demand is increasingly favouring venues that are pillar-free, dust-free, and leak-proof, with modern acoustics and aesthetics.
Additionally, as BECs core infrastructure is frequently booked for mega exhibitions, venue availability remains a key constraint for hosting large-format entertainment events. This overlap in scheduling requires strategic planning to ensure optimal utilisation without compromising on experience quality or scale.
Capital Expenditure and Expansion Plan
To address these growing demands and unlock new capacity, the Company inaugurated a new state-of-the-art hall during the year. This modern facility is designed to accommodate up to 18,000 visitors, offering the ideal setting for high-impact concerts, festivals, and public events.
Fully air-conditioned and designed for seamless crowd movement, the venue features:
• A spacious pre-function lobby
• A dedicated food court and multiple dining options
• Top-tier amenities for organisers and attendees
• A basement parking facility with space for 450+ vehicles, ensuring convenient access The addition of this hall significantly enhances Nesco Events ability to host large-scale, high-caliber experiences, while reaffirming its commitment to continual infrastructure advancement.
Nesco Foods
Portfolio snapshot
36 New brand partnerregistrations in FY 2024-25
17 Event managementagencies partnered with in FY 2024-25
193 Corporate clientshosted in FY 2024-25
150+ weddings hosted in FY 2024-25
Nesco Foods serves as the comprehensive food and beverage partner for events hosted at Nesco Center, offering a seamless integration of culinary excellence, hospitality, and event styling under one roof. With a focus on delivering high-quality, end-to-end F&B solutions, Nesco Foods enhances the overall event experience, allowing clients to focus on creating memorable moments while we take care of the rest.
From thoughtfully curated menus across a diverse portfolio of restaurant brands and Quick Service Restaurants (‘QSR), to tailored decor and ambient styling, Nesco Foods is equipped to cater to a wide spectrum of event formats and audience preferences.
Service Offerings
• Corporate Catering and Private Parties
• MICE (Meetings, Incentives, Conferences and Exhibitions)
• Weddings and Social Events
• Outdoor Catering
Client Segments Served
• Exhibition Organisers and Event Hosts
• Corporates
• Social Gatherings and Home Events
• Walk-in Customers at Restaurants and Food Courts
Revenue from Nesco Foods stood at 11,515.41 lakhs in FY 2024-25, reflecting a growth of 15.98% over the previous year.
Key Highlights in FY 2024-25 Grande Banquet Hall
Spanning 2,108 sq. mtr., the Grande Hall can accommodate over 1,200 guests, with flexible configurations to suit various event formats. In FY 2024-25, it hosted over 150 weddings and social functions, positioning Nesco Center as a preferred wedding destination in Mumbai.
The venue also hosted 150+ corporate events during the year, including town halls, annual days, and themed celebrations, further cementing its reputation as a one-stop event solution for both business and social functions.
Strategic Expansion and Capability Building
To strengthen its presence in the banqueting and catering industry, Nesco Foods onboarded senior professionals with domain expertise and expanded its ability to service events ranging from 50 to 30,000 guests across multiple halls within Nesco Center.
Gourmet Craft Premium Catering Services
Gourmet Craft, Nescos elite catering brand, continued to deliver bespoke culinary experiences across weddings, corporate functions, and cultural events. Featuring haute cuisine across Indian and global menus, it also expanded into in-house bakery operations to maintain quality control and enhance efficiency.
Notable Engagements in FY 2024-25
• Samuh Vivah: Catered to 25,000+ guests across 35 weddings
• Flying Buffet Experience: Curated a luxury service for 1,600 VIP guests
• Corporate Events: Delivered high-end F&B for 1,000+ guests across multiple marquee client events
Strengthening Brand Presence across Dining and Events
Nesco Foods continues to solidify its position as a leading player in Mumbais F&B landscape with a robust portfolio comprising 8 in-house brands and 50+ partnered brands, offering an eclectic mix of global and regional cuisines. Enduring alliances with prominent names such as Shiv Sagar, Maiz Mexican Kitchen, Zaatar W Zeit, Dominos Pizza, Subway, House of Mandarin, Hitchki, Tibbs, Mini Punjab, Tea Post, Tandys, Nino Burgers, Spoon, Smoke House Deli, and Maharaja Bhog, among others, reflect Nesco Foods commitment to delivering consistent quality and variety. Our homegrown brands Zuo, Daily Deli, Indic, Quick Bites, Chettinad Express, and Dress Circle have sustained strong market appeal, offering signature menus tailored to evolving customer tastes.
