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Prabhudas Lilladher Report
We cut our FY21E sales of Navneet Education Ltd. by 38% and now expect adjusted loss of Rs 34 million (earlier profit after tax estimate of Rs 1.4 billion) as delay in start of the current academic year has resulted in substantial loss of business.
Against an earlier expectation of approximately 20-30% decline, the publication revenue is now expected to fall by ~58-59% in FY21E.
Similarly, even stationary export revenue is now expected to fall by ~20% versus earlier estimate of flattish growth in FY21E.
As a result, there is a substantial realignment in our FY21E estimates.
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