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Prabhudas Lilladher Report
While Navneet Education Ltd.'s top-line was ahead of our estimates due to swift recovery in stationary exports; gross margin at 53.8% was broadly in-line with our expectation.
Though syllabus change schedule for FY23E is not exciting; given last academic cycle was impacted by Covid-19 usage of second hand books can be lower aiding growth in publishing segment.
On the other hand, management commentary on stationary exports continues to remain bullish and top-line compound annual growth rate of 25% is envisaged over next three-four years.
Apart from strong tailwinds in publishing and stationary exports, Navneet Education has intensified focus on Ed-Tech.
Besides ear-marking Rs 600 million towards spends in Navneet Future Tech, additional investment of Rs 375 million will be made in SFA Sporting Services Pvt. Ltd., a sports tech company in FY23E.
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