18 Nov 2018 | 1:40 AM
Research Report
Monthly

Equity Research Report: Navneet Education Ltd. - Q2FY19 Result Update - Spillover revenues aided growth

Navneet Education Ltd. (NEL) delivered robust set of numbers in Q2FY19 which came in marginally ahead of our estimates. Its net sales grew by 44.5% yoy led by publication segment which grew by 52.1% yoy. Traditionally Q1 is a strong quarter for NEL’s publication segment, however delays on account of licensing led to spillover of revenues in Q2. Its stationery segment also registered a robust growth of 29.5% yoy in Q2FY19.
06 Nov 2018 | 12:14 PM

We continue to remain positive on NEL’s growth prospects led by syllabus changes in its key markets (Maharashtra and Gujarat) and continuation of robust growth in stationery segment. Maintain Buy with a revised target price of Rs. 165.