Q3 2024 Navneet Education Ltd Earnings Call Transcript
Key Points
- Navneet Education Ltd (BOM:508989) reported a consolidated revenue growth of 2.2% for the first nine months of FY24, reaching INR1,316 crores.
- The company's domestic stationery business grew by around 11% to INR257 crores for the nine months of FY24.
- Navneet Education Ltd (BOM:508989) has expanded its reach in the CBSE market, now catering to 11,000 schools compared to 8,500 schools in FY23.
- The company is optimistic about the domestic stationery business, expecting it to grow between 12% to 15% in FY24.
- Navneet Education Ltd (BOM:508989) has introduced new products and is working towards enhancing its digital education solutions, which is expected to drive future growth.
- The publication business faced challenges due to lower-than-anticipated offtake of channel inventory and an increase in the resale of secondhand books.
- The company experienced higher-than-expected sales returns, impacting overall revenue and profitability.
- There is uncertainty regarding the implementation of new curriculum changes by state boards, which could affect future growth projections.
- The export stationery business saw a marginal decline due to supply chain constraints and increased freight costs.
- Navneet Education Ltd (BOM:508989) reported a loss in Q3 FY24, with PAT for the quarter registering a loss of INR22 crores compared to a profit of INR31 crores in the same period last year.
Ladies and gentlemen, good day, and welcome to Navneet Education Q3 FY24 conference call, hosted by Prabhudas Lilladher Private Limited. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Jinesh Joshi from Prabhudas Lilladher. Thank you, and over to you, sir.
Good morning, everyone. On behalf of Prabhudas Lilladher, I welcome you all to the 3Q FY24 earnings call of Navneet Education Limited. We have with us the management represented by Mr. Sunil Gala, who is the MD; Mr. Kalpesh Dedhia, CFO; and Mr. Rumi Mistry, who heads the Investor Relations function.
I would now like to hand over the call to the management for opening remarks. Over to you, Sunil bhai.
Thank you very much, Jinesh. Good morning, and a very warm welcome to everyone present on the call today. Jinesh did introduce my team. I also would like
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