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Prabhudas Lilladher Report
Education companies under our coverage universe are expected to report 12.2% YoY growth in top-line amid expected fillip in volumes as students have started returning back from government schools to private schools post Covid-19.
However, Ebitda margins will remain under pressure due to higher paper prices (wholesale price index for printing and writing paper is up 8% YoY excluding the data for June 2023 which is not published as yet).
We believe book publishers are at the cusp of entering a golden era as pre-draft of National Curriculum Framework for school education was released recently and final recommendations will be ready by end of June.
NCF implementation will make second hand books market redundant and result in significant price and volume delta for both Navneet Education Ltd. and S Chand and Co Ltd.
We prefer S Chand at current levels as business has turned turnaround and there is no overhang of EdTech losses (Navneet Education will be seeding losses of Rs 650 million in FY24E) that can negate National Education Policy delta.
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