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Prabhudas Lilladher Report
We cut our earning per share estimates of Navneet Education Ltd. by 11.2%/6.9% for FY25E/FY26E and downgrade the stock to a “Hold” given near term growth challenges in publishing division and rising competitive intensity in domestic stationary market.
Navneet Education reported a weak set of numbers with revenue miss of 6% as publishing and domestic stationary business suffered due to fall in realizations.
However, profit after tax was above our estimates aided by an exceptional gain of Rs 6,605 million arising from partial exit in K-12 business. Navneet Education has been facing considerable growth challenges in publishing division due to increasing usage of 2nd hand books. Further, lowering ASP in domestic stationary market indicates rising competitive pressures.
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