reports
- Rohit Dokania
S Chand & Company's 9MFY20 results (Neutral) - Lower SG&A + Lower DSO ...
9MFY20 Financial Results Highlights Q3 is insignificant for SCHAND and we believe 9M comparison is better to see costs/NWC movement. Revenue: Cons. Revenue grew ~34% yoy to ~Rs975m in 9MFY20. The growth is on a relatively weak base due to higher sales returns depressing revenue over FY19. Profitability: SCHAND 3.0 is now fully implemented. While revenue performance would be visible only in Q4FY20E, operating cost improvement has started coming in. Adjusting for Ind-AS 116, SG&A costs fell ~...
- Rohit Dokania
S Chand & Company's H1FY20 results (Neutral) - Cost control visible, R...
H1FY20 Financial Results Highlights Q2 is insignificant for SCHAND and we believe H1 comparison is better to see costs/NWC movement. Revenue: Cons. Revenue grew ~29% yoy to ~Rs879m in H1FY20. The growth is on a relatively weak base due to higher sales returns depressing revenue over FY19. Profitability: SCHAND 3.0 is now fully implemented. While revenue performance would be visible only in Q4FY20E, operating cost improvement has started coming in. Adjusting for Ind-AS 116, SG&A costs fell ~...
2 directors bought/maiden bought
Two Directors at S Chand & Co Ltd bought/maiden bought 28,000 shares at between 52.138INR and 52.296INR. The significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's di...
- Rohit Dokania
S Chand & Company's Q4FY19 results (Neutral) - FY19 a lost year; Lurki...
FY19 result highlights (consolidated) Revenue fell ~34% yoy to ~Rs5.2bn. SCHAND has booked (1) ~Rs740m of incremental provisions for future book returns (~Rs1bn+ in FY19 vs ~Rs400m in FY18), and (2) ~Rs500-600m of incremental sales return during FY19 (higher than anticipated). However, even adjusting for the same, revenue performance was far weaker than anticipated and far lower than the earlier guidance of ~flattish growth for the year. FY19 saw lower book orders due to uncertainty regardin...
- Rohit Dokania
S Chand & Company's Q3FY19 results (Downgrade to Neutral) - NWC focus ...
Q3FY19 Financial Results Highlights Q3 is a relatively small quarter for SCHAND (~9% of total revenue in FY18). EBITDA/PAT losses accrue over the 9M period before recovering it entirely and posting a full year profit in Q4. Revenue: Cons. rev. fell ~93% yoy to ~Rs46m ascertain successful sales schemes were shifted to Q4 which were part of Q3 in FY18. EBITDA: Reported EBITDA loss increased to ~Rs852m (vs ~Rs368m yoy) during Q3. SCHAND has booked ~Rs226m as exceptional costs for unusually hig...
- Rohit Dokania
S Chand & Company's Q2FY19 results (Outperformer) - Valuations compell...
Q2FY19 Financial Results Highlights Q2 is a relatively insignificant quarter for SCHAND (~1% of total revenue). EBITDA/PAT losses accrue over the 9M period before recovering it entirely and posting a full year profit in Q4. Revenue: Cons. Revenue fell ~6% yoy to ~Rs106m. EBITDA: EBITDA loss increased to ~Rs775m (vs ~Rs666m yoy) during Q2. During the quarter, SCHAND has taken ~Rs60m provision for doubtful receivables (vs Rs30m in base quarter yoy) and also hired Saurav Ganguly as a brand amb...
- Rohit Dokania
Management Speak: S Chand & Company (Outperformer) - Strong in core bu...
We attended S Chand & Company Ltd.’s (SCHAND) maiden analyst meet post its listing. The event was mostly to layout the future growth path and its digital strategies. The following are the key takeaways: SCHAND currently targets ~40,000 schools out of its potential private school target market of ~400,000. Private schools are growing at a 8-10% annual rate, while the private student population is growing at an additional 7%, thus providing a large growth runway for the company. By FY23E, SCHA...
- Rohit Dokania
S Chand & Company's Q4FY18 results (Outperformer) - Good performance; ...
FY18 result highlights (consolidated) Revenue grew ~20.5% yoy to ~Rs7.9bn (1% miss) as Chhaya Publication was consolidated for the full year (vs 1 quarter in FY17). Assuming Chhaya was fully consolidated in the base year, revenue would have grown at a healthy ~16.1% yoy. K-12 revenue grew ~17.1% yoy to ~Rs6.4bn (including ~10% volume growth) while Higher Education (HE) revenue bounced back during FY18, growing ~14.6% yoy to ~Rs1.4bn (entirely led by volume). Early Learning/Misc income grew ~...
- Rohit Dokania
Initiating coverage: S Chand & Company (Outperformer) - Clean play on ...
S Chand & Company (SCHAND) is one of the largest education content publishers in India’s K-12 market and a play on India’s discretionary education spends (at 7% of GDP by 2025 versus 5% in 2016). New school additions (especially private) coupled with higher enrolments are tailwinds that will propel growth in the K-12 content market. SCHAND with its strong content line-up has the competitive moat to capitalize on growth in this market. We expect SCHAND to post 14.2% cons. revenue CAGR, led by lik...
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