In a strategic move to enhance the dining experience, Nesco Foods launched several high-profile restaurants and outlets during FY 2024-25, further elevating its stature as a gastronomic destination. Notable additions included:
• Rajdhani, Bayroute, Hitchki, Sante Spa, Butterfly High, The Tanjore Tiffin Room, and KC Roaster. These brands, known for their culinary excellence and loyal customer base, have significantly expanded Nescos appeal.
Combined with established restaurants like Foo, Social, and Smoke House Deli, Nesco now operates a total of 9 restaurants, each offering a distinctive experience. These outlets have rapidly become popular landmarks in Mumbais western suburbs, attracting a diverse mix of diners from corporates and families to food enthusiasts.
All restaurants are strategically located within Nesco Center, offering unmatched accessibility via highways, metro stations, and railway lines. This central location draws footfall from across the city, especially from the corporate community within Nesco IT Park and surrounding business hubs. This natural customer base contributes to high occupancy rates and repeat visitation, while reinforcing Nesco Foods role as a landmark culinary destination in Mumbai.
The synergy between Nesco Foods, Bombay Exhibition Center, and Nesco Events creates a unique advantage, enabling seamless cross-promotion, brand integration, and elevated event hospitality. During major exhibitions such as IGJME Premiere, Acetech, and HGH India, Nesco Foods delivered integrated F&B solutions via on-site Food Courts and kiosks, ensuring a high-quality, convenient dining experience for exhibitors and attendees alike.
Popular Kiosk Brands included
• Third Wave Coffee, Rajdhani, Hitchki, Cheelizza, Smoke House Deli, Social, Boss Burger, Dress Circle, and Society Tea.
These kiosks were instrumental in enhancing the overall event experience, offering curated menus, efficient service, and the capacity to cater to large-scale gatherings with ease. Their presence underscored the value of integrated food services in elevating hospitality standards across BEC and Nesco Events.
Outdoor Catering, Experiential Events and Geographic
ExpansionIn FY 2024-25, Nesco Foods significantly expanded its reach, successfully delivering curated culinary experiences at 55+ events across 14 cities, 9 states, and 25+ venues. Embracing the complexities of managing large-scale gatherings, the team turned these challenges into opportunities for growth and brand amplification.
Nesco Foods made its debut as the exclusive hospitality partner at multiple high-profile Navratri celebrations, including:
• Open Ground Borivali (Mumbai)
• United Garba Mahotsav 2024 Vadodara
• Babasaheb Thackeray Ground Borivali (Mumbai)
• NSCI Dome Worli (Mumbai)
• Octroi Ground Thane
Each location offered a tailored culinary experience that elevated the festive atmosphere while strengthening Nesco Foods visibility and brand equity across western India.
In parallel, Holi-themed events were simultaneously catered across 4 marquee venues Mumbai:
• Rang Utsav at Nesco Center
• Martin Garrix Holi at DY Patil Stadium
• Rang De X Holi Madness at MMRDA Grounds
• Rang Tarang at Country Club
Exponential Growth in Outdoor Catering (‘ODC)
Building on its expertise from managing food courts within Nesco Center, Nesco Foods successfully scaled its outdoor catering operations to prestigious venues across Delhi, Jaipur, Hyderabad, Chennai, Coimbatore, Goa, Bengaluru, and Pune, among others.
A key milestone was providing comprehensive F&B solutions at the India International Trade Fair held at Pragati Maidan, Delhi one of the largest trade shows in the country. Nesco Foods managed most of the food courts at the venue, reinforcing its operational capabilities and pan-India service standards.
Creating Immersive Experiences
In a strategic pivot towards the experiential economy, Nesco Foods launched initiatives where culinary excellence was integrated with immersive entertainment driving higher footfall, deeper engagement, and stronger brand recall. A highlight was The Da Vinci: Genius Interactive Immersive Experience, which debuted at Nesco Center in November 2024, running through March 2025. The exhibition featured:
• 360? immersive projections
• Interactive displays
• Multisensory storytelling
This initiative positioned Nesco Foods not only as a food service provider but as a key player in curating live cultural experiences, opening new avenues for cross-promotion, revenue diversification, and creative partnerships.
