Navneet Education gallops after stellar Q1 performance

Navneet Education (NEL) surged 15.30% to Rs 121.70 after the publication company's consolidated net profit jumped to Rs 138.56 crore in Q1 FY23 from Rs 32.12 crore posted in Q1 FY22.

Net sales soared 111.6% year on year to Rs 693.74 crore in the quarter ended 30 June 2022. Profit before tax surged to Rs 190.41 crore in Q1 FY23 as against Rs 46.99 crore posted in Q1 FY22.

Total expenses increased by 81% year on year to Rs 512.36 crore in the quarter ended 30 June 2022. Cost of raw materials stood at Rs 237.92 crore (up 63.7% YoY) and employee benefits expenses were at Rs 54.45 crore (up 24.2% YoY).

Consolidated EBITDA improved to Rs 207.39 crore in Q1 FY23 as against Rs 63.12 crore in Q1 FY22.

Revenue from Publishing content segment jumped to Rs 368.06 crore in Q1 FY23 from Rs 108.3 crore in Q1 FY22 and stationery products revenue rose 48.7% year on year to Rs 324.71 crore in the quarter ended 30 June 2022.

The company said that NEL's governance approach is based on accountability, effective delegation and adequate oversight to support sound decision-making. The board places high importance in overseeing the company's operation and ensures that NEL remains well-positioned to create long-term value for its shareholders.

Navneet Education, formerly known as Navneet Publications (India), is in the business of educational, children and general books publication, scholastic paper and non-paper stationery products.

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