PL First Cut – S Chand Ltd | 2QFY24

Update: 2023-11-10 18:38 IST

Prabhudas Lilladher Pvt Ltd

PL First Cut – S Chand Ltd | 2QFY24 – Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd

S Chand Ltd | 2QFY24 First Cut | Results below estimates| BUY | TP Rs338 |

✳️Top-line declined 19.6% YoY to Rs380mn (PLe of Rs402mn) versus Rs473mn in 2QFY23 on back of subdued Higher Education segment performance.

✳️Gross profit declined 37.4% YoY to Rs183mn (PLe of Rs253mn) with a GM of 48.1% (PLe 63.0%) as against 61.8% in 2QFY23.

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✳️EBITDA loss stood at Rs498mn (PLe EBITDA loss of Rs406mn) as against an EBITDA loss of Rs294mn in 2QFY23.

✳️ Loss for the quarter stood Rs418mn (PLe Loss of Rs385mn) vs a loss of Rs199mn in 2QFY23 due to increased employee and other expenses on back of NCF, and absence of exceptional gain of Rs156mn that prevailed in 2QFY23.

✳️S Chand trades at 13.8x/9.5x our FY24E/FY25E EPS estimate. Our current rating is BUY with a TP of Rs338.

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