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Navneet Education

BSE: 508989|NSE: NAVNETEDUL|ISIN: INE060A01024|SECTOR: Printing & Stationery
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Chairman's Speech (Navneet Education) Year : Mar '18

Dear Shareholders,

Once again, I begin this letter with a sense of pride in Navneet Education Limited.

Before I articulate on Navneet’s performance, with a heavy heart, I write to inform that our beloved patriarchs and Co-Founders of Navneet Family, Shri Dungarshi R. Gala and Shri Jitendra L. Gala (Bababhai) and Ex-Chairman Shri Shivji Vikamsey, left for their heavenly abode. They will always be remembered as great visionaries. May their soul rest in peace. There are many in the community who will deeply mourn their passing as theirs’ was a life of service, love, compassion and excellence. On behalf of all the Directors and stakeholders, I pay tribute to these great souls and pray to God to give strength and courage to all Gala and Vikamsey family members to bear this irreparable loss.

This year was a significant one because it saw the Indian Government take some bold steps towards new fiscal and tax policies supported by a more robust statistical framework to report economic numbers. Some of these measures have since been implemented, most notably the unified Goods and Service Tax (GST) from 1st July, 2017.

We had a relatively average year amidst economic changes. In the backdrop of the above, I am pleased to report that your Company reported revenue growth at a meagre rate. We ended FY 2017-18 with a total revenue of Rs.116,145 Lakh; a growth of 4% and our Profit after tax at Rs.15,321 Lakh.

The segments’ highlights are as under:

- Publication Revenue increased by 5.7% to Rs.62,821 Lakh.

- Stationery Revenue increased by 3.08% to Rs.50,096 Lakh.

Though there was a slack in the growth in our Revenue, the company maintained its profitability at its EBIDTA levels with Publication business EBIDTA at 33.9% (Last year: 34%) and Stationery Business EBIDTA at 10.1% (Last Year: 11%). The Company’s financial position remained strong, thereby proving the stability and sustainability of the Business, even in adverse conditions.

The year also reinforced our belief that a successful and robust business can be built only on the basis of its ability to generate cash flows from its core operations on a sustainable basis. Our fundamentals are strong and we have successfully maintained our stability through our vision and strength.

Often, we hear that the present civilization will become a paperless civilization in the near future. However, we believe that this idea will take many more years to become a reality in India due to less access to technology such as the Internet, boost to primary education, and the tradition of keeping a hard copy of all important documents in all workplaces. Further, a paperless society will not form in future so easily as books will continue to get published and all the products will need to be packaged. This leaves us with a vast opportunity and hence, over the years, we aim to increase our turnover rate through incremental sales.

NEL continues to broaden its business. The recently acquired Indiannica Learning Pvt. Ltd. (earlier known as Encyclopaedia Britannica (India) Pvt. Ltd.) focuses on enriching the learning experiences of learners digitally. The revenue of the subsidiary stood at Rs.5,762 Lakh. Revenue from operations of NELs other subsidiary eSense Learning Pvt. Ltd. stood at Rs.1,748 Lakh. The loss of the company reduced by 23% to Rs.505 Lakh. The subsidiary company continues its focus on scaling up the quality of revenues with reducing the share of hardware revenues and focusing on B2B model for sustainable growth.

As we continue our journey, we will always align ourselves with our core values and the preferences of the New India. We will continue to be innovative with our print offerings and grow our digital footprint.

At Navneet, we commenced our journey more than six decades ago. We have been continuously investing to build strong brands, robust manufacturing infrastructure, wide and deep distribution network and high-quality products with a global appeal. We have not drifted from our core values. This has helped us in tiding over challenging times and continuing to grow without jeopardizing the financial strength and integrity of the business.

Our performance so far, and our initiatives going ahead, are both driven by people. I thank my colleagues on the Board for their support and guidance, and our employees for their relentless drive to take Navneet to the next level, as well as, I thank our shareholders and vendors for their continued support and partnership.

Thank You,

Kamlesh S. Vikamsey

Chairman

Source : Dion Global Solutions Limited
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