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Prabhudas Lilladher Report
While Navneet Education Ltd.'s top-line of Rs 6,828 million (our estimate of Rs 6,872 million) was ~14% lower than pre-pandemic base, profit after tax was almost similar due to improvement in publishing margins.
Though syllabus change schedule for FY23E is not exciting; calibrated price hikes and lower usage of second hand books given last academic cycle was impacted by Covid is likely to aid growth in publishing segment.
However, Navneet's management commentary on stationary exports for FY23E was a bit cautious (~15-17% growth guidance) given inflationary environment prevailing in the U.S.
Nonetheless, beyond FY23E, target is to aim for a growth of ~20-25%.
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