Value-Added Services
To further enhance guest experience, Nesco Foods introduced a wide suite of customised services for both small gatherings and large-scale events such as:
• Curated meal boxes from partner brands
• Pre-ordered stall delivery services
• Cashless, co-branded payment cards
• On-site stall catering and full bar services
• Mobile food carts within exhibition premises
• Bulk co-branded water bottles for event organisers
Opportunities and Threats
The food and beverage industry is poised for sustained growth, underpinned by rising urbanisation, increasing disposable incomes, and a surge in aspirational dining across Tier 1 and Tier 2 cities. Emerging models such as cloud kitchens, AI-personalised menus, and automation in food preparation are reshaping the consumption landscape and creating new avenues for scalable, tech-enabled growth.
Simultaneously, consumer preferences are shifting towards environmentally responsible brands, offering a significant opportunity for innovation in ethical sourcing, sustainable packaging, and zero-waste kitchens.
High-footfall hubs such as Way Side Amenities (WSAs) on expressways, airport lounges, and railway station kiosks represent a sizeable untapped market for volume-driven food services. With a strong and synergistic presence across complementary verticals events, exhibitions, and hospitality Nesco Foods is well-positioned to capitalise on these structural shifts.
Risks and Concerns
However, the industry also faces inherent challenges. The pace of changing consumer tastes demands ongoing innovation and agility. Regulatory complexity, particularly FSSAI compliance, labelling norms, and hygiene standards requires disciplined and transparent operations. Additionally, external shocks such as pandemics, geopolitical volatility, or natural disruptions may impact business continuity and must be mitigated through proactive contingency planning.
Indabrator Engineering Division
Indabrator, Nescos Engineering Division, is a market leader in surface preparation technologies, with over 60 years of expertise in designing and manufacturing shot blasting machines, peening systems, painting lines, spares, abrasives, and offering Operations and Maintenance (‘O&M) and Annual Maintenance Contract (‘AMC) services.
With more than 2,500 installations across India, Indabrator caters to a diverse clientele including the railways, defence sector, foundries, forging units, auto ancillaries, and heavy engineering industries.
Manufacturing Footprint
• 1.4 lakh sq. ft. of manufacturing space across Vishnoli and Karamsad, Gujarat
• One of the few Indian manufacturers offering equipment, spares, and abrasives under one roof, supported by complete backward integration
Key Highlights in FY 2024-25
In FY 2024-25, Indabrator maintained its performance, capitalising on opportunities arising from greenfield and brownfield expansions across core industrial sectors. The Division continued to witness an upward trend in equipment sales, supported by:
• Streamlined operations
• Enhanced system implementation
• Efficiency-driven cost optimisation
Key Deliveries
• 8 WA Airless Overhead Close Loop Monorail Conveyor Type Shot Blasting Machine
• Spray Painting Plant
• 4 Wheel Close Loop Monorail Type Shot Blasting Machine
• 4W Coil Spring Peening Machine
• MSIL-Y17- Shot Peening Machine
Prestigious Clients
• ISRO, Integral Coach Factory, Rail Coach Factory, SAIL, Tata Steel, JSW, NALCO, Benteler Automotive India Private Limited, among others.
Revenue for FY 2024-25 stood at 5,038.53 lakhs, reflecting sustained demand for Indabrators integrated solutions and industry credibility.
Opportunities and Threats
Indabrators competitive advantage lies in its comprehensive in-house capabilities, long-standing market presence, and diverse customer base. Growth opportunities include:
• Expansion of equipment and abrasive exports
• Development of casted products and heavy fabrication capabilities
• Rising demand for customised, large-scale surface preparation solutions However, challenges persist in:
• Complying with international standards for global competitiveness
• Increasing competition from domestic and global Original Equipment Manufacturer (OEM)
• Adapting to rapid technological advancements in automation and digitalisation
Risks and Concerns
The abrasives segment is increasingly exposed to risks from low-cost imports, potentially impacting domestic volumes. In the machinery space, evolving client expectations and heightened competition are shaping market dynamics.
Additional concerns include:
• Entry of global players with localised manufacturing and aggressive pricing
• Stricter workplace health, safety, and environmental regulations, necessitating enhanced compliance systems Indabrator remains focused on innovation, quality, and operational resilience to navigate these challenges while pursuing new avenues for growth.
Capital Expenditure and Expansion Plan
In line with its long-term growth strategy, Indabrator is undertaking a series of infrastructure and process upgrades to enhance operational efficiency, workplace environment, and manufacturing capabilities.
