Navneet Education hits 52-week high after management rejigs business

In early August, CNBC TV-18 reported that the company holds a positive outlook for the publishing segment, envisioning a growth rate of 15-16 percent for the fiscal year 2024.

Shares of Navneet Education Limited surged over 5 percent to hit a 52-week high of Rs 163 in early trade on September 1 after the company decided to make a slew of changes aimed at rationalising the group structure and achieving better synergies.

"The company's board of directors have approved the amalgamation of a step-down subsidiary and demerger of the ed-tech business of Navneet Futuretech Limited into Navneet Education Limited," the company said in an exchange disclosure on August 31.

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Ganesh D Gala, managing director of Navneet Education Limited, said this strategic business restructuring decision is in line with Navneet's vision to provide the best educational solutions to students and schools.

In early August, CNBC TV-18 reported the company holds a positive outlook for the publishing segment, envisioning a growth rate of 15-16 percent for the fiscal year 2024. Additionally, the company is confident in achieving EBIT margins exceeding 30 percent within the publication segment.

The managing director highlighted that Navneet Education is strategically aiming for blended margins ranging between 20 percent and 22 percent. "So blended margin, which stationary, which are normally has been between 20 to 22 percent and we are very confident to achieve those margins as well," he said.

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