Navneet Education Q4 Review - Deja Vu; Second Wave Coincides With Academic Cycle: Prabhudas Lilladher

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Prabhudas Lilladher Report

While our FY22E estimates have undergone a massive change as second Covid-19 wave has coincided with start of the academic session (similar to first wave); the extent of earnings cut for FY23E is not that steep as we expect normalcy to set in by next academic cycle.

Though near term outlook is uncertain, management hinted that FY22E is likely to be much better than FY21 on revenue front as -

1. staggered opening is expected by June/July in Maharashtra and Gujarat and
2. demand in stationary export business (sales expected to be at FY20 levels of ~Rs 5 billion odd) continues to remain strong.

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