Navneet Education Ltd Share Price – NSE  /  BSE

Printing & Stationery, Small Cap

Net profit of Navneet Education reported to Rs 35.59 crore in the quarter ended September 2023 as against net loss of Rs 2.20 crore during the previous quarter ended September 2022. Sales declined 19.41% to Rs 265.78 crore in the quarter ended September 2023 as against Rs 329.80 crore during the previous quarter ended September 2022.

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Net profit of Navneet Education declined 7.34% to Rs 29.41 crore in the quarter ended September 2023 as against Rs 31.74 crore during the previous quarter ended September 2022. Sales declined 19.94% to Rs 261.12 crore in the quarter ended September 2023 as against Rs 326.16 crore during the previous quarter ended September 2022.

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Navneet Education will hold a meeting of the Board of Directors of the Company on 6 November 2023.

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Genext Students is a step down subsidiary of the company, it is engaged in the business of manufacture of computer software. Genext has developed a digitally tutoring platform to empower independent tutors and coaching institutes. Under its brand 'BeMasterly', it has developed web based softwares like Simplify and TestPro. As on 30 June 2023 turnover was Rs 8 crore.

The Scheme ensures the consolidated business will have a greater reach to its customers and deepen its presence in the market through its offering of combined suite of educational products. The consolidation also will help NEL to create a unified leadership helping in developing a sales channel with the right distribution of physical as well as digital products to tap the market opportunities. The consolidation will ensure better management and control and adoption of combined strategies necessary for growth of business giving NEL an edge over competition.

The proposed scheme will help pool and combine finances and resources into one consolidated entity which will result in administrative and operations rationalization, organizational efficiencies, optimal utilization of various resources, reduction in overheads and other expenses and better compliances management.

Further, the board has also approved the demerger of Edtech business of Navneet Futuretech into Navneet Education.

Turnover of Edtech Business of Navneet Futuretech for the financial year 2022‐23 was Rs 13.96 crore, which is equivalent to 85.27% of the total turnover of Navneet Futuretech.

The consolidation will ensure the quality of product is enhanced with seamless integration of content and digital teams.

The publishing business of NEL and the business of providing various learning functions via softwares and digital platform to schools through Edtech Business of Navneet Futuretech; are both complimentary in nature and provide for a great scope of bundling the physical as well as digital products for sale to its customers.

The proposed Scheme will help pool and combine finances and resources into one consolidated entity which will result in administrative and operations rationalization, organizational efficiencies, optimal utilization of various resources, reduction in overheads and other expenses and better compliances management.

Both the Scheme is subject to receipt of requisite approvals, as may be required, including that of the Hon'ble National Company Law Tribunal, Mumbai Bench.

Gnanesh (Sunil) D Gala, managing director, Navneet Education, said, “Todays strategic business restructuring decision is in line with our vision to provide the best educational solutions to the students and schools.

We strongly believe that the future of the company's Ed-Tech business is intricately connected with bundling the Ed-tech offerings with the publishing book business. This strategic approach aligns with the company's broader vision of providing a seamless roadmap for the growth and diversification of both its legacy publication business and innovative digital product offerings under Ed-tech vertical.

The company will harness the full potential of its pre-existing NEL workforce also and leverage its established resources to offer a content via a combined (books + digital medium) solution. This will efficiently enhance the business prospects for the both books and digital medium solutions.”

Navneet Education Limited (NEL) is one of the largest educational syllabus-based supplementary content provider for the state-board based curriculum and quality content across print and digital mediums

The consolidated net profit fell 5.8% to Rs 144.16 crore despite of 14.1% jump in net sales to Rs 791.45 in Q1 FY24 over Q1 FY23.

The scrip hit 52 week high at Rs 163.35 in intraday today.

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