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Dolat Capital Report
MPS Ltd. reported a revenue growth of 2.5% QoQ (our estimate: up 1.5%) largely led by robust performance from e-learning business (26.2% QoQ), while content business grew 1.4% QoQ led by steady publishing volumes.
Platform business declined 7.0% QoQ, on continued contraction in select Highwire client.
MPs' TOPSIM business was moved from platform segment to e-learning segment, as it fits more towards e-learning business.
EBIT margin for the quarter stood at 22.2% as against our expectations of 20.0%.
This was led by maintaining cost control on an overall level where employee cost declined 0.6% QoQ (employee base inched up by 1.6% QoQ) and other expenses inched up by just 1.1% QoQ.
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