Navneet publications: March Quarter Results

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Navneet publications: March Quarter Results
On April 28, 2011, Navneet Publication announced its Q4 FY11 results. The company"s net sales decreased by 5.3% to INR 95 crore year-on-year (YOY) but increased by 27.5% quarter-on-quarter (QOQ).

EBITDA of the company marginally increased by 0.3% YOY and by 44.5% QOQ. EBITDA Margin of the company for Q4 FY11 improved to 15.2% from 14.4% YOY. Net profit of the Company dipped by 2.5% YOY to INR7.9 crore and increased by 28.5% QOQ.

In FY11 on Standalone basis, Sales jumped by 5% to INR 549 crore and PAT jumped by 14.9% to INR78.1 crore YOY. Publication business Sales grew by 8% to INR299.3 crore and Stationery Segment sales grew by 2% to INR244 crore.

EPS for the full year comes around INR3.28. We are waiting for the consolidated results of the company which has not yet been announced. We have expected consolidated PAT to be INR75.7 crore in our Report.

Following were the Management Guidance

  1. Expect double Digit growth in Publication Segment due to change in Syllabus in Maharashtra and Gujarat.
  2. Robust growth expected in Stationery Segment coupled with improvement in Margin.
  3. E-Learning Institution segment to increase three fold in FY12E from 467 Institution.

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