Key Infrastructure Enhancements
At the Karamsad facility, the following installations were completed during the year:
• Sand Muller Machine, Swing Frame Grinder, and Pouring Ladle to strengthen production capabilities
• Borewell and Underground Water Tank to support uninterrupted water supply and improve resource management A significant milestone was marked with the inauguration of our administrative office at Vishnoli, spread across two floors and thoughtfully designed to foster collaboration and productivity. The modern workspace features seating arrangements for over 100 employees, spacious conference rooms, skylight seating that brings in ample natural light, and an inviting outdoor terrace for informal breakouts with a large, elegant reception lobby. This state-of-the-art building was inaugurated by the Board of Directors during their recent plant visit, underscoring the Companys commitment to creating a vibrant and future-ready work environment.
Additionally, the construction of a new entrance gate, boundary wall, and a dedicated security office has been successfully completed, significantly improving the security and accessibility of the site.
Way Side Amenities (WSAs)
In a significant step towards portfolio expansion, Nesco was awarded 3 prestigious mandates by the National Highways Logistics Management Limited (‘NHLML) to develop, operate, and maintain WSAs along key national expressways across 11 locations.
These amenities will offer a comprehensive suite of fuel and non-fuel services, designed to enhance the travel experience for highway commuters.
Operations for this business vertical is proposed to be executed by Nesco Retail Private Limited, a wholly owned subsidiary of the Company subject to obtaining of necessary approval and sanctions.
This development marks a strategic expansion of the Nesco business, extending its footprint beyond urban hubs into Indias high-growth expressway corridors, while reinforcing the Companys long-term vision of becoming a pan-India player in integrated food and retail experiences.
Financial Review
Companys performance in FY 2024-25 versus FY 2023-24
Rs. in lakhs
| Audited Consolidated Financial Results | |||
| Particulars | FY 2024-25 | FY 2023-24 | % increase |
Revenue from other operations and other income |
84,566.75 | 78,312.87 | 7.99 |
| EBITDA | 55,140.74 | 53,120.51 | 3.80 |
| Profit before tax | 48,916.36 | 46,298.55 | 5.65 |
| Profit after tax | 37,521.29 | 36,278.36 | 3.43 |
Companys segment-wise performance in FY 2024-25 versus FY 2023-24
Rs. in lakhs
| Audited Consolidated Financial Results | |||
Income from Operations |
Income from Operations |
% Increase/ | |
| Segments | FY 2024-25 | FY 2023-24 | Decrease |
| Nesco Realty | 36,616.83 | 31,832.30 | 15.03 |
| Bombay Exhibition Center | 20,029.94 | 20,907.50 | (4.20) |
| Indabrator | 5,038.53 | 5,149.92 | (2.16) |
| Nesco Foods | 11,515.41 | 9,928.77 | 15.98 |
Investments
As on 31 March 2025, Nesco continued to remain debt-free, maintaining liquid resources of over 1,11,305.07 lakhs. The reduction in investment levels during the year was primarily attributable to internal fund deployment towards capital expenditure in the Realty division.
The Companys investment portfolio is predominantly allocated across bonds, debt mutual funds, corporate deposits, preference shares and Non-Convertible Debentures (‘NCDs). While Mark-to-Market (‘MTM) volatility remains a key consideration, the management adopts a prudent and proactive approach to investment monitoring.
All investment positions and performances are reviewed quarterly, with detailed reporting presented to the audit committee and the Board, ensuring informed oversight and risk mitigation.
Financial Ratios
Key financial ratios are disclosed in Note No. 48 of the standalone financial statements and are therefore not reproduced here for brevity.
Human Resources
At Nesco, our people are the foundation of everything we do. We take pride in our diverse, skilled, and committed workforce, whose collective expertise drives the success of our multifaceted businesses. We remain deeply committed to cultivating an inclusive, equitable, and high-performance culture that promotes collaboration, continuous learning, and individual well-being.
Recognised for a Culture of Excellence
In FY 2024-25, Nesco was certified as a Great Place To WorkR for the period December 2024 to December 2025 a globally recognised honour that reinforces our dedication to building a positive, empowering, and values-driven workplace. This certification not only elevates our employer brand but also enhances our ability to attract and retain top-tier talent.
Strategic Hiring and Leadership Continuity
Over the years, we have continuously refined our talent acquisition strategies, ensuring the onboarding of skilled professionals across divisions. With a focus on in-house hiring and employee referrals, our recruitment approach remains both cost-effective and culturally aligned.
As part of our succession planning, we onboarded senior leadership roles during the year to ensure organisational continuity and strengthen future readiness.
Inclusive and Diverse Workforce
We are committed to creating a workplace where diversity is celebrated, and every individual has an equal opportunity to thrive. Our hiring practices actively promote representation across age, gender, ability, and background, while fostering a culture of ownership, recognition, and respect.
Enabling Growth Through Learning
In FY 2024-25, we fully integrated our learning and development modules into AdrenalinMax, our Human Resource Management System (‘HRMS). These featured interactive video content tailored to various business functions, making learning accessible and engaging.
In alignment with our ESG commitments and Business Responsibility and Sustainability Reporting (BRSR) requirements, mandatory training programmes were conducted on:
• Policy on Prevention of Sexual Harassment at Workplace (POSH)
• Policy on Human Rights
• Whistleblower Policy
• Policy on Prevention of Insider Trading
• Policy on Code of Business Conduct and Ethics 100% of our concerned workforce successfully completed these trainings through multi-lingual digital and in-person sessions, ensuring inclusive access across all locations and roles.
Digitising Performance and Recognition
This year, we further advanced our HRMS capabilities by integrating goal-setting, performance reviews, and appraisals into a single digital platform. This enabled a fully automated performance management cycle with:
• Timely completion of employee appraisals in March
• Digitised increment letters issued before the start of FY 2025-26 These enhancements reflect our commitment to efficiency, transparency, and employee engagement.
Health, Safety, and Preparedness
A comprehensive health and safety training programme was delivered by a reputed external agency for employees, workmen, and contract staff at our head office and manufacturing units in Vishnoli and Karamsad, Gujarat. The programme also extended to tenants of our IT Park, covering:
• Emergency evacuation drills
• Firefighting techniques
• First aid and rescue procedures
• Training for emergency response teams
This initiative underscores our strong focus on ensuring a safe and secure workplace for all stakeholders.
Enterprise Risk Management (‘ERM)
Nesco operates in a dynamic environment where both generic and business-specific risks ranging from regulatory delays and market volatility to natural disasters and force majeure events could impact performance and continuity.
To proactively address these challenges, the Company has instituted a comprehensive Risk Management Policy tailored to its operating context. At Nesco, risks are continuously identified, evaluated, and monitored through a structured process involving functional heads, in consultation with the Board of Directors. The focus is on ensuring that appropriate mitigation strategies are in place to minimise adverse impacts on strategic and operational objectives.
Risk Management involves
• Periodic risk assessments
• Classification based on severity and probability
• Development and execution of mitigation plans
• Regular policy reviews and updates
The Companys Risk Management Policy is reviewed biennially, or earlier if warranted, by the Board on the recommendation of the
Risk Management Committee.
The Risk Management Committee comprises 4 members:
• Two Non-Executive Independent Directors
• Managing Director
• Chief Financial Officer
The Committees responsibilities are aligned with the scope prescribed under the SEBI Listing Regulations, and its findings are regularly reported to the Board.
Internal Audit
The Internal Audit function is carried out by an independent firm of Chartered Accountants under the oversight of the audit committee. The Governance Risk and Compliance Function is also a part of the Internal audit. The audit follows a risk-based approach, focusing on critical functions and high-exposure areas to assess:
• Internal control effectiveness
• Process efficiency
• Compliance with policies and regulatory requirements
In addition to process audits, transaction-level reviews are conducted to identify deviations and suggest improvements. Key findings are presented to the audit committee and escalated to the Board, where necessary.
This robust audit mechanism promotes transparency, operational discipline, and continuous enhancement of internal controls.
Internal Control Systems and their Adequacy
Nesco maintains a sound internal control framework, designed to safeguard assets, ensure accuracy in financial reporting, and enforce compliance with applicable regulations.
The framework is:
• Commensurate with the size and complexity of operations
• Supported by clearly defined policies and procedures
• Subject to regular validation by the management, internal auditors, and statutory auditors Functional heads are accountable for adherence to laid-down procedures. Audit findings are reviewed by the audit committee, and action points are monitored to ensure timely implementation. Nesco continually works towards adopting best-in-class practices to further strengthen its control environment.
Cautionary Statement
This Management Discussion and Analysis Report may include forward-looking statements pertaining to the Companys objectives, strategies, projections, and expectations. Actual results may differ materially due to a range of risks and uncertainties. These include but are not limited to macroeconomic conditions, regulatory changes, tax policies, global and domestic demand-supply dynamics, and geopolitical developments in the geographies in which the Company operates.
| For and on behalf of the Board of Directors, | Krishna S. Patel |
| Mumbai | Chairman and Managing Director |
| 16 May 2025 | DIN: 01519572 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund & Specialized Investment Fund Distributor), PFRDA Reg. No. PoP 20092018